![]() | submitted by sidhujag to ethereum [link] [comments] https://preview.redd.it/rqt2dldyg8e51.jpg?width=1044&format=pjpg&auto=webp&s=777ae9d4fbbb54c3540682b72700fc4ba3de0a44 We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution! Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality. Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining. This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD. SolutionsSyscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
Syscoin + Matic IntegrationMatic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both.Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole. Proving Performance & Cost SavingsOur POC focuses on 100,000 on-chain settlements of token transfers on the Syscoin Core blockchain. Transfers and burns perform equally with Syscoin. For POCs related to smart contracts (subscriptions, etc), refer to the Matic Network proposal.On-chain settlement of 100k transactions was accomplished within roughly twelve minutes, well-exceeding Reddit’s expectation of five days. This was performed using six full-nodes operating on compute-optimized AWS c4.2xlarge instances which were geographically distributed (Virginia, London, Sao Paulo Brazil, Oregon, Singapore, Germany). A higher quantity of settlements could be reached within the same time-frame with more broadcasting nodes involved, or using hosts with more resources for faster execution of the process. Addresses used: 100,014 The demonstration was executed using this tool. The results can be seen in the following blocks: 612722: https://sys1.bcfn.ca/block/6d47796d043bb4c508d29123e6ae81b051f5e0aaef849f253c8f3a6942a022ce 612723: https://sys1.bcfn.ca/block/8e2077f743461b90f80b4bef502f564933a8e04de97972901f3d65cfadcf1faf 612724: https://sys1.bcfn.ca/block/205436d25b1b499fce44c29567c5c807beaca915b83cc9f3c35b0d76dbb11f6e 612725: https://sys1.bcfn.ca/block/776d1b1a0f90f655a6bbdf559ff5072459cbdc5682d7615ff4b78c00babdc237 612726: https://sys1.bcfn.ca/block/de4df0994253742a1ac8ac9eec8d2a8c8b0a6d72c53d6f3caa29bb6c171b0a6b 612727: https://sys1.bcfn.ca/block/e5e167c52a9decb313fbaadf49a5e34cb490f8084f642a850385476d4ef10d70 612728: https://sys1.bcfn.ca/block/ab64d989edc71890e7b5b8491c20e9a27520dc45a5f7c776d3dae79057f59fe7 612729: https://sys1.bcfn.ca/block/5e8b7ecd0e36f99d07e4ea6e135fc952bf7ec30164ab6f4d1e98b0f2d405df6d 612730: https://sys1.bcfn.ca/block/d395df3d31dde60bbb0bece6bd5b358297da878f0beb96be389e5f0e043580a3 It is important to note that this POC is not focused on Z-DAG. The performance of Z-DAG has been benchmarked within realistic network conditions: Whiteblock’s audit is publicly available. Network latency tests showed an average TPS around 15k with burst capacity up to 61k. Zero-latency control group exhibited ~150k TPS. Mainnet testing of the Z-DAG network is achievable and will require further coordination and additional resources. Even further optimizations are expected in the upcoming Syscoin Core release which will implement a UTXO model for our token layer bringing further efficiency as well as open the door to additional scaling technology currently under research by our team and academic partners. At present our token layer is account-based, similar to Ethereum. Opt-in compliance structures will also be introduced soon which will offer some positive performance characteristics as well. It makes the most sense to implement these optimizations before performing another benchmark for Z-DAG, especially on the mainnet considering the resources required to stress-test this network. Cost SavingsTotal cost for these 100k transactions: $0.63 USDSee the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing: ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37) Syscoin price: $0.11 Snapshot of live fee comparison chart Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions. Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value. Tools, Infrastructure & DocumentationSyscoin BridgeMainnet Demonstration of Syscoin Bridge with the Basic Attention Token ERC-20A two-way blockchain interoperability system that uses Simple Payment Verification to enable:
Benefits
https://preview.redd.it/26htnxzfh8e51.png?width=1180&format=png&auto=webp&s=d0383d3c2ee836c9f60b57eca35542e9545f741d Source codehttps://github.com/syscoin/?q=sysethereumMain Subprojects
