Bytecoin Digital Wallet Introduces Auditable Version

Announcements, Blockchain, Innovation | December 15, 2018 By:

Bytecoin developers have announced early testing of technical updates, including the release of public “auditable” wallets, as well as HD wallets.

The company’s Amethyst beta release will allow their Stagenet users to send their assets to publicly-observable wallets, which were announced as “auditable wallets”. While this improvement has long been anticipated, there are only a few uses for it now. However, the team anticipates that the introduction of auditable wallets will become an important feature that will be successfully adopted by the Bytecoin ecosystem in the future.

“We envision many uses for this new technology including, but not limited to, charity organisations and crowdfunding campaigns, and we can’t wait to see what the community will come up with,” said Max Hasselhoff, Bytecoin’s integration engineer.

This new type of a public wallet can be distributed as a view-only wallet file, so anyone may check the current balance of a certain wallet. Because of this, organizations or investment funds will now be able to accept Bytecoin and stay transparent with the funds they receive or spend, as observers can easily check the incomes and expenses of the organization they work with.

Additionally, with the Amethyst beta release, the Bytecoin team is introducing HD wallets, which is focused on the user experience, as mnemonics will simplify the logic of creating and restoring wallet keys. The introduction of HD wallets will also simplify further integration with hardware wallets, as early support is scheduled for the middle of February.

These planned software improvements will be applicable to the Stagenet in order to test the software in a real-life scenario. The beta Amethyst release has prompted a Stagenet hardfork, which took place on December 12.