Gemini Integrates Full SegWit Support
- SegWit drops the signature data to fit more data on 1Mb block.
Gemini, the Winklevoss brothers-backed crypto exchange, has announced the addition of full support for Segregated Witness (SegWit) support to its wallet platform.
“As part of the upgrades this year, we introduced support for Segregated Witness (SegWit) addresses and transaction batching,” the official announcement stated.
“As our customers may have noticed this means that SegWit addresses — which begin with bc1 — can now be used for Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term deposits and withdrawals. Both of these improvements required end-to-end integration through our online and offline signing systems (along with many other efforts).”
Very proud of our team! @Gemini becomes the first major Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term to launch full support of SegWit, complete with native SegWit deposit addresses by @bajohnshttps://t.co/Xbbn6uVqqB
— Tyler Winklevoss (@tylerwinklevoss) April 15, 2019
Making Bitcoin Scalable
Introduced in 2017, SegWit was primarily introduced to fix Bitcoin’ transaction malleability. However, later it was found that the introduction of the protocol upgrade can also increase the number of Bitcoin transactions as more data can be stored in the 1 Mb block due to the reduced signature information.
“SegWit allows digital signature information to be stored separately (or segregated) from its transaction data,” Gemini explained. “Without signatures, Bitcoin transactions weigh around 30–40 percent less, thus taking up less “block space” on the network and reducing the transaction fee. As block space is limited, any decrease in transaction size allows for more transactions per block and greater overall throughput in the network.”
The exchange also outlined that its decision to integrate SegWit was taken to increase the block space and security of its infrastructure.
Gemini is not the first crypto platform to adopt SegWit. However, no other company of its scale has added full SegWit support before.
Along with Gemini, CoinDeal has also added SegWit support and is giving its customers an option to migrate to the new system for 50 percent lower fee on Bitcoin payouts. Last month, crypto storage platform BitGo also added SegWit support on its API.
Gemini, the Winklevoss brothers-backed crypto exchange, has announced the addition of full support for Segregated Witness (SegWit) support to its wallet platform.
“As part of the upgrades this year, we introduced support for Segregated Witness (SegWit) addresses and transaction batching,” the official announcement stated.
“As our customers may have noticed this means that SegWit addresses — which begin with bc1 — can now be used for Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term deposits and withdrawals. Both of these improvements required end-to-end integration through our online and offline signing systems (along with many other efforts).”
Very proud of our team! @Gemini becomes the first major Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term to launch full support of SegWit, complete with native SegWit deposit addresses by @bajohnshttps://t.co/Xbbn6uVqqB
— Tyler Winklevoss (@tylerwinklevoss) April 15, 2019
Making Bitcoin Scalable
Introduced in 2017, SegWit was primarily introduced to fix Bitcoin’ transaction malleability. However, later it was found that the introduction of the protocol upgrade can also increase the number of Bitcoin transactions as more data can be stored in the 1 Mb block due to the reduced signature information.
“SegWit allows digital signature information to be stored separately (or segregated) from its transaction data,” Gemini explained. “Without signatures, Bitcoin transactions weigh around 30–40 percent less, thus taking up less “block space” on the network and reducing the transaction fee. As block space is limited, any decrease in transaction size allows for more transactions per block and greater overall throughput in the network.”
The exchange also outlined that its decision to integrate SegWit was taken to increase the block space and security of its infrastructure.
Gemini is not the first crypto platform to adopt SegWit. However, no other company of its scale has added full SegWit support before.
Along with Gemini, CoinDeal has also added SegWit support and is giving its customers an option to migrate to the new system for 50 percent lower fee on Bitcoin payouts. Last month, crypto storage platform BitGo also added SegWit support on its API.