Cancoin Blog

Cancoin / Segwit announcement

Shawn Cancoin
January 7, 2018

In order to save bitcoin network fees and undue blockchain congestion Cancoin is upgrading to Segregated Witness addresses for all User and Escrow bitcoin wallets.

Segregated witness support for Cancoin services will be integrated soon. Once fully deployed it will save Users 40-50% on network fees associated with multi-signature transactions sent from their personal Cancoin wallet, as well as on transactions made from order escrow wallets.

What is Segregated Witness (Segwit)?

Segwit is a soft-fork of the bitcoin blockchain that aimed to remedy some imperfections associated with bitcoin transactions, such as:

  • A fix for transaction malleability
  • Blocks being clogged with signature data, slowing the network
  • Higher network fees

Without Segwit, transactions included in the bitcoin blockchain include inputs and outputs, scripts and signatures. Because network fees are calculated by the size of the transaction in bytes, including scripts and signatures puts a higher price tag on getting a transaction confirmed, costing you more in BTC every time you send bitcoin using a non-Segwit address.

The Segwit soft-fork segregates scripts and signatures from other transaction data and stores them seperately from the block. As a result, the virtual size of your transaction is reduced and you pay less in network fees. It also reduces network congestion by allowing more transactions to fit into each block.

We will be disabling public buy and sell listings temporarily until full Segwit implementation is available in the Cancoin system. All wallet funds and Cancoin services will still be accessible and you will still be able to send bitcoin from your Cancoin wallet and fulfill orders. You can also create private listings and share via direct URL to receive orders from other Cancoin Users. Public listings will be available once Segwit has been implemented. Cancoin will make another announcement when Segwit is ready for our Users.

How do I use Segwit addresses with Cancoin services?

Once fully implemented, all Cancoin wallets (both User and Order wallets) will be upgraded to Segwit. All you have to do to use it is create a new address in your Cancoin wallet. There will be no change to the way you use Cancoin services, only the network fees will change when you send transactions (hint: they will be much lower!). All of the previous addresses associated with your Cancoin wallet will still be valid.

Please stay tuned while we roll out Segwit to our system. We will be making announcements via our website, blog and Twitter once Segregated Witness is available to all Users.

More information

Learn more about Segregated Witness:

Bitcoin wallet
Every account comes with a free, easy to use multi-sig bitcoin wallet to send, receive and secure your Bitcoins.
Bitcoin marketplace
Buy & Sell bitcoins directly from other users with your prefered currency, location, price and payment type.
Custom Alerts
Create custom market and listing alerts to get instant price updates sent via SMS, email and more.
Cancoin is a peer-to-peer (P2P) bitcoin marketplace and multi-sig (P2SH) wallet service offering quick and secure bitcoin exchanges.
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