TokenSoft launches support for SegWit on Bitcoin

TokenSoft, a digital asset issuance and management platform, announced that after a successful beta, it can now officially support SegWit for transactions across its suite of tools.

The TokenSoft platform will support receiving BTC directly into its client’s cold storage using SegWit. Tokensoft’s Knox Wallet also supports sending and receiving in native Bech32 SegWit addresses.

SegWit, short for Segregated Witness, is a Bitcoin protocol change that allows a different format for storing transactions to increase block usage and prevent transaction malleability. With these changes, SegWit helps solve previously limiting scale issues experienced on the Bitcoin network.

According to Diar, approximately 36 percent of blocks on average use SegWit and its share is expected to grow.

[perfectpullquote align=”full” bordertop=”false” cite=”Matt Luongo, Founder of Keep Network” link=”” color=”” class=”” size=””]“Seeing the Bech32 address for the first time put a smile on my face. Glad to be using a wallet that is future-oriented like TokenSoft’s.”[/perfectpullquote]

[perfectpullquote align=”full” bordertop=”false” cite=”James Poole, Chief Technology Officer, TokenSoft” link=”” color=”” class=”” size=””]“In addition to aiding the scaling limitations that Bitcoin has been known for, SegWit also allows for second-layer solutions, such as Lightning by preventing transaction malleability. Not only does this technology help resolve some past issues, but it also enables future improvements such as Taproot and Schnorr signature aggregations. These future