174 BIP will implement offline transactions in the Bitcoin network

Suggestion to improve Bitcoin BIP 174 was added to the official repository of Bitcoin. In the case of adoption it contributes to the support of the famous «Partially Signed Bitcoin Transactions» (PSBT).

In the case of a proposed Bitcoin users can perform offline transaction using a Protocol that will allow them to establish standard formats for transaction signing without downloading them to the network immediately.

The proposal is still under development. However, a large number of programmers have tested and worked actively on this modification with a view to its successful and error-free integration into the Bitcoin Protocol.

A few days ago the sentence was added by Andrew Chou (Andrew Chow), an active developer of Bitcoin, and has since received a lot of support in the community. One of the developers that supported this initiative, was Peter Wolle (Peter Wuille) is a co-founder of Blockstream, actively participated in the development of Segregated Witness.

The implementation of such solutions would allow the blockchain of Bitcoin to improve some essential aspects of its architecture. Although initiatives such as Segregated Witness is crucial for scalability, such as Lightning Network and 174 BIP, will significantly increase the mass distribution and use of the network.

This proposal was well received by the community. For example, Alex Bosworth (Alex Bosworth) made
in support of the BIP on Twitter. He wrote:

«A great feature was added to Core: BIP174. We are entering the era of widespread use of coins in contracts that just don’t fit into several of the existing templates. To expand the complexity of the contract, we need protocols that can handle scripts reusing and modern possibilities of the signing of the transaction and not just the signing private keys».

Already have developers who work to improve the proposal. One of them is Peter gray (Peter Gray), the founder of Coinkite, a company that developed a wallet called Coldcard that support transactions, based on the standard PSBT.

According to the newsletter
The Linux Foundation, Wulle admits that he is excited with this idea and support it:

«A new wallet Coldcard based on PSBT and we review the BIP 174 as «direct access to PSBT». It will help add signatures to files PSBT placed on the MicroSD card and/or USB, and can complete the work files PSBT for many simple cases. A wallet works well with the existing offer BIP174. I think that the specification BIP174 already quite reasonable, and should only be changed in the field of direct compatibility from now on… but obviously I have a biased opinion.»

The vote on the proposal had not yet been held and there is no information about when it will be fully implemented. However, the prospects look quite promising and probably BIP 174 will be implemented in the foreseeable future.

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