jaxx erc20 hd

Anthony Di Iorio, CEO and founder of Jaxx, a multi-token blockchain wallet provider, announced on reddit that the company plans to add more ERC20-compliant tokens and cease supporting hierarchical deterministic (HD) features for its users who trade Ether.

Di Iorio explained in detail the decision to remove Ethereum HD structure from Jaxx. HD structure makes new addresses once an old one is used, and works well for bitcoins. However, since sending Ethereum-based tokens requires an initial Ether cost as the “gas” to run the transaction, users must ensure that both the transmitting and receiving addresses have some Ether in them already. This requires users to take the "primitive" step of manually sending Ether to the new address before other tokens can be traded back and forth between them. Failing to grasp this concept, many users sent support requests wondering why tokens remained unsent, even though sufficient Ether was stored in their Jaxx wallets.

"In a coming release we will be halting new address creation for ETH wallets and only display the ‘genesis’ address for user wallets. This means that across the board in Jaxx your Ethereum address and all your token addresses will be the same and our users will never have to worry about moving funds from one account to another in order to send tokens."

Jaxx also intends to offer a service that will consolidate all Ether from multiple addresses into the genesis address. From here on out it is recommended that users only use their genesis addresses as the recipient of funds or reoccurring payments. There will be a grace period for users to make the changeover, and eventually when the system requires it, an announcement will be made.

Several users expressed their concerns about the removal of the HD structure. Di Iorio responded that he would work with his team to find out if a compromise to get the best of both worlds is possible.

Di Iorio also announced that Jaxx would support more ERC20 tokens. The new standard for tokens appears to be that of ERC20, as implementation of ERC20-compliant tokens allows for interoperability, and can rescue developers from complex compatibility issues. Wallets are now just adjusting to ERC20 as an environmental parameter for tokens. Jaxx’s inclusion of more ERC20 tokens falls in line with the rising trend as tokenizing seems to be the next big trend in the blockchain ecosystem.

In the coming days, Jaxx will announce the timeline about when these features will be both implemented and removed, as well as provide information about which new ERC20 tokens it intends to support.

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.
ETHNews is commited to its Editorial Policy
Like what you read? Follow us on to receive the latest on , or other Ethereum application news.
   

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
Country
News Categories of Interest