The Journey started with the BIP-0032 and BIP-0043. Back in 2012, Ijah Gerhardt and Timo Hanke came up with the pay-to-contract blockchain-based protocol and homomorphic payment addresses. But that was just a tip of the iceberg. The BIP175, introduced in September 2017 brought a completely robust system, which is going to bring out new inventions that haven’t been previously possible in the blockchain technology sphere. And the CommerceBlock platform is pioneering this new move.
The BIP175 by CommerceBlock, though still underway, has already been hailed by many tech giants, banks, and crypto experts as a system that will completely change peer-to-peer transactions, as well as smart contracts.
Benefits of BIP175
The BIP175 is embracing a key concept that is loved by crypto experts: it copycats real-world payment transactions between two different parties – customers and merchants. Not only that, it ensures that these two parties are the only ones who have access to the cryptographic evidence of any transaction undertaken – it’s called transacting without prying eyes.
The protocol also offers endless freedom – giving anyone the ability to use tools to build and manage contract flows, efficiently manage disputes, deal with currency risks, and issue assets more securely. Developers are also given the opportunity to administer each and every step of their development journey, ensuring that contract obligations are met on time. All that is achieved through CommerceBlock.
Apart from the ability of this protocol to ensure the complete decentralization of finance and give freedom to parties involved in a transaction, it is also a gateway to many public blockchain-based technologies.
This new protocol is also a gateway to new use cases for the Bitcoin technology. Though Bitcoin and other cryptocurrencies have gone through a lot of innovations since their inception, CommerceBlock’s BIP175 is bringing new use cases to these cryptocurrencies, and especially Bitcoin. It will be a good move, pushing Bitcoin to its edges and creating innovation and more use cases in the future.
A lot has been achieved so far, right from the hierarchical deterministic wallets that emanated from the extension of the BIP-0032 to this present day – pay-to-contract protocols that have made strides. But the real revolution is yet to arrive as CommerceBlock brings us into the world of the BIP175.
CommerceBlock will soon embark on an ICO, and the platform is open for interested participants to submit the necessary information to get themselves whitelisted.