Proposal to update the well known Bitcoin (BIP)

What is the proposal to update the well known Bitcoin (BIP)?

Bitcoin Improvement Proposal (BIP) in essence, it is a proposal that fully complies with official rules, the task of which is to significantly improve the bitcoin code.

The BIP framework has its own goal — to bring under the necessary standards the procedure by which significant changes are made to the code. Considering the fact that the proposals are in the repository, their essence is available to almost all users at any time.

The very idea of BIP can be put up for discussion by anyone from the users. However, before the proposed update is integrated and activated, miners and developers should give the go-ahead for this.

The process may not always go smoothly, so in order to make the discussion easier, the BIP contains only one global update. Various edits and removal of roughness are beyond the scope of this proposal. BIPs can be both informational and procedural in nature. The most famous include BIP-8, BIP-9, Taproot, BIP-141 (SegWit).

Let’s look at them in more detail

• BIP-8 and BIP-9. In fact, these are two proposals for activating the update software for the blockchain;
• Taproot. Represents a fairly large offer, or rather, a collection of smaller ones, such as BIP-340, BIP-341, BIP-342. This update has increased the possibilities of the so-called privacy and scaling of the cryptocurrency;
• BIP-141 (SegWit). This offer is difficult to overestimate. It helped to solve the problem with “plasticity of transactions“, changed the method of storage in blocks, and also defined the standard of Segregated Witness addresses.