Several times we have heard that Coinbase was not working so as to implement SegWit. But the largest cryptocurrency brokerage has announced that it will integrate SegWit in the next weeks of February. The information was released in a blog post by Dan Romero, Vice President and GM of Coinbase.
Our engineering team has begun the final testing phase of SegWit for Bitcoin on Coinbase.
SegWit compatible Bitcoin sends/receives will be available for customers in the next few weeks.
We previously wrote about SegWit on our blog: https://t.co/3YPQPkYy4C
— Coinbase (@coinbase) February 5, 2018
Coinbase to Integrate Segregated Witness
An important solution for Bitcoin and its scalability problem is the implementation of Segregated Witness. In this way, Bitcoin transactions are reduced in size, increasing the capacity of the Bitcoin network to process more payments. That means that the speed and fees of the transactions may be reduced significantly.
Romero explains that adding new features for the customers is one of Coinbase’s top priorities. The intention is to create a secure platform that works properly and with the new features that the community is expecting.
Mr Dan Romero Wrote:
“In terms of our engineering priorities, securely storing customer funds remains our top priority. Our next priority is to ensure that our platform remains performant during periods of peak volume. Following security and performance, we are focused on adding new features for our customers.”
During the last months, several cryptocurrency exchanges, wallets and platforms have been implementing SegWit. The community was waiting for it due to the fact that Coinbase is one of the most important platforms to purchase and sell cryptocurrencies. Once implemented it would significantly reduce the congestion of the Bitcoin network.
The same has to be done by the team of Blockchain.com, another important cryptocurrency platform. These two platforms manage a large number of bitcoin transactions and the policies that they take may affect the whole network. This implementation would have a deep impact on the scalability of Bitcoin.
If Bitcoin wants to keep growing, SegWit needs to be implemented. More companies are accepting bitcoin as a means of payment and they need the cryptocurrency to be a reliable method to pay for goods and services. Segregated Witness is helping the network to scale while developers keep working behind the scenes to have the Lightning Network fully functional