APITools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.DocumentationSyscoin Bridge & How it Works (description and process flow)Superblock Validation Battles HOWTO: Provision the Bridge for your ERC-20 HOWTO: Setup an Agent Developer & User Diligence Trade-offThe Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms.The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here. CostEthereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokensSyscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction. Z-DAGZero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).Benefits
Source codehttps://github.com/syscoin/syscoinAPISyscoin-js provides tooling for all Syscoin Core RPCs including interactivity with Z-DAG.DocumentationZ-DAG White PaperUseful read: An in-depth Z-DAG discussion between Syscoin Core developer Jag Sidhu and Brave Software Research Engineer Gonçalo Pestana Trade-offZ-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.Syscoin SpecsSyscoin 3.0 White Paper(4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
WalletsWeb3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask.Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2. Current supported wallets Syscoin Spark Desktop Syscoin-Qt ExplorersMainnet: https://sys1.bcfn.ca (Blockbook)Testnet: https://explorer-testnet.blockchainfoundry.co Thank you for close consideration of our proposal. We look forward to feedback, and to working with the Reddit community to implement an ideal solution using Syscoin Platform! |
![]() | submitted by UMITop to u/UMITop [link] [comments] https://preview.redd.it/8skuypxp9lj51.jpg?width=1023&format=pjpg&auto=webp&s=ba5a38ba592428f92dc7c1943a780ff127132875 Ethereum cryptocurrency that comes second in terms of capitalization on the crypto market is traditionally seen as fast and profitable. However, over the last few weeks it's had a rough patch. Since early August, the network has had huge queues of transactions pending processing while fees have skyrocketed and surpassed the historical high. The main issue though is that even fees of a few dollars per transfer don't help get rid of the“traffic jams”. The cause of this is numerous DeFi projects and a huge number of financial pyramids based on the Ethereum platform. Both generate excessive load on the network. The situation is downright unpleasant, and our users might question whether the UMI network could face a similar challenge? We'd like to assure you it could not. The UMI network is by default protected against these problems — it cannot have “traffic jams”, fees or financial pyramids. But first things first. How has the Ethereum network ground to a halt? In its report dated August 4, Arcane Research that provides analysis within the field of cryptocurrency stated that over the previous week the daily size of transaction fees in the Ethereum network has surged up to a record high for over two and a half years. On August 3, the median value #%D0%9F%D1%80%D0%B8%D0%BC%D0%B5%D1%80_%D0%B8%D1%81%D0%BF%D0%BE%D0%BB%D1%8C%D0%B7%D0%BE%D0%B2%D0%B0%D0%BD%D0%B8%D1%8F)of the fee amounted to $0.82, with the overall amount of transaction fees totaling $2 mln. However, it only signaled the start of real problems. Over the next week, fees continued to grow and by August 11 the median fee value almost doubled equaling $1.57. Larry Cermak, an expert at a big analytical and news-making crypto portal The Block, wrote in his August 15 tweet that over a week the total amount of transaction fees in the Ethereum network totaled $34.5 mln, having surpassed its historical high. Meanwhile, in the Bitcoin network that is seen as too expensive the fees were almost four times lower at $9 mln. The total fee amount paid by cryptocurrency users over a week:
