- Gemini becomes the largest Bitcoin exchange to support the new version of “native SegWit addresses.”
- SegWit adoption to help reduce fee, transaction processing times and network congestion.
The United States-based Gemini exchange announced on Monday 15 that it now has “full” support for segregated witness (SegWit). This a vital Bitcoin code that was adopted to set the ground for scaling. Gemini exchange has become the largest Bitcoin exchange to adopt the code by supporting the “native SegWit addresses.” The new version of the addresses is able to take scaling of BTC a notch higher. Speaking to CoinDesk Gemini head of communication Carolyn Vadino said:
“Our choice to use native SegWit addresses was based on many factors including block space savings as well as safety concerns. As SegWit’s use, support, and adoption grows, it will help reduce fees, wait times, and network congestion.”
Although SegWit is incredible at boosting the number of Bitcoin transactions at any given time, every wallet belonging to an individual has to separately code up support for the new version of the transaction. This means that more time is needed to effect the change and in turn hinders wider adoption.
According to Vadino:
“SegWit transactions also lay the groundwork for more advanced technologies; of which the lightning network is the most well known.”
However, Gemini agrees that adoption of SegWit in the ecosystem is likely to take longer. Gemini editor Brian KimJohnson said in a blog post that:
“We think it’s the right time to make this change, though there will still be some growing pains. Notably, while some block explorers are capable of tracking native SegWit addresses, the support varies widely from one solution to another.”
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