MultiBit Teases HD Wallet Update the price of bitcoin

Get trading recommendations and read analysis on hacked.Com for just $39 per month.

One of the first ever screenshots of multibit HD

MultiBit is widely considered to be one of the most secure and lightweight desktop wallet applications. The free, cross-platform wallet has been around since 2011, and currently has thousands of users worldwide. What makes multibit so unique is that it supports opening multiple wallets simultaneously, does not require downloading the entire bitcoin blockchain, encrypts and stores private keys locally, and is available in over 35 languages. Back in september 2013, multibit announced plans to fork the existing code and develop a new, overhauled wallet that would have several new features and would be easier to use.

Five months later, multibit has released the first ever screenshots of this new application, called multibit HD.The price of bitcoin what exactly is an “HD” wallet? This is not an HD bitcoin wallet.

No, it’s not a “high-definition” wallet. When talking about bitcoin wallets, “HD” stands for “hierarchical deterministic,” which sounds complicated but actually makes life a lot easier. Unlike most bitcoin wallets, deterministic wallets generate bitcoin addresses from a single seed value. This seed can be anything. It could be a passphrase (electrum uses a 12-word passphrase) or just random gibberish. As long as you remember the seed, you have control over every address associated with it, which is more convenient than remembering private keys for each address. Furthermore, a hierarchical deterministic wallet allows you to create branches (or a hierarchy) of addresses from the same seed. One common practical example is that a store could have a wallet with various branches, one for receiving payments, one for dealing with suppliers, etc.The price of bitcoin this is useful for large businesses as well as individual users since it makes it simple to use different addresses for each transaction. In short, hierarchical deterministic (HD) wallets emphasise anonymity on the blockchain and make it easier to set up complex bitcoin payment systems. A visualisation of HD wallets (source: clickedyclick by gergely imreh) multibit HD features

Along with the main feature of deterministic wallets, multibit HD will also bring in several improvements over the current application, which will be renamed to multibit classic. First of all, multibit HD will have full support for TREZOR devices. The new application will also feature a more user-friendly UI, shown below. MultiBit HD will allow users to fine-tune the application’s display. MultiBit HD will be available in over 35 different languages.The price of bitcoin

One thing to note is that multibit HD will not support existing multibit random key wallets. Furthermore, multibit classic will still be maintained, but most development will shift towards multibit HD. Availability

MultiBit HD is still far from an official release and is only available to beta testers at the moment. Anyone can sign up for testing, but at this stage, multibit HD should only be used by beta testers who know what they’re doing, and it should not be used as a primary wallet. Furthermore, the developers don’t have an ETA, and described the application as “bleeding edge” last month, suggesting that it may be a while before an official stable release is available to the public. However, development is very active, and next week the developers plan to detail a new split payments system on the multibit blog.The price of bitcoin overall, multibit HD looks like a huge step forward in wallet security and ease-of-use.

Follow us on telegram.

Advertisement