Cryptocurrency exchanges have difficulties keeping up with new customers. Moreover, they struggle to process with more transactions as well. Coinbase, the world’s biggest exchange, is a perfect example of how major upgrades are needed. So far, the company has done relatively well to keep their service running. Moreover, some further upgrades will be introduced soon. SegWit support is finally coming, and transactions will be batched, among other things.
Coinbase has a reputation to uphold in the world of cryptocurrency. For many people, they are the go-to platform to buy, sell, and trade top currencies. Unfortunately, the influx of new users makes that somewhat problematic. More customers mean more transactions and more strain on the infrastructure. There is always room for further improvements in this regard. Surprisingly, it has taken the company rather long to implement changes which seem rather normal on other platforms.
Positive Changes are Coming to Coinbase Users
To put this into perspective, Coinbase will finally introduce batching transactions. This should decrease the overall costs of on-chain transactions for all customers. It will also reduce the necessary block size used by the company. One Twitter user claims this could lead to an improvement of nearly 50% in that regard. Users may experience some slight delays when waiting for transactions to get broadcasted, though. There is always a small trade-off, but overall, it is a more than welcome change.
Moreover, Coinbase will finally support Segregated Witness in the near future. It is uncanny how service providers struggled to implement this code. Depending on who you ask the question to, this is either due to messy code by the developers or a lack of interest. In the case of Coinbase, it is probably the integration of messy code which caused this delay. After all, reducing the transaction backlog is in their best interest first and foremost.
All of these changes sound rather positive. A lot of Coinbase users will be quite pleased when these changes go into effect. Right now, it is unclear when all of this will happen, though. The company has a lot of work to do and only so many hours in the day to improve things. SegWit support and transaction batching are two major improvements. How all of this will play out, remains to be seen. It’s good news or anyone who even remotely cares about Bitcoin, that much is evident.