https://preview.redd.it/z9azd9v6alj51.png?width=1600&format=png&auto=webp&s=25c365d6e14665ecda4a2b8d19b2fc57dd5cde1e Historical Growth Chart for Ethereum Fees. Source The existing situation shows that Ethereum is actually not as fast and profitable as commonly cited. Additionally, this could happen to almost any cryptocurrency except UMI that charges no fees whatsoever. We will tell you why. Why have these problems emerged? There is nothing unoriginal: the Ethereum network simply can't handle an increased load. Arcane Research analysts consider that a principal cause of this situation is the constantly increasing number of the DeFi ecosystem projects built on the Ethereum blockchain. Their number is growing all the time which causes the overload of the network. As of August 12, the total amount of funds in DeFi applications reached $4.3 billion which is 19.5% higher than that in the past week. At the time of writing this article, the amount surged to $6.21 billion. You can see the current data here. What is the most unpleasant about DeFi protocols is that a lot of them are scam projects. Which is not the worst part though. There is also another factor that significantly slows down the Ethereum network. There are a lot of pyramid-like projects that are built on the EOS platform and use smart contracts. One of them is SmartWay Forsage, which regularly overloads the network with a large number of transactions, causes traffic jams, and, consequently, leads to increased fees (keep in mind that Ethereum miners choose transactions with a higher commission). Vitalik Buterin, the co-founder of Ethereum, revealed his disapproval of the SmartWay Forsage methodology and asked them to "leave and not pollute Ethereum ecology in the future". However, the project is slow to do this — it continues to deceive users. This is only the tip of the iceberg of scam projects which abounds on the EOS network –– they continually emerge, work for a while, then go down as scams and are replaced with new ones. This never-ending stream of "investment projects" based on the Ponzi scheme overloads the system. This is the reason why Adam Back, a pioneer of the crypto industry and founder of the technology company Blockstream, equated Ethereum with such infamous projects as Onecoin and Bitconnect. Adam Back's solid dig at Ethereum became the subject of much debate among crypto enthusiasts. Of course, it all doesn't mean that Ethereum is a bad cryptocurrency. On the contrary, it has a lot of advantages over other coins. But all that has happened exposes Ethereum's faults which must be eliminated. The problem is that they may not be fixable. It is far from certain that the developers will be able to get rid of all the defects as the system has huge scalability problems. The crypto community has to admit that Ethereum, like other first-generation cryptocurrencies, has issues with capacity, fees, and scalability and is gradually becoming obsolete. 2020 is the time for young innovative cryptocurrencies such as UMI. UMI is the flagship of new-generation cryptocurrencies. In real fact, any cryptocurrency could face it. Each cryptocurrency charges fees which typically surge when the network is overloaded or the price is going up. Everyone will remember 2017 when in line with price growth and the network's overload Bitcoin transaction fee reached a high of around $40. But when it comes to UMI, it works the other way round. The UMI network's advantages are high capacity, no fees, and scaling possibilities. It uses the best and fastest crypto industry solutions and excludes all inefficient methods by default. Smart optimization in combination with the Proof-of-Authority technology operating on the master node basis enables almost instant payments. At the stage of network testing, an incredibly high capacity was achieved:
https://preview.redd.it/rwohnov3alj51.png?width=1125&format=png&auto=webp&s=4329b75c0bd8b7a22276b529f5ca433d17a0874f The UMI network can process transactions that Ethereum processes over a year in a few days and with no fees. More details What is more important is that less than 0.001% of the network's overall potential is used now. The UMI network has a lot of reserve capacity and can handle hundreds of thousands of times heavier load. Moreover, with scaling possibilities, UMI can keep up with the times. The UMI code ensures the safe introduction of any upgrades — the network can be easily modified and scaled with cutting edge technology solutions. In other words, traffic jams will never pose a problem for us. UMI will instantly process all transactions, with no fees. Always. https://preview.redd.it/t0068th0alj51.png?width=544&format=png&auto=webp&s=019f46ec8c093480c4638cf098312a5a146134a8 A real-time speedometer displays the number of transactions processed by the UMI network per second. Link Additionally, unlike Ethereum and other cryptocurrencies, the UMI's staking smart contract prevents possibilities of any pyramid schemes, meaning eliminates their negative influence. Our staking is completely safe and secured against scammers. Read more about this in our article. Any UMI staking structure could work forever. In other words, you can multiply your coins at a rate of up to 40% per month for an indefinitely long period of time. UMI doesn't inherit the disadvantages of the first-generation cryptocurrencies. This is an innovative, carefully designed network based on state-of-the-art technologies. UMI is an ambitious step toward the future. And we're making it together right now! Sincerely yours, UMI team |
