Segregated Witness (SegWit) transactions on the Bitcoin network have risen sharply in recent weeks, according to data compiled by The Block.
The percentage of transactions that use SegWit has jumped to about 55% in September from below 40% in months before that. For instance, in April, the figure ranged between 35%-37%.
SegWit is an optional protocol upgrade to blockchain networks, which help accommodate more transactions in one block (1MB size) and thereby help lower costs per transaction. Depending on several parameters, Segwit transactions are at least 25% smaller in size when compared to legacy transactions.
Earlier this week, Binance CEO Changpeng Zhao (“CZ”), indicated on Twitter that the cryptocurrency exchange could add SegWit support to its platform by the end of Q1 2020. If the exchange does implement the support, it could decrease the load on the bitcoin network as well as decrease fees per transaction for users when the network’s mempool starts filling up again.
Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.
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