Controversial bitcoin-protocol BIP70 is implemented in BTC.com wallet
BTC.com, subsidiary of the mining company Bitmain, introduced the support of the payment protocol BIP70, which some users identify as questionable at the very least.
According to representatives of BTC.com, protocol implementation allows replacing long wallet addresses with readable ones (for instance, “mywallet” instead of “A7azq6xb4fbSCrJTB8ZdB27beBdrt9c8xc”).
The system will also include a transaction confirmation function and an automatic generation of the return addresses.
At the beginning of the year, BitPay started using BIP70 as a standard for the formation of accounts, forcing users, who create Bitcoin and Bitcoin Cash payments for BitPay sales agents, to use compatible with BIP70 wallets.
According to BitPay, this decision allowed the company to resolve the number of errors in the payment network to 0.27%. For comparison, in June 2017, the same indicator was 10%.
For the first time, the BIP70 scheme was proposed by the developers of bitcoin Gavin Andersen and Mike Hearn. With the help of this technology, they planned to improve the quality of cryptocurrency transactions in the commercial segment of the market.
The crypto community’s response was not unambiguous, as many started to criticize BIP70 for the danger to which it may expose the system. BIP70’s implementation, unlike the generally accepted by all providers BIP21 scheme, has introduced the risk of tracking transactions in blockchain records. The situation was also aggravated by the emergence of OpenSSL vulnerabilities.
However, representatives of BTC.com assure that there are no reasons for panic as the company take the time to thoroughly evaluate all security and privacy issues prior to any implementations.
Whether or not those affirmations will positively affect people’ prejudices; only time will tell.