![]() | submitted by Crypto_Browser to CryptoBrowser_EN [link] [comments] The Total Amount Of US Government Debt Will Equal $25 Trillion US Dollars The world’s leading cryptocurrency, Bitcoin, managed to recover from the downtrend over the past weekend and stayed above the $9,000 psychological barrier, before correcting to $8,832.56, as of press time. Despite its weekly closing correction, which pushed down Bitcoin’s price in the $8,500 region, the leader in the crypto sector rebounded and found strong support in the $8,700-$8,850 regions. The support was followed with a short consolidation period, despite the trading turbulence оn global level as of 4th May. Source: Coin360 \"Hourly crypto market price chart\" Bitcoin’s safe haven behavior continues, as the U.S. Treasury announced that the institution is going to borrow up to $3 trillion in Q2 of 2020 to subsidize the economy due to the recent COVID-19 virus outbreak. The new debt would result in a total of $24.9 trillion in the red. The US debt has increased with $1.5 trillion since 1st of March. Also, the Federal Emergency Management Agency published a forecast model showing 200,000 new infected cases every day until 1st June, with an estimated daily death toll of 3,000 deceased, as States re-open. Another pressure point for the U.S. economy is that more than 30 million Americans remained without jobs and filed for unemployment. The pressure resulted in drops in the major US indices, which this time did not correlate into the world of cryptocurrencies, as it happened with the “Black Thursday” event on March 12. Bitcoin bulls set their target to $9,500, as trading volumes suggest clear skies above. However, technical analysis shows strong resistance at $9,000, as Bitcoin struggled to keep its ground above the 20-day moving average. Bitcoin was rejected three times at $8,950 with Bitcoin bulls anticipating moves above $8,970, which would clear their way up. Other indicators, such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) hint bullish market, as the RSI jumped from 47 to 60. In the last hours on 5th May, Bitcoin slipped below $9,000 in seems to be a straight freefall form the high of $9,047.53, according to data from CoinMarketCap. Тhe main force of recent bullish activities, according to traders, can be attributed to the upcoming third BTC halving, scheduled for next Monday, 11th May. As the price per mined Bitcoin decreases, so does inflation, and experts consider the halving procedure as a clear indicator for a price pump. However, some market analysts fear that the halving would affect prices negatively in the short-term, especially with the ongoing economic uncertainty worldwide. |
Exchange | Batching Status | Segwit (p2sh) | Send to bech32 |
---|---|---|---|
Binance | Yes | No | No |
Bitfinex | Yes | No | No |
Bitonic | ? | No | No |
Bitstamp | Yes | Yes | No |
Bittrex | Yes | ? | ? |
Coinbase/GDAX | No | No | No |
Gemini | No | No | No |
HitBTC | Yes | Yes | ? |
Huboi | ? | ? | ? |
Kraken | No | Yes | ? |
LocalBitcoins | No | ? | ? |
OKEx | ? | ? | ? |
Poloniex | ? | Yes | ? |
QuadrigaCX | Yes | Yes | ? |
Shapeshift | Yes | No | No |
SegWit Enabled Wallets | Wallet Type |
---|---|
Ledger Nano S | Hardware |
Trezor | Hardware |
Electrum | Desktop |
Armory | Desktop |
Edge | iOS |
GreenAddress | iOS |
BitWallet | iOS |
Samourai | Android |
GreenBits | Android |
Electrum | Android |
Non-Segwit Transactions | ||
---|---|---|
non-Segwit address | to… | |
non-Segwit address | OK | |
3..... (Segwit) | OK | |
bc1.... (Segwit) | No (no support for them yet) | |
Segwit Transactions | ||
3... address (Segwit) | to… | |
non-Segwit address | OK | |
3..... (Segwit) | OK | |
bc1.... (Segwit) | No (no support for them yet) | |
bc1... address (Segwit) | to… | |
