Xapo Bitcoin wallet now began to Apply a Scaling Solution SegWit, Ted Rogers as President at the Xapo says, crypto wallet and is a widely used currency has revealed that the platform has enabled a Segregated Witness (SegWit), scaling a solution developed by the development team Bitcoin Core.
SegWit and the importance of the Xapo
Earlier this month, Tom Metcalf of Bloomberg reports that the Xapo wallets stored in underground bunkers in Switzerland has been overseeing more than $10 billion bitcoin, in an amount greater than 5,670 bank in the US. Xapo manages more than 98 percent of bank deposits in the United States.
Ryan Radloff, founder of CoinShares, an investment firm that owns more than $500 million saved in the wallet bitcoin Xapo, stating that most large-scale investors does not hold or manage their private key has a bitcoin stored in a vault Xapo.
The billionaire investor and co-founder of LinkedIn, Reid Hoffman, voiced a similar sentiment with Radloff and stated that the Xapo is the first and one of the few successful companies who have custodial functions and security mengomersialkan in industry cryptocurrency.
"They are the first people to recognize the function of custodial and security will be key. He made the pitch in the morning and in the evening I called him with an offer, "said Hoffman, who invested more than $20 million in the Xapo in 2014.
While Coinbase and Blockchain have significant influence over the market of consumers and individual investors, the Xapo has dominance over the institutional market in cryptocurrency sector, which directly deal with institutional investors and retail traders.
Large scale investors who have funds in the cryptocurrency stored in safe Xapo does not tend to move a small number of bitcoin regularly. Because it takes about 24 hours for the Xapo to transfer the bitcoin stored in brankasnya to the wallet users and process cost higher than in normal, investors bitcoin transactions prefer to move a large number of incoming bitcoin Xapo safe and out of.
By eliminating unnecessary transactional data and move information outside of transactional data, SegWit optimize transactions and reduce the total cost of the required users to pay to miners in order for the transaction they are broadcast to the network blockchain bitcoin.
The integration of the SegWit Xapo will allow a large number of bitcoin network blockchain processed in the bitcoin as transactions that enable SegWit, drastically reducing the cost and burden on the blockchain network.
Bitcoin Scalability
Ethereum and network-based smart contracts blockchain other necessary to process data that is greater than the bitcoin is developing innovative solutions like sharding and plasma which divides the network blockchain into pieces and allows processing methods the information more efficiently.
Blockchain network of bitcoin is currently experimenting with Lightning Network as second-tier blockchain solutions to process transactions that are smaller in larger capacity and SegWit as the solution to scale for the first layer or layers basically.
Application of SegWit as a solution by cryptocurrency platform scale that is widely used as Blockchain and Xapo will allow SegWit to evolve into technologies that are changing the storage value of bitcoin become scalable currency.