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Despite the Bitcoin network’s recent stellar performance, developers are still working to improve the blockchain beyond its current state.

The Bitcoin Core team announced today that it had released version 23.0 of the Bitcoin Core software, an upgrade that will improve the software’s connection speed to the Bitcoin network.

Over the course of seven months, 132 developers worked on Bitcoin Core 23.0 to improve the Bitcoin Core wallet, peer-to-peer communications and networking, cost estimation, and other features.

Bitcoin Developers Release Bitcoin Core Version 23.0 to Improve Network Performance

New Bitcoin Developers Release Bitcoin Core Version 23.0 to Improve Network Performance

When creating a new wallet in Bitcoin Core, users can now select a new Taproot address type.
While it is not the default setting because many wallets in the ecosystem are not yet capable of sending to a Taproot address, users are given the option to create a Taproot recipient address in the newly created wallet.

To accept bitcoins, the Bitcoin Core wallet generates a Taproot address with a single signature.
As a result, users will not save BTC in costs when compared to regular Bech32 single-signature addresses, because the greater savings come from porting more complex spend conditions and address settings into the Taproot scheme.

Bitcoin Core is encouraging wider Taproot adoption by adding native support for Taproot addresses.
As more users choose the new upgrade feature, the benefits will spread throughout the user base.

Descriptor Wallets Are Now The Standard

When creating a Bitcoin Core wallet, descriptors are now used by default, which promises a better backup and restore process for bitcoin funds.

Bitcoin wallets have typically used a recovery seed (usually 12 or 24 words) to generate a master private key since the introduction of hierarchical deterministic (HD) wallets.

The wallet then uses that master private key to generate a master public key, which can be used to generate an almost infinite number of recipient addresses through derivation paths, which, as the name implies, guide the wallet on which path to take to get it right a location.

As a result, because most applications today use HD wallets, recovering funds in a Bitcoin wallet usually relies on that derivation path.

Because the wallet uses a different derivation path, users attempting to recover funds in a second wallet frequently find a zero balance.

Descriptor wallets, on the other hand, make it simple for users to recover any funds by explicitly stating the derivation path in the descriptor.

As a result, users are relieved not to have to worry about the path their wallet takes – a significant improvement in user experience (UX).

Typos On Bech32 Addresses Can Now Be Spotted

Bech32 addresses, which begin with “bc1,” have an interesting property that allows for the detection of possible typos. However, users could not benefit from it until Bitcoin Core 23.0.

Bitcoin Core will now alert users if there are up to two errors in their Bech32 addresses.
This tool is currently only available via RPC “validateaddress” on the command line, but there are plans to integrate it into a graphical user interface (GUI) in the future.

If the user makes more than two mistakes while typing the address, the typo-finding tool cannot guarantee success.

The tool’s error limit is important because attempting to find multiple typos can result in undesirable behavior.
If the user enters an address with some incorrect letters, even if the tool sees them all, it may end up suggesting an entirely different address than what the user intended to send in the first place – a much worse outcome.

Support For The CJDNS Network

Bitcoin Core 23.0 also protects users from malicious ISPs by including support for CJDNS, a secure alternative to the standard internet protocol (IP).

CJDNS uses public-key cryptography to implement an encrypted version of IPv6 – the most recent version of the Internet Protocol.

CJDNS improves on IPv6 and IPv4 (the previous IP version that is still widely used) by providing end-to-end encryption natively, protecting nodes that use it from traffic analysis and filtering.

The addition provides new options for users who want to protect their Bitcoin traffic from prying eyes or increase the security of their Bitcoin setup.

While Tor and I2P are alternatives to clearnet IP, CJDNS is a complementary option that can improve the resilience of the Bitcoin network and its nodes.

Better Fee Estimations

The built-in fee estimation tool in Bitcoin Core has been updated.

Bitcoin Core’s fee estimation “simply records and reports meaningful statistics about past events, and uses that data to give the user a reasonable estimate of how much fee they need to attach in order to have their transaction included within N blocks,” with N being the number of blocks the user is willing to wait for their transaction to be confirmed.

The algorithm used to calculate such estimates included all transactions on the mempool, Bitcoin’s “waiting area” for transactions that haven’t yet been included in a block.

However, since the introduction of replace-by-fee (RBF) transactions, which allow users to effectively bump the fee their transaction is pledging to miners in order to get a faster confirmation.

Bitcoin Core has failed to account for the new transaction type when estimating fees due to uncertainty about whether the feature would be widely adopted by users and miners.

RBF transactions are now taken into account in Bitcoin Core’s fee estimations, providing a more accurate estimate for users who use the software to send transactions.

Tracepoins And User Spaces Support, Statistically Determined Tracking

Bitcoin Core now includes experimental tracepoints with userspace, statically-defined tracing in its Linux release binaries (USDT).

USDT enables users to obtain detailed information from their nodes for review, debugging, and monitoring. When not in use, this feature allows you to track custom fine statistics and monitor hidden internal node events while having little to no performance impact.

One application for this is to detect and possibly prevent attacks. A security researcher can manage multiple nodes and track messages from peers in order to identify previous attacks.

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