Renowned Cryptocurrency exchange Gemini recently revealed that it now fully supports SegWit [Segregated Witness], a vital Bitcoin [BTC] code amendment that paves he approach for scaling enhancements.
While several bitcoin corporations have adopted SegWit to some extent, Gemini is exclusive in it’s the leading bitcoin exchange till date to roll out ‘support‘ for “native SegWit addresses,” a newer kind of bitcoin address that helps to scale the cryptocurrency even further but however has been ‘adopted‘ to a lesser degree.
Carolyn Vadino – The communications head at Gemini added:
“Our choice is to use native SegWit addresses was supported by. several factors together with block space savings along with the safety issues. As SegWit’s use, support, and adoption is growing, it’ll therefore cut-back the fees, waiting time, as well as the associated network congestion.”
As useful an amendment SegWit is for boosting what number of transactions bitcoin could support directly, every individual wallet and exchange requires to individually code up support for the new kind of transactions. And adding native SegWit addresses requires a bit more time – thereby why the amendment hasn’t been rolled-out everywhere.
But Gemini, known for being led by entrepreneur Winklevoss brothers – is eager to adopt the technology in parts as it permits lightning, a “layer-two” technology seen by advocates as the future for the Bitcoin [BTC] payments.
“SegWit transactions conjointly lay the groundwork for additional advanced technologies; of which the lightning network is most well-renowned,” Vadino explains.
Gemini admits, though, it still possibly take some time for the industry to completely adopt this modification.
“We assume it’s the proper time to adopt to this transformation, although there’ll still be some growing pains,” wrote Gemini editor Brian KimJohnson in an official ‘web-blog’ post that proclaimed this change. “Notably, whereas some block explorers are capable of tracing native SegWit addresses, the support varies widely from one solution to the another.”