BitGo Crypto Asset Storage Platform Adds Support for Native Bitcoin SegWit Addresses
The BitGo, which has been designed as an asset and storage platform for the blockchain has just gone ahead to announce that they have made it possible to use and generate the Bitcoin SegWit addresses. This has been made possible through the BitGo API that will enable comfortable sending and receiving funds in the Bitcoin network.
— BitGo (@BitGo) March 27, 2019
More On The Native SegWit
The platform has been established as an improved and weight efficient address format as compared to the wrapped SegWit. The addresses for the Native SegWit has been made to be a little interesting for the users especially those who enjoy to have a high transaction count or just for the users who enjoy receiving and sending out small amounts.
The system has also made it possible to save a few coins when you send all the change outputs to the native SegWit addresses.
Not forgetting, you are able to enjoy some savings on the platform as the adoption of the system slowly increases when they provide you with the option to deposit the native SegWit addresses easily. With this in place, it will benefit most of the API users, for the BitGo platform they will not be offering the generation of the native SegWit address within the web UI at this current time.
The weight input for the Native SegWit is about 105 bytes; this is down from the levels of 140 bytes this is for the wrapped SegWit and about 297bytes for the non-SegWit, in particular, the Pay-to-Pay Script Hash. What this simply means is that the native SegWit inputs will actually be about 25% much cheaper than the alternative of the SegWit inputs and when we talk of the non SegWit inputs it will be about 65% cheaper.
Thus, the BitGo for the native SegWit for use in the multi-signature will be a much less expensive option for most.
The only sad thing is that not all the wallet software’s in Bitcoin are able to send the Native SegWit addresses. At the same time, the BitGo wallets will also continue to be able to generate the wrapped SegWit by default. The good thing is, as a user you will be able to choose the native SegWit when you are creating your new address, this has been done by merely specifying the 20 derivation chain code.
The Overview Of The SegWit Address
The addresses for the Wrapped SegWit tends to lock the funds that are kept in a redeem script hash just like any other P2SH address you might have.
When the funds that have been locked get spent, then as the owner you will go ahead and redeem the script which will include a witness program that is able to provide a witness that will be able to satisfy both. With the indirection tends to cause for more data to be written but also makes the Wrapped SegWit addresses to be compatible.
For the Native SegWit the funds are usually locked to the hash of the witness program, which is done directly. As an owner when you spend the funds they only thing you will need to provide is a witness program together with the witness that satisfies it all. This one has been designed to be more block weight efficient for its user.