Coinbase, the largest Bitcoin brokerage and trading platform in the global cryptocurrency market with more than 10 million users, announced its intention to integrate SegWit
On social networks, the team from Coinbase wrote: "We are working on the support of SegWit and we will soon have a public update, "adding that the company is hiring more Bitcoin developers to develop Bitcoin infrastructure.
"We are recruiting Senior Backend Engineers in SF, NY and London to work on our Bitcoin infrastructure."
Importance of SegWit integration by major platforms
SegWit is a solution for correcting and scaling the malleability of transactions introduced by the Bitcoin Core development team, which optimizes Bitcoin Blockchain by reducing the size of transactions. Its malleability solution also provides a better platform for second-layer solutions like Lightning that are able to process micropayments or transactions with substantially lower charges on the Bitcoin Blockchain network
companies and infrastructures are not automatically equipped with SegWit. Rather, companies, portfolios and stock exchanges like Coinbase need to allocate their development resources to adopt and integrate the solution.
Many leading portfolio platforms have already integrated SegWit. Notably, the main Bitcoin hardware portfolios Trezor and Ledger have adopted SegWit for the first few weeks since its launch, as the SegWit transaction malleability patch provides a significant security enhancement for hardware portfolios by reducing the time and process of the transaction. transaction verification. On August 24, the Ledger team stated:
"When calculating a SegWit signature, previous transactions do not need to be processed by the device, and each entry is processed only once during the signing process, "
According to Ledger's team, SegWit further reduces Bitcoin transaction costs by about 35% With such reduced fees, users can easily send Bitcoin transactions with fees lower than $ 1.
"SegWit introduces the concept block weight that changes the way the transaction size is calculated by dividing the signatures into a different area.
The Coinbase Impact
Bitcoin users can benefit from a discount on Bitcoin charges via SegWit using either SegWit Wallet Platforms or receiving SegWit compatible transactions. If a Bitcoin user receives a SegWit transaction, the user will be able to send SegWit transactions.
Popular platforms like Coinbase, Blockchain and ShapeShift account for much of the Bitcoin network's daily trading volume. As a result, more platforms are adopting SegWit, adoption rate or SegWit transaction rate will increase rapidly.
Currently, the percentage of SegWit transactions remains just under 14%, which can be significantly higher with Bitcoin platforms In mid-November, Blockchain, the second Bitcoin wallet platform behind Coinbase , also announced that SegWit will be integrated in the first quarter of 2018.
<img alt=" Percentage of operations "src =" http://cointelegraph.com/storage/uploads/view/27ea6376f50b375111bf57f06b779a2c.png "title =" Transaction Percentage "/>
" This will be a major and complex update for some of the more sensitive parts of our code base, across a wide variety of platforms and platforms. Devices, affecting billions in user transactions with potentially significant privacy implications, "said the team Blockchain