Bitcoin core upgrade 0.15.0

Bitcoin Core upgrade: 0.15.0


Wednesday 6 September 2017 at 12:15 Tom Stammis

A new version of Bitcoin Core has been announced. This version includes improvements in estimating the required miners fee, an easier fever increase than before, and multiple wallets support within one Core installation. In addition, several bugs have been filtered and optimizations made. In a one and a half hour presentation, Gregory Maxwell goes deeper into the technical changes, of which we will explain some of the key points here.

Required fairy

Due to the recent pressure on the bitcoin network, the festival has risen sharply. However, the high fairy next to this pressure also appears to be caused by wallets that allow users to pay more fee than is actually required. As a result, estimates for the required fairy are kept unnecessarily high and this upward spiral continues until most of the mempool is emptied again. (Read more about why we pay a fee).

Where Core now has the ability to estimate based on the next 4 hours, it is possible in version 0.15.0 to estimate the required fee for almost one week in the future. This is useful when moving without a bit of bitcoins without having to be given a far too high fee. Transactions without priority do not make any use of the high average fee calculated on the basis of the next 4 hours.



Also the algorithm that calculates the fair has been adjusted. Multiple possible fees are calculated, after which the user's best option can be chosen.

As a final upgrade for the festival, the Replace By Fee (RBF) is included in Core's graphical interface. As a result, when there is insufficient fee for a transaction and for too long it is possible to pay extra fee to the transaction afterwards. This allows this transaction to be shifted to the front of the queue, which will speed up the transaction.



When the RBF function is checked, the shipped transaction can simply be delivered by the "Increase transaction fee" option.



Then a second transaction will be sent, this time with more fairy. Eventually, even though two transactions have been sent, only one will be confirmed. The bitcoins are therefore not sent twice. Raising the fairy can be infinite often, until one of the transactions is confirmed after which the transactions with the lower fairy are canceled.

Multiwallet

A new feature that is introduced is the management of multiple wallets within one Core wallet installation. This is currently only available to the 'experienced' user, without a graphical interface.

For example, a private account and a company account can be managed, or multiple addresses of friends or acquaintances who have little understanding of Bitcoin, without having to throw the bitcoins of everyone in one stack. This while maintaining privacy; The wallets have their own private keys, and thus bitcoin addresses, so there will be no overlap between the different accounts.

Performance

For full sovereign validation of transactions, a full node has to be turned itself. Due to the increasing size of the block chain, better hardware needs to be used. In order to enable a full node to run for as many people as possible, the performance of the core node has improved significantly. For example, validation of blocks is now 30% to 40% faster and consumes 10% to 20% less memory. So, a huge performance upgrade.

SegWit addresses

Unfortunately, the graphical interface for using SegWit addresses is not yet usable, and the use of SegWit Dresses within Core will only be possible for the expert. Because developers did not want to delay the 0.15.0 release until the graphical interface was completed, it is now decided to release the next release earlier. The upcoming version has the priority to implement the new SegWit addresses within the graphical interface.

SegWit2x nodes

Nodes that run this 0.15.0 version will also automatically disconnect with SegWit2x nodes. SegWit2x is an alternative version of Bitcoin and can not be linked to Bitcoin Core nodes by this measure. As a result, Bitcoin Core nodes will not accept 2X transaction blocks, resulting in an alternative block chain.

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