Bitcoin Core 0.12.1 software update revealed, some mining pools say they will soon adopt it

Bitcoin Core software has been upgraded again. This new update, Bitcoin Core 0.12.1, will soon be accepted by many mining pools. Unlike other updates, Bitcoin Core 0.12.1 focuses more on improving the scalability of the Bitcoin network. It is reported that the main features of this update include 4 different Bitcoin Improvement Proposals, namely BIP 9 , BIP68 , BIP 112以及BIP 113 .

The inclusion of these new BIPs makes Bitcoin Core more compatible with soft forks and the implementation of the Lightning Network to solve the Bitcoin block size and transaction backlog issues. The new version of the Bitcoin Core client, released on April 15, 2016, is currently available for download from the Bitcoin.org website. According to the description on the website, the implementation of BIP 9 makes multi-threaded BIP soft forks possible.

Some features that will be easily integrated into new Bitcoin Core versions include sequence locks with relative locktimes as specified in BIP 68. This feature allows a user to consider a signed transaction invalid for a certain period of time. This can be used as an on-chain escrow feature, where funds can stay in the blockchain rather than being stored in an escrow account.

The establishment of BIP 68, BIP 112 soft fork allows the implementation of OP_CHECKSEQUENCEVERIFY opcode, redefining the existing OP_NOP3 to restrict the execution of scripts/transactions before the set time has passed. This will help confirm that the expected minimum age of the output is being used and prevent such attempts until the predefined relative age has passed. Under the implementation of BIP9, BIP 68 will work with BIP 112 to help create smart contracts for payments on the blockchain. These contracts can be used for a variety of purposes, including Bitcoin third-party services, retroactive invalid transactions, hash time lock contracts, lightning networks, two-way matching side chains, and two-way payment channels.

BIP 113 is a proposal to enhance the existing locktime enforcement functionality by specifying a locktime-enforcing transaction as a soft fork and preventing additional transactions past GetMedianTimePast() from being included in the mempool, which will prevent the generation of invalid blocks containing locktime-enforcing transactions.

In the coming weeks, BTCC and other mining pools will adopt the latest version of Bitcoin Core software, but the impact of this new version of Bitcoin Core on Bitcoin transaction speed and transaction backlog issues remains to be seen.

Original article: http://www.newsbtc.com/2016/04/17/bitcoin-core-latest-version-out/
Author: Gautham
Translation: Overnight porridge
Source (translation): Babbitt Information (http://www.8btc.com/bitcoin-core-latest-version)