The Magical Bitcoin project aims to build a collection of tools and libraries that are designed to be a solid foundation for Bitcoin wallets, along with a fully working reference implementation wallet. All of its components are designed to be lightweight and modular so that they can be adapted for virtually any use-case: from the single-sig mobile wallet to the multi-billion-dollar cold storage vault.
The main long-term goal is to concentrate the development efforts of multiple people and companies into one open source and very well reviewed project, instead of dispersing them over multiple closed/semi-closed or poorly designed projects.
Keep in mind that this project is still in a very early phase of development. The APIs and the general architecture shouldn’t be considered stable yet. At the moment most of the code is concentrated in the main repo and is slowly being refactored and taken out into separate, independent modules.
As a way of demostrating the flexibily of this project, the minimalistic command line (also called “repl”) that is currently shipped as a debugging tool in the main
repo has been compiled to WebAssembly and can be used directly from the browser. See the playground section to give it a try!
The playground relies on Esplora to monitor the blockchain and is currently locked in testnet-only mode, for obvious safety reasons. The native command line can also be used in regtest mode when installed on a computer. See the REPL section to learn more.
The name of the project refers to the fact that when its components are built into a wallet, it can “almost magically” support very complex spending policies, without having to individually translate them into code. It may sound disappointing, but there isn’t, in fact, any real magic in this wallet: the generalization is achieved thanks to descriptors, that are now slowly starting to see adoption in a few other Bitcoin projects as well.
The author of this project strongly believes descriptors will be a big part of the future generation of Bitcoin wallets, since they provide a very flexible scripting language that can also be extended as the technology and tooling on Bitcoin evolve and change (Schnorr signatures, Taproot, etc).
To learn more, check out the specific Descriptors section.