Bitcoin Improvement Proposal (BIP 174) For Partially Signed Bitcoin Transactions (PSBT)

2018-7-23 11:39

BIP174: Bitcoin Enhancement That Makes Offline Transactions Possible

The proposed BIP 174 upgrade for Bitcoin (BTC) has just been added to the official network repository. Its use will take place in allowing the blockchain to support Partially Signed Bitcoin Transactions (PSBT) in the future.

If implemented soon, users will be able to perform offline transactions through a protocol that allows them to establish standard formats for signing transactions without having to immediately upload them to the Bitcoin network.

At the moment, the work is still in the development phase. So a lot of programmers have been actively testing the implementation, so that finally this modification will be integrated into the BTC protocol soon, successfully and without errors.

The initial proposal was recently added by Andrew Chow, an active developer within the community. Since then, there has been increasing community support for this improvement. One of the developers who also joined the productive initiative was Peter Wuille, known for being the co-founder of Blockstream and for having actively participated in the development of Segregated Witness (SegWit).

The implementation of these solutions has enabled Bitcoin's blockchain to improve certain essential aspects of its architecture. While initiatives like Segregated Witness have been crucial to scalability, others like Lightning Network (LN) and BIP 174 promise significant advances in mass usability.

The proposal has been well received by the community. For example, Alex Bosworth himself said on Twitter that he was in favour of this type of development.

There are developers who have already joined the collaborating team to make this proposal a success. Another example is Peter Gray, founder of Coinkite, a company that has already developed a portfolio called Coldcard, which supports transactions based on the PSBT standard.

The proposal has not yet been put to the vote, and there is no information on when it will be fully functional; however, the future looks quite promising and is likely to be implemented very soon in the near future.

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bitcoin transactions psbt bip offline signed 174

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