Coinbase, a San Francisco-based digital currency exchange which aims to create an open financial system for the world, has published an update on Bitcoin SegWit protocol. It was stated in the announcement that apart from secure storing of customer funds, the company wants to ensure that the platform performs perfectly during periods of peak volume, and that became a reason for implementation of SegWit, which will occur in 2018.
Bitcoin SegWit Update https://t.co/3YPQPlg9tc
— Coinbase (@coinbase) 15 December 2017
Nevertheless, no specific date was revealed and Coinbase vice president Dan Romero stated that SegWit implementation might take a long time as the company makes any changes only after careful planning and consideration.
We store billions of dollars worth of bitcoin on behalf of customers and any change to our infrastructure is done with significant planning and consideration for the security and stability of our platform.
Vice President and GM, Coinbase
The decision to implement SegWit was made because this upgrade helps reduce the size of transactions and fees customers pay on Bitcoin transactions, and improves the overall transaction capacity of the Bitcoin network.
Coinbase vice president stated that they will inform the users as soon as the service gets closer to launching the feature.
It is worth reminding that Segregated Witness was activated on the Bitcoin Network on August 24 of 2017 on block #481824.