RATE Group | BIP174: The Bitcoin Improvement Proposal That Would Make Offline BTC Transactions Possible
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BIP174: The Bitcoin Improvement Proposal That Would Make Offline BTC Transactions Possible

22 Jul BIP174: The Bitcoin Improvement Proposal That Would Make Offline BTC Transactions Possible

Posted at 17:22h in Bitcoin News by

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The Bitcoin Improvement Proposal (BIP 174) was added to Bitcoin’s official repository, potentially allowing the blockchain to support the famous “Partially Signed Bitcoin Transactions” (PSBT) in the future.

In the event that such a proposal is implemented, Bitcoin users may be able to perform offline transactions through a protocol that would allow them to establish standard formats for signing transactions without having to upload them to the network immediately.

The work is still in the development phase; however a large number of programmers have been testing and actively working for this modification to be integrated into the Bitcoin protocol successfully and without bugs.

An Important List of Supporters

A few days ago, the proposal was added by Andrew Chow, an active developer within the community, and has since gained much support in the community. One of the developers who joined the initiative was Peter Wuille, known for being the co-founder of Blockstream and for having…

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