HomeCoinsBitcoinRevolut integrates the SegWit Bitcoin Pockets for its customers

Revolut integrates the SegWit Bitcoin Pockets for its customers

Breaking information: Revolut, the fintech financial institution with a consumer base of 15 million, is introducing compatibility with bitcoin SegWit addresses and new on-chain withdrawal and receipt choices.

The information can be reported on X (Twitter), as you possibly can learn: 

Let’s take a look on the particulars beneath. 

How SegWit addresses change the bitcoin pockets on Revolut 

As anticipated, common fintech financial institution Revolut has taken a big step into the cryptocurrency world by saying the mixing of Segregated Witness (SegWit) addresses for bitcoin transactions. 

The transfer has been warmly welcomed by its 15 million customers worldwide and is a vital step in the direction of making Bitcoin transactions extra environment friendly and handy.

By integrating SegWit addresses, Revolut is enabling its customers to learn from decrease transaction charges and quicker affirmation instances. 

As we all know, this know-how, which was first applied in 2017, has considerably improved the scalability and effectivity of the Bitcoin community. 

Along with SegWit addresses, Revolut has additionally launched on-chain withdrawals and receipts, permitting customers to handle their bitcoin funds immediately throughout the app.

The transfer underlines Revolut’s dedication to offering a greater cryptocurrency expertise for its customers. The mixing of SegWit will make Bitcoin transactions extra handy and accessible, encouraging the widespread adoption and use of this cryptocurrency.

The announcement additionally comes at a time when cryptocurrencies have gotten more and more vital in international monetary markets. Revolut, with its massive consumer base, is proving to be on the forefront of providing cutting-edge cryptocurrency providers.

In conclusion, the mixing of SegWit addresses and on-chain performance is a vital step for Revolut and the whole cryptocurrency group. 

Customers can now take pleasure in higher effectivity and comfort when utilizing bitcoin, serving to to additional drive its adoption.

LNMesh: the brand new resolution for Bitcoin funds by way of the Lightning Community

Past Revolut, we additionally see {that a} workforce of tech-savvy researchers at Florida Worldwide College have provide you with an progressive resolution to facilitate bitcoin transactions offline. 

Particularly, they’ve harnessed the facility of the Lightning Community, a ‘layer’ on prime of the bitcoin blockchain identified for its velocity and cost-effectiveness. This strategy, referred to as LNMesh, makes use of native mesh networks the place nodes are related immediately by way of Bluetooth and WiFi, bypassing the necessity for an web connection.

The important thing discovering of this analysis is that the present code and protocols on the Lightning Community don’t must be modified to allow offline transactions. 

Throughout the experimental course of, the researchers positioned eight Raspberry Pi computer systems, every costing lower than $100, across the college campus. As an alternative of connecting them by way of the Web, they created a neighborhood mesh community utilizing WiFi and Bluetooth applied sciences. 

This experiment efficiently demonstrated the risk of offline Lightning funds between these nodes. Particularly, the paper explains: 

“The Lightning Network protocol allows for the settlement of such payments offline as the payments are off-chain and not recorded on the Bitcoin blockchain. Therefore, as long as nodes can communicate with each other via wireless technologies such as WiFi or Bluetooth, they can perform offline LN payments.”

Nonetheless, for LNMesh to work effectively, it’s important to have a coordination mechanism to open channels between customers. The analysis due to this fact explores the usage of “mobility models” to find out optimum channel outcomes, a course of that could possibly be automated sooner or later.

The LNMesh mannequin differs from current asynchronous fee strategies, the place a web-based node can ship funds to an offline node. LNMesh goes additional by demonstrating the power to make funds even when all nodes are offline. It’s due to this fact attainable that this innovation may revolutionise the accessibility of cryptocurrencies.

Supply: https://en.cryptonomist.ch/2023/09/05/revolut-integrates-segwit-bitcoin-wallet-users/


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