The cryptocurrency brokerage company Coinbase declared it plans to release SegWit support “in the next few weeks,” a move that guarantees to reduce customer transaction fees and reduce overcrowding across the network.
The firm announced on Twitter, declaring that “our engineering team has started SegWit’s final testing phase for Bitcoin, and that Bitcoin compatible with SegWit will be ready for customers in the coming weeks.
SegWit or Segregated Witness was initiated on the Bitcoin network with a soft fork last August. By reducing transaction sizes, SegWit cuts commissions and optimizes limited time in Bitcoin blocks. But, users only use this feature if they use SegWit-compliant portfolio addresses.
According to data provided by the hardware wallet manufacturer Trezor, only 15% of Bitcoin transactions now use SegWit, down from a high of about 18% at the end of January. The current reduction could be related to lower user fees for users to transfer funds from inherited addresses to those compatible with SegWit, but in any case, it is clear that the chain does not face all the benefits of updating scaling since Coinbase and several other large companies have been slow to implement it.
These Coinbase companies, mainly because of their ubiquity as a ramp in the ecosystem, have been criticized by many in the community because, while backing up the controversial SegWit2x proposal, quoting the rise in trading commissions, they seemed to be pulling their feet on SegWit implementation.
This gap of hurry has caused anger more than Coinbase customers. Sergej Kotliar, chief executive of Bitrefill, said the number of unconfirmed Bitcoin transactions fell at the same time as Coinbase faced an interruption, suggesting that Coinbase transactions were actively responsible for network congestion, which contributed to the increase in fees the Bitcoin transaction close to the market rally.
— Sergej Kotliar (@ziggamon) January 12, 2018
In a blog post in December, the company answered to these criticisms by saying that adding new features was the third on the list of engineering priorities, aback securing client funds and maintaining its stable platform in peak times an objective that, often during the volatility of the market, The Company said:
We keep billions of dollars in our clients’ accounts, and any change in our infrastructure is done with planning and special attention to the security and stability of our platform.