PayBito, a US based cryptocurrency exchange, has announced the launch of SegWit, short form for Segregated Witness. The platform was launched to help lower the cost of transactions, as well as increase the speed of transactions. PayBito is a subsidiary of HashCash Consultants, a California-based blockchain company.
PayBito has put in place bank-level security measures for the security and safety of users from hacks. Before users are allowed to deposit money in their wallets, they have to undergo AML and KYC checks. The app supports purchases in USD and INR for users that have bank accounts in the United States and India. Traders from other countries can use Bitcoins as the base currency to trade other cryptocurrencies.
According to the announcement from the company, the implementation was completed in March. Following the announcement, PayBito now joins other leading exchanges like Coinbase, Kraken and Bitfinex that are already using SegWit.
Functions of SegWit
SegWit has been made in such a way that it is compatible with previous software versions. It offers an efficient and reliable way of storing data. SegWit forms a firm foundation for the deployment of the Lightning Network (LN) that is still under development. Upon its launch, Lightning Network is expected to improve on transaction speed, lower cost of transaction and make transactions more scalable.
It is hoped that platforms like LN and SegWit will boost the capacity of Bitcoin by increasing the number of transactions, as well as reducing cost to align Bitcoin’s initial promise of being an affordable digital currency.
Increased knowledge about cryptocurrencies
In a statement during the launch, Ishan Roy, the Product Head at PayBito said that there has been an increase in awareness about cryptocurrencies and the entire Blockchain space around the world. He noted that they are getting a large number of customers from South America, East European countries and African subcontinent which initially lagged behind in terms of knowledge and adoption of blockchain and cryptocurrencies.
Although many experts consider SegWit as a move in the right direction for the industry, many have expressed worries and concerns over its real impact on the future of Bitcoin.