SegWit Transactions Are More Popular Than BCH

According to BitMEX reseach, there are more SegWit transactions in Bitcoin network than Bitcoin Cash transactions
23 March 2018   267

The volume of SegWit transactions in the bitcoin network exceeded the aggregate number of Bitcoin Cash transactions since the launch of it in August of last year. This is reported in the blog of the BitMEX exchange.

As the researchers remind, activation of the Segregated Witness protocol was carried out in the same month as the Bitcoin Cash hardfork. It was promoted by his supporters as an alternative to the solutions for scaling the bitcoin network, suggesting significant savings on transaction fees.

Since the implementation of Segregated Witness, the volume of SegWit-transactions has exceeded the aggregate number of transactions performed on the Bitcoin Cash (BCH) network by 20.1%. Also, the researchers concluded that if the appearance of BCH occurred simultaneously with the activation of SegWit, then this separation would be much larger and would be 31.5% (the gray line on the graph).

Cumulative transaction volume since the launch of Bitcoin Cash
Cumulative transaction volume since the launch of Bitcoin Cash

The graph shows that in the first days after the appearance of Bitcoin Cash, there was a rapid growth in the volume of transactions in this network. At the same time, the increase of the  SegWit transactions in the bitcoin network occurred gradually. Nevertheless, in just three months, the volume of BTC transactions with SegWit exceeded the total volume of BCH-transactions.

The graph below shows how gradually the popularity of legacy transactions in the bitcoin network is declining in favor of SegWit.

Daily transaction volume
Daily transaction volume

The chart below shows the continued growth of SegWit transactions, mainly due to the activation of support for this solution by the major players of the bitcoin industry:

Percentage of transactions that use SegWit
Percentage of transactions that use SegWit

Currently, the share of SegWit-transactions in the bitcoin network is about 30%. At the same time, the average share of such transactions in the bitcoin blockchain is about 22%.

According to the researchers, Segregated Witness significantly influences the performance of bitcoin blocking and benefits in the form of a reduction in commissions even for users who prefer to use the old transaction format. Also, according to the BitMEX team, the results of their research show that large-scale innovations should be introduced gradually and in the most secure way.

Nakasendo SDK launched by Nchain for Bitcoin Cash Growth

Blockchain company Nchain has released its 1.0 version of Nakasendo software development kit (SDK) to support BCH
24 April 2018   89

Nchain underlines that the Nakasendo SDK is accessible for software programmers focusing their energy and resources relatively to bitcoin cash application and platform development.

Version 1.0 of the SDK focuses on providing a cryptographic library, to allow for a more flexible method of key generation and sharing. This cryptographic library can be used to improve security for any cryptocurrency exchange, and more broadly for controlling access to any type of digital asset or resource.
 Nchain Group, Blockchain Technologies Research and Development Company

 

Nchain points out that the Nakasendo SDK will assist Nchain port software libraries that will help programmers in designing bitcoin cash apps. The SDK designed by Nchain is to navigate the complexities of blockchain growth, and strengthen work. The London firm declares that the SDK includes two patents from the company’s intellectual property portfolio.

Although the SDK libraries will be useful for developers on any blockchain or digital platform, we want to use key elements of nChain’s patent portfolio to help benefit the Bitcoin Cash ecosystem. That is why we are providing the SDK for free usage only for applications and products that operate on the Bitcoin Cash (BCH) blockchain. The SDK is one of many tools Nchain will use to ignite the BCH blockchain, and help re-invent the business world.
Jimmy Nguyen, Nchain Group, CEO

Currently, the 1.0 version of Nakasendo is only available to a determinate group of developers and teams that have been appointed in an initial testing pool. Nchain claims that the Nakasendo SDK will be made more accessible at a later date.