1Broker-upgrades-users-Bitcoin-wallet-to-SegWit-protocol

A recent announcement by 1Broker will see the Bitcoin trading platform upgrade its wallet infrastructure to be fully compatible with SegWit. This change is bound to take place on Sunday 20th may 2018.

SegWit is a short word for segregated witness and it simply means to separate transaction signatures. This is a process by which the block size limit on a blockchain is increased when some signature data from Bitcoin transactions is removed. When some parts of the transactions are removed, some more space or capacity is freed which allows the addition of more transactions to the chain. This protocol upgrade changes the way data is stored. It was first activated on Bitcoin on 23rd August 2017. The developer of the protocol is Pieter Wille.

SegWit Advantages

The advantages of SegWit include that the protocol eliminates restrictions that limit the number of transactions Bitcoin can process. This ensures the increased growth of Bitcoin and allows Bitcoin to become a usable high volume payment system. Additionally, SegWit reduces the weight of the transactions which allows more transactions to fit in a block allowing Bitcoin to process a greater throughput without any change to the block size.

This move will see the users of 1Broker change their current deposit addresses to new ones as transactions sent to the old addresses will not be credited. In case a user erroneously sends crypto funds to the old address, the funds will only be credited to the new address manually based on a request by the user.

The benefits of SegWit on 1Broker include the upgrade increases the available space for every transaction for each block. Another advantage is that the platform makes it possible to use second layer solutions such as the lightning network.

The 1Broker compatibility with SegWit will allow for instant transactions between 1Fox and 1Broker. 1Fox is 1Broker’s BTC/USD trading platform. The platform allows users to trade derivatives on some of the most prominent cryptocurrency markets.

Further, users will benefit from lower fees as withdrawals made by users to regular addresses will be charged at a lower floating fee compared to earlier fees charged to users. This fee will be updated hourly and will be based on the Bitcoin network fees.

Some other changes that will result from the new upgrade include Bitcoin transactions can now be sent to a new alternative address of the Berch32 format.

Additionally, the current 1Broker API version 2.2 will be subject to the changes below:

  • The old user Bitcoin deposit address will be replaced by a new user/deposit. php method
  • There will be a new position/get.php method that will work for both open and closed positions, as it will return details for a single position

After the update, these details can be accessed in the API documentation.

What Is 1Broker?

1Broker is a platform that allows users to participate in real-world markets using Bitcoin. The exchange is a bit different from other cryptocurrency exchange as it has more than 40 selected stock, index markets, and commodity markets. The platform offers social trading, sharing of ideas, and copying of trades. This innovative platform brings different investment markets integrating them into the world of Bitcoin.

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