non-Segwit address | OK | |
3..... (Segwit) | OK | |
bc1.... (Segwit) | OK |
Exchange | Segwit Status | Batching Status |
---|---|---|
Binance | NOT READY | Yes |
Bitfinex | Ready | ? |
Bitonic | Ready | |
Bitstamp | Deployed | Yes |
Bittrex | ? | Yes |
Coinbase/GDAX | NOT READY | No |
Gemini | Ready | No |
HitBTC | Deployed | Yes |
Huboi | ? | ? |
Kraken | Ready | Yes |
LocalBitcoins | Ready | ? |
OKEx | ? | ? |
Poloniex | ? | Yes |
QuadrigaCX | Deployed | Yes |
Shapeshift | Deployed | No |
SegWit Enabled Wallets | Wallet Type |
---|---|
Ledger Nano S | Hardware |
Trezor | Hardware |
Electrum | Desktop |
Armory | Desktop |
Edge | iOS |
GreenAddress | iOS |
BitWallet | iOS |
Samourai | Android |
GreenBits | Android |
Electrum | Android |
Exchange | Segwit Status | Batching Status |
---|---|---|
Binance | NOT READY | Yes |
Bitfinex | Ready | Yes |
Bitonic | Ready | Yes |
Bitstamp | Deployed | Yes |
Bittrex | ? | Yes |
Coinbase/GDAX | NOT READY | No |
Gemini | Ready | No |
HitBTC | Deployed | Yes |
Huboi | ? | ? |
Kraken | Deployed | Yes |
LocalBitcoins | Deployed | Yes |
OKEx | ? | ? |
Poloniex | ? | Yes |
QuadrigaCX | Deployed | Yes |
Shapeshift | Deployed | No |
SegWit Enabled Wallets | Wallet Type |
---|---|
Ledger Nano S | Hardware |
Trezor | Hardware |
Electrum | Desktop |
Armory | Desktop |
Edge | iOS |
GreenAddress | iOS |
BitWallet | iOS |
Samourai | Android |
GreenBits | Android |
Electrum | Android |
SegWitAddress.org | Paper |
No, just get ready now so that your NEXT transaction will be to a SegWit wallet. Avoid burdening the network with any unnecessary transactions for now.
SegWit will require some extra work to be done right and securely. Also, most exchanges let the user pay the fee, and up to now users have not been overly concerned about fees so for some exchanges it hasn't been a priority.
Times stay the same - fees will go down. How much and for how long depends on what the demand for transactions will be at that time.
Fees are charged per byte of data and are bid up by users. Miners will typically include the transaction with the highest fee/byte first.
The Bitcoin core wallet does not yet have a GUI for its SegWit functionality. Download the latest version of Electrum to generate a SegWit address.
A transaction between two SegWit addresses is a SegWit transaction.
A transaction sent from a SegWit address to a non-SegWit address is a SegWit transaction.
A transaction sent from a non-SegWit address to a SegWit address is NOT a SegWit transaction. You can send a SegWit Tx if the sending address is a SegWit address.
Source: HowToToken
Using Electrum, the "Tools" menu option: "Pay to many".
Just enter your receive addresses and the amounts for each, and you can send multiple transactions for nearly the price of one.
The Core Wallet supports SegWit, but its GUI doesn't. The next update will likely have GUI support built-in
Draw your own conclusions based on their own words:
March 2016 - Coinbase CEO Brian Armstrong has reservations about Core
Dec 2017 - Coinbase is STILL working on Segwit
It's been a challenge for wallet developers to implement SegWit in a way that users can easily and without too much disruption migrate from legacy to SegWit addresses. The first wallets to enable SegWit addresses – Ledger, Trezor, Core, GreenAddress – use so-called “nested P2SH addresses.” This means they take the existing Pay 2 Script Hash address – starting with a “3” – and put a SegWit address into it. This enables a high grade of compatibility to exist wallets as every wallet is familiar with these addresses, but it is a workaround which results in SegWit transactions needing around 10 percent more space than they otherwise would.
Electrum 3.0 was the first wallet to use bech32 addresses instead of nested p2sh addresses.
Source: BTCManager.com
P2SH starts with "3..."
bech32 starts with "bc1..."
P2SH Segwit addresses can be sent to using older Bitcoin software with no Segwit support. This supports backward compatibility
bech32 can only be sent to from newer Bitcoin software that support bech32. Ex: Electrum
Source: BitcoinTalk.org
The address starting with a "3..." is a P2SH SegWit address that can be sent BTC from any bitcoin address including a legacy address. The address starting with a "bc1..." is a bech32 SegWit address that can only be sent to from newer wallets that support bech32.
