BTC-B85: A Comprehensive Guide to Bitcoin‘s SegWit Address Format34

SegWit (Segregated Witness) is a Bitcoin improvement proposal (BIP) that was implemented in August 2017 to address the issues of transaction malleability and block size limitations. As part of SegWit, a new address format was introduced, known as Bech32 or B85-BTC, which offers significant advantages over the legacy address format.

Benefits of B85-BTC Addresses

B85-BTC addresses provide several advantages over legacy addresses:
Improved Security: B85-BTC addresses are more secure because they use a checksum algorithm to detect errors. This makes it more difficult for attackers to manipulate transactions or forge addresses.
Increased Efficiency: B85-BTC addresses are shorter than legacy addresses, which reduces the transaction size and transaction fees.
Human-Readable: B85-BTC addresses are designed to be human-readable, making it easier to transcribe and verify addresses.
Compatibility: B85-BTC addresses are fully compatible with the legacy address format, allowing users to send and receive funds between the two types of addresses.

Structure of B85-BTC Addresses

B85-BTC addresses consist of three main parts:
Prefix: A three-character prefix that identifies the address as a B85-BTC address. Common prefixes include "bc1" and "3".
Version Byte: A one-byte value that indicates the version of the address.
Data: A 56-byte string that encodes the public key hash or script hash.

Converting Legacy Addresses to B85-BTC Addresses

To convert a legacy Bitcoin address to a B85-BTC address, you can use a tool such as the Bitcoin Core client or a third-party website. The conversion process involves extracting the public key hash or script hash from the legacy address and encoding it into the B85-BTC format.

Conclusion

B85-BTC addresses are a significant improvement over the legacy Bitcoin address format, providing increased security, efficiency, human-readability, and compatibility. While the adoption of B85-BTC addresses has been gradual, their benefits make them the preferred choice for Bitcoin transactions.

2024-11-08

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