Segregated Witness (SegWit) transactions on the Bitcoin network have recently increased. According to data taken from the network, the use of SegWit has spiked to 55% in September.
This is an optional protocol that helps the blockchain transactions to lower costs because it can accommodate more transactions in a single block. The SegWit protocol creates transactions which are around 25% smaller than non-SegWit ones.
Binance To Support SegWit
The CEO of Binance, Changpeng Zhao, has also indicated that the most important crypto exchange of the world could add support for SegWit transactions soon. As the exchange has a huge volume, it could help the network a lot.
In related news, Udi Wertheimer, a prominent Bitcoin developer, has affirmed that he would change the logo of his Twitter profile if the exchange added SegWit transactions. Despite signaling interest to do it, the exchange has been postponing the change for a long time now.
One of the main reasons why the upgrade has not happened yet is because SegWit is a “low priority” for the company. Zhao affirmed that current transactions “do work”, so upgrading them is not something that needs to be done as soon as possible.
Zhao has, however, hinted that the exchange could adopt SegWit transactions by 2020. Time will tell how this story will end, but the pressure for the world’s largest exchange to use this solution is growing a lot recently.