ShapeShift Now One of the Leading SegWit Adopters
Since the public reveal of Segregated Witness (“SegWit”) at the Scaling Bitcoin conference in Hong Kong in December 2015, ShapeShift has been an ardent supporter. Developed primarily to solve a long-standing vulnerability in Bitcoin (transaction malleability), it also had the side effect of providing more on-chain capacity (somewhere between 1.4-4x, depending on how it’s used).
SegWit was finally activated on the Bitcoin protocol in August of this year after a supermajority of miners began signaling for it. Once this occurred, ShapeShift engineers scheduled it to be integrated into our software, and this work has now been completed. ShapeShift is currently responsible for 2% to 3% of all Bitcoin transactions on Earth. All ShapeShift deposits are now SegWit compatible and are subsequently respent as a SegWit transactions to other customers, meaning the platform is now one of the biggest senders and receivers of SegWit transactions.
What This Means
- Lower mining fees for ShapeShift users buying or selling Bitcoin
- Less data per transaction (increasing scale capacity of the network)
We look forward to furthering the adoption of SegWit on the Bitcoin network, and strongly encourage other companies to integrate it into their software. We also want to give Pieter Wuille considerable credit for originally designing and proposing Segregated Witness, one of the Bitcoin protocol’s most important upgrades. -The ShapeShift Team
- Bitcoins sent to ShapeShift go to a full SegWit address (begins with a “3”)
- Bitcoins sent from ShapeShift contain SegWit outputs except for change addresses (this is because Core 0.15 doesn’t yet support SegWit change addresses)