Gemini, the US exchange headqaurtered in New York, confirmed today that it has introduced support for Segregated Witness (SegWit) addresses and transaction batching. Current clients and have already noticed SegWit addresses — which begin with bc1 — can now be used for deposits and withdrawals.
Both of these improvements required end-to-end integration through Gemini’s online and offline signing systems. Updates to Gemini’s infrastructure that handles transactions was performed last month. The upgrades deliver major improvements to . This launch of the new infrstructure was the conclusion of a year-long effort to support new , improve customer experience, and adopt best practices for network usage.
The first Gemini , which was deployed in 2014, was built for market conditions back then. As the market evolved, so did the ’s needs: the company needed software capable of supporting a fee market, multiple networks, and multiple .
For this, the Gemini team pursued new tools and partnered with , the developer of -s, to add support for each of its to be implemented . In 2018, Gemini launched support for Zcash, , and Cash using a more robust, modernized crypto infrastructure.
Gemini is one of the first major exchange companies to launch full support of SegWit. allows digital signature information to be stored separately (or segregated) from its transaction data. Without signatures, transactions take up around 30–40% less size, 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.
“We believe SegWit will become the standard, and in doing so, will create extensive benefits for all participants on the network. Given the level of community — and ecosystem support — we now recommend that all Gemini move to using SegWit addresses. After extensive testing and development, we know that launching SegWit support is the right decision for our at the right time.”
Published at Tue, 16 Apr 2019 01:01:04 +0000
