Gemini announced on Monday that it had added "full" support for the generated SegWit protocol, an important change in Bitcoin code that paves the way for scaling improvements.
Many bitcoin companies have already adopted SegWit, but Gemini is unique in that it is currently the largest bitcoin exchange for deploying support for "native SegWit addresses," a new type of bitcoin address that helps to further scale cryptocurrency.
Support idea for SegWit
Caroline Vadino, Head of Communications, said: "Our choice of using our own SegWit addresses was based on many factors, including saving space on the unit, as well as security concerns. As the use, support and deployment of SegWit grows, this will help reduce costs, wait times and network overload."
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As a useful change, SegWit is designed to increase the number of transactions that Bitcoin can support simultaneously; each individual wallet and exchange must individually code support for a new type of transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details. And adding your own SegWit addresses takes a little longer, so the change was not widespread.
"SegWit transactions also lay the foundation for more advanced technologies", explains Vadino.
Gemini Exchange has announced the addition of full support for SegWit. Company executives acknowledge that it will take time to introduce these changes.
"We think the time has come for a change, although there will still be some problems with growth", wrote Gemini editor Brian Kim Johnson on his blog, which announced this change.
"It is noteworthy that although some block researchers are able to track their own SegWit addresses, support varies greatly from one solution to another."
Editor: Yuliya Soroka