News Coinbase Will Launch SegWit for Bitcoin in the Next...

Coinbase Will Launch SegWit for Bitcoin in the Next Few Weeks

-

- Advertisment -

Coinbase has announced its plans to implement SegWit (Segregated Witness) for Bitcoin in 2018 with a view to make Bitcoin transactions cheaper and faster.

According to the companys Twitter post, the engineering team is working on final testing of Segwit. So, the customers will have an opportunity to get familiarized with the update in a few weeks.

The purpose of creation of SegWit was to solve the problems of malleability and scalability of cryptocurrency.  The aim of SegWit introduction was to mitigate a blockchain size limitation problem and, consequently, make Bitcoin transaction faster.

All these tasks can be fulfilled due to splitting the transaction into two segments, removing the unlocking signature from the original portion and transforming it into a separate structure called €œsegregated witness€ at the end. The original section still holds the data of senders and receivers, and the new “witness” structure contains scripts and signatures.

So, thanks to SegWit upgrade the size of transactions is reduced which contributes to the overall improvement of the Bitcoin network transaction capacity. Moreover, the fees that customers pay on bitcoin transactions are to be reduced as well. Some the company promised to disclose further details later.

Nevertheless, Coinbase highlights that security of their customers funds has always been one of their key priorities as well as performance of their platform even during the periods of heavy workloads. Thats way the team is always trying to implement all changes with significant attention and consideration for the security and stability of the platform.

By the way, SegWit adoption has already gained some visible results. Its implementation peaked last week when its transactions made up more than 18% of transactions for the first time in its history.

In the context of scalability problem solving, we should also recall the development of another promising concept €“ Lightning Network. Being initially offered with an aim just to make the Bitcoin network more useful, the Lightning Network is a decentralized network of €œpayment channels€ that allows users to make micropayments between two parties without a necessity to broadcast directly to the blockchain.

As a result, transaction fees are decreasing, the speed of the whole payment process is growing while privacy is strengthening. The last week we wrote about the first Bitcoin ATM transaction made using the Lightning Network that was realized by the Austria-based cryptocurrency startup Coinfinity.

At the moment, Bitcoin is trading at $6 802,43, according to the data from CoinMarketCap.  On of the reasons of it price falling is blocking of access to foreign  crypto exchanges for Chinese investors.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...
- Advertisement -Coinbase Will Launch SegWit for Bitcoin in the Next Few Weeks

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

How has Bitcoin of America Changed the Cryptocurrency Industry?

Who is Bitcoin of America? Bitcoin of America is a U.S. based digital currency...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when...
- Advertisement -Coinbase Will Launch SegWit for Bitcoin in the Next Few WeeksCoinbase Will Launch SegWit for Bitcoin in the Next Few Weeks

You might also likeRELATED
Recommended to you