The Bitcoin Classic team has announced the release of Bitcoin Classic 1.2 beta on GitHub, a release that will include a whole host of new features like TransFlex, which, according to the announcement, will solve transaction malleability problems.
Bitcoin Classic Tackles Transaction Malleability With New Update
While there are other added features, the GitHub announcement only focused on two of them: Transflex and Xthin blocks.
Tom Zander, the Classic developer who made the announcement, said that they would be going over all the new features as they get closer to the actual release:
“I’m happy to let you know that we have now reached our first milestone towards the release of Bitcoin Classic 1.2. The beta version is now ready, and can be downloaded below. As a new minor release, 1.2 comes with a lot of new features as well as many bug fixes and improvements. We’ll go through all the new features in more detail as we get closer to the release. For now, let me just mention two of the biggest changes.”
Helping Bitcoin Progress
The team thinks that the TransFlex feature will eliminate the need for Segregated Witness as a solution to transaction malleability. According to them, the application of TransFlex allows the removal of signatures from a block after validation. In practice, they said, this results in a 75 percent size reduction.
If they’re right, it also means the improvement will set the stage for the Lightning Network — helping Bitcoin get past issues with scalability. Additionally, It will do so in a way that Zander thinks SegWit can’t — something he has talked about before in the past.
According to Zander, his TransFlex concept offers a better way of dealing with transaction malleability. This is because it creates less “technical debt.” Zander said that this essentially means a more complete system.
Zander expands upon what he thinks is the primary problem with SegWit, saying:
“The problem … is that SegWit introduces more technical debt, a term software developers use to say the system-design isn’t done and needs significant more work. And the term ‘debt’ is accurate as over time everyone that uses transactions will have to understand the defects to work with this properly. Which is quite similar to paying interest”
Development Continues As Blocks Grow in Size
Along with Transflex, the update includes the addition of extra-thin blocks (Xthin blocks). This feature reportedly solves delays in Bitcoin block propagation. In essence, a Xthin block decreases the initial size by sending a small fraction of the data inside of it, before rebuilding the block through the node’s own mempool.
For at least two years, the community has found itself in disagreement over what to do about the block size. Presently, Bitcoin blocks have a limit of 1 MB, restricting the total number of transactions the network can handle. The debate has led to the formation of two camps.
The big block faction wants on-chain solutions, in the form of protocol changes to allow bigger blocks. The other side prefers off-chain or side-chain solution, which would avoid forking the blcokchain.
Bitcoin.com will continue to follow Bitcoin development as the community searches for an agreeable solution to the ongoing scalability problem.
What do you think of the new features added with the beta update? What do you think of their claim that TransFlex will solve transaction malleability problems?
Images Courtesy of Imgur, Tom Zander
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