Exchange | Segwit Status | Batching Status |
---|---|---|
Binance | Yes | |
Bitfinex | Ready | ? |
Bitonic | Ready | ? |
Bitstamp | Deployed | Yes |
Bittrex | ? | Yes |
Coinbase/GDAX | NOT READY | No |
Gemini | Ready | No |
HitBTC | Yes | |
Huboi | ? | ? |
Kraken | Ready | Yes |
LocalBitcoins | Ready | ? |
OKEx | ? | ? |
Poloniex | ? | Yes |
QuadrigaCX | Deployed | Yes |
Shapeshift | Deployed | No |
SegWit Enabled Wallets | Wallet Type |
---|---|
Ledger Nano S | Hardware |
Trezor | Hardware |
Electrum | Desktop |
Armory | Desktop |
Edge | iOS |
GreenAddress | iOS |
BitWallet | iOS |
Samourai | Android |
GreenBits | Android |
Electrum | Android |
Exchange | Segwit Status | Batching Status |
---|---|---|
Binance | NOT READY | Yes |
Bitfinex | Ready | Yes |
Bitonic | Ready | Yes |
Bitstamp | Deployed | Yes |
Bittrex | ? | Yes |
Coinbase/GDAX | NOT READY | No |
Gemini | Ready | No |
HitBTC | Deployed | Yes |
Huboi | ? | ? |
Kraken | Deployed | Yes |
LocalBitcoins | Deployed | Yes |
OKEx | ? | ? |
Poloniex | ? | Yes |
QuadrigaCX | Deployed | Yes |
Shapeshift | Deployed | No |
SegWit Enabled Wallets | Wallet Type |
---|---|
Ledger Nano S | Hardware |
Trezor | Hardware |
Electrum | Desktop |
Armory | Desktop |
Edge | iOS |
GreenAddress | iOS |
BitWallet | iOS |
Samourai | Android |
GreenBits | Android |
Electrum | Android |
SegWitAddress.org | Paper |
No, just get ready now so that your NEXT transaction will be to a SegWit wallet. Avoid burdening the network with any unnecessary transactions for now.
SegWit will require some extra work to be done right and securely. Also, most exchanges let the user pay the fee, and up to now users have not been overly concerned about fees so for some exchanges it hasn't been a priority.
Times stay the same - fees will go down. How much and for how long depends on what the demand for transactions will be at that time.
Fees are charged per byte of data and are bid up by users. Miners will typically include the transaction with the highest fee/byte first.
The Bitcoin core wallet does not yet have a GUI for its SegWit functionality. Download the latest version of Electrum to generate a SegWit address.
A transaction between two SegWit addresses is a SegWit transaction.
A transaction sent from a SegWit address to a non-SegWit address is a SegWit transaction.
A transaction sent from a non-SegWit address to a SegWit address is NOT a SegWit transaction. You can send a SegWit Tx if the sending address is a SegWit address.
Source: HowToToken
Using Electrum, the "Tools" menu option: "Pay to many".
Just enter your receive addresses and the amounts for each, and you can send multiple transactions for nearly the price of one.
The Core Wallet supports SegWit, but its GUI doesn't. The next update will likely have GUI support built-in
Draw your own conclusions based on their own words:
March 2016 - Coinbase CEO Brian Armstrong has reservations about Core
Dec 2017 - Coinbase is STILL working on Segwit
It's been a challenge for wallet developers to implement SegWit in a way that users can easily and without too much disruption migrate from legacy to SegWit addresses. The first wallets to enable SegWit addresses – Ledger, Trezor, Core, GreenAddress – use so-called “nested P2SH addresses.” This means they take the existing Pay 2 Script Hash address – starting with a “3” – and put a SegWit address into it. This enables a high grade of compatibility to exist wallets as every wallet is familiar with these addresses, but it is a workaround which results in SegWit transactions needing around 10 percent more space than they otherwise would.
Electrum 3.0 was the first wallet to use bech32 addresses instead of nested p2sh addresses.
Source: BTCManager.com
P2SH starts with "3..."
bech32 starts with "bc1..."
P2SH Segwit addresses can be sent to using older Bitcoin software with no Segwit support. This supports backward compatibility
bech32 can only be sent to from newer Bitcoin software that support bech32. Ex: Electrum
Source: BitcoinTalk.org
The address starting with a "3..." is a P2SH SegWit address that can be sent BTC from any bitcoin address including a legacy address. The address starting with a "bc1..." is a bech32 SegWit address that can only be sent to from newer wallets that support bech32.
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