Atomex wallet major update. Segwit addresses, EIP1559 Ethereum tx type and more

Segwit addresses for Bitcoin and Litecoin, EIP1559 Ethereum transactions support, balance update optimization and other improvements in the Atomex wallet

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# The Atomex wallet team is pleased to present a major update. A lot of effort has been done for Bitcoin, Litecoin, Ethereum and Tezos users, so let's look at the key features and improvements of the wallet.

# 1. SegWit addresses support for Bitcoin-based currencies.

Let's look at the differences in the short article below

# Introduction

The Segregated Witness (SegWit) and Legacy protocols play a crucial role in both the Bitcoin and Litecoin networks. In this article, we will explore the differences between these two protocols and their impact on the Bitcoin and Litecoin blockchains. Additionally, we will provide an example of commission calculation for Bitcoin transactions.

# Legacy Protocol

The Legacy protocol is the original transaction format used in both Bitcoin and Litecoin networks. In this protocol, transaction details and signature information are stored together in a single block. This design, however, has limitations:

  • Limited block size, leading to slower transaction processing times and higher fees during network congestion.
  • Protection against unstable transactions, which can potentially be exploited by malicious actors.

# SegWit Protocol

To overcome the limitations of the Legacy protocol, the SegWit protocol was introduced in both networks (Bitcoin on August 24, 2017 on block number 481,824 and Litecoin on May 10, 2017 on block number 1,201,536.). The SegWit protocol separates the witness data from the main transaction data, effectively increasing the block capacity without changing the block size limit. This segregation offers several advantages:

  • More transactions per block, resulting in faster transaction processing times and lower fees.
  • Mitigation of transaction malleability, increasing the overall security of the networks.
  • Enabling the development of second-layer solutions, such as the Lightning Network, for improved scalability and transaction speed.

# Bitcoin Commission Calculation Example

Legacy Protocol:

Transaction size = (Input Size x Number of Inputs) + (Output Size x Number of Outputs) + Overhead

Assuming 1 input, 2 outputs, and a 100 satoshis/byte fee rate:

Transaction fee = 25,800 satoshis (0.000258 BTC)

SegWit Protocol:

Transaction weight = (Transaction size without witness data x 3) + Total transaction size

Effective transaction size = Transaction weight / 4

Assuming the same transaction, 60 bytes of witness data, and a 100 satoshis/byte fee rate:

Transaction fee = 21,300 satoshis (0.000213 BTC)

# Summary

The SegWit protocol is superior to the Legacy protocol as it provides faster transaction processing times, lower fees, and improved network scalability. Understanding the differences and commission calculations for these protocols is crucial for Bitcoin users, investors, and developers.

# 2. Support for EIP1559 transactions in Ethereum.

Let's find out what it is!

The main difference between the legacy transaction fee model and the EIP-1559 protocol in the Ethereum blockchain in their fee structures and how they are defined.

# Legacy transaction fee model:

Auction-style mechanism: In the legacy model, users submitted transactions with a gas price they were willing to pay. Miners would then choose transactions with the highest gas prices to include in the next block. This led to an auction-style fee market, where users would sometimes overpay to ensure their transactions were processed quickly.

Unpredictable fees: Due to the auction-style mechanism, transaction fees were often unpredictable and could vary significantly depending on network congestion. Miner revenue: In the legacy model, miners received the entire transaction fee, which consisted of the gas price multiplied by the amount of gas used by the transaction.

# EIP-1559 protocol:

Base fee and tips(priority): EIP-1559 introduces a base fee that is automatically adjusted depending on the network congestion. Users can also add an optional tip to incentivize miners for faster transaction processing.

Predictable fees: The base fee mechanism helps make transaction fees more predictable and stable, improving the user experience.

Fee burning: A significant portion of the base fee is burned (removed from circulation), potentially making Ether a deflationary asset. Miners only receive the optional tip provided by the user.

Improved user experience: EIP-1559 allows users to set a maximum fee they are willing to pay, and if the base fee is lower than the maximum fee, the difference is refunded to the user. This provides better control over transaction costs.

In summary, the EIP-1559 protocol improves upon the legacy transaction fee model by offering more predictable fees, better user experience, and introducing fee burning, which has implications for Ether's economics.

# 3. Page-by-page loading of transactions.

All information in the activity tab is now loaded 20 lines at a time instead of all at once. If you have a large number of transactions in your history, the wallet will not take long to load them all at once.

# 4. Balance update algorithms fixes and optimization.

All wallet balances should now update their values correctly with every transaction sent and received.

Extensive refactoring and optimisation of the wallet was carried out, which has improved the quality of use and removed a significant number of minor bugs

# Upcoming

Now the update 1.3.7 runs only for desktop. Features for mobile wallet will be available soon. For other plans:

  • Add the ability to reveal the seed phrase to make it possible to save your secret phrase after you created the wallet.
  • Improve UI/UX when authorizing, creating, restoring wallet.
  • Already added support for ERC20 and ERC 721 tokens. Soon we will add ethereum tokens and Wallet Connect protocol
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