On January 14, there will be some interesting changes implemented in the Bitcoin Cash world. The Bitcoin Cash addresses will be changing their format into a new one called CashAddr. Even if the change will be optional,it is regarded as a major enhancement. But, what will this updated format mean? It means that all the users will get the chance to create an unique address.
As a matter of perspective, the users should not get used to this, because this improvement is not going to happen every year from now.
This is considered to be another stage of altcoins, because the Bitcoin Cash ‘supporters’ will be adopting another format for their addresses aiming to create a more bonded line. This idea is even more appealling if we think about the interest shown by the community. The cryptocurrency world is always opened to embracing new ideas and concepts.
Due to the fact that the update is not mandatory, the developers take into consideration the lack of users’ support. For the moment, all Bitcoin Cash users are using the same address format as Bitcoin and in the past, there were some confusions between the two. The developers have stated that this was one of the main reasons why this whole concept was built, to prevent users sending to a Bitcoin address by mistake, just because it looks similar.
A new format means less confusions and of course, other advantages. The updated checking can detect up to six errors in one address. Nobody wants mistakes when switching funds from one wallet or another. The coding of this new system is optimized to have a neatly packed together QR code and the systems working with thousands of addresseses will make the coding and encoding way faster.
The question is, how will the service providers handle this new situation? For now, it is pretty unclear how will the situation develop. Also, the wallet platforms and exchanges didn’t express any opinion regarding the new format.