New Bitcoin Wallets Lining Up In Support of SegWit

Posted By Anirudh Bhardwaj | 02-Dec-2016

Bitcoin SegWit

It’s been several months since the concept of Segregated Witnesses (SegWit) was brought to light by Bitcoin Core. And though it has received a marvelous response from the bitcoin enthusiasts all over the world, people are still skeptical about whether it’s going to be activated or not. Yes, the SegWit proposal still need support from a lot of bitcoin communities to make that happen. However, a large number of bitcoin startups, mining pools and bitcoin wallet companies have stepped out in support of SegWit and many are planning to support it.

 

As revealed by the Bitcoin Core development team, somewhat around 73 bitcoin startups are going to support SegWit in the near future. The list also includes some leading bitcoin mining pools such as Bitfury, Slush, CKPool and CGMiner. Some major bitcoin exchanges like Bitfinex, Coinfloor and OKcoin have also come out to show their support for SegWit. And finally, talking about the bitcoin wallets, we have some top rated wallets like AirBitz, Mycelium, Ledger, Trezor, Blockchain.info, Electrum, KeepKey and Breadwallet.

 
 

Also read SegWit Finally Arrives For Bitcoin Core.

 
 

Reasons For Choosing SegWit

SegWit brings along many standout features and it is expected to provide some immediate benefits upon its implementation. First off, it will help increasing the block capacity, giving more space for the transactions. The concept of SegWit implies that the transaction signatures won’t be sent along with the transactional data. Instead, they’ll be sent separately to the receiver end. So the basic idea behind SegWit is to disengage the signatures and the rest of the transactional data, thereby reducing the size of each transaction. This further helps in enabling more transactions per block and the remaining block space can be used for other operations.

 

Another big advantage of using SegWit is the reduced transaction malleability. SegWit might be very much effective in dealing with the transaction malleability issues persisting in the bitcoin network for quite a long time.

 
 

The Road Ahead

With all these bitcoin groups by its side, there’s still a long way ahead for SegWit as it needs support from at least 51% of the nodes in the bitcoin network. Seeing the charts, SegWit has so far acquired 21.6% of the same. Talking about the exact figures, it will need to have 2016 blocks in total of which, it currently has just 281. So clearly, there’s still a long way to go. But as the leading bitcoin companies are rising up in support of SegWit, it very much seems attainable in the near future.   

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