The developers behind Bitcoin ABC, a software implementation which accounts for 81.48% of all nodes running on the bitcoin cash network, have released a new update designed to solve an issue whereby users could lose funds when mixing up BTC and BCH addresses.
The problem stems from bitcoin cash's hard fork last year, which resulted in the cryptocurrency inheriting the same address format as bitcoin. As reported before, the issue enables some users to accidentally send funds in one currency to an address on the other currency's chain, meaning these users would lose their assets, either temporarily or permanently.
On Tuesday, a new software version of Bitcoin ABC was published, which included CashAddr.
The change is mostly cosmetic. Implementing the new address requires exchanges, merchants and wallet providers to upgrade their software, but does not require a hard fork or for every node to also update to the new version.
In his initial announcement, Sechet proposed January 14 as a reasonable date for vendors to update their software.
Along with ending the address confusion, CashAddr includes more efficient error detection and allows for easier encoding of the new address format - specifically, users can now encode addresses into QR codes, making them easier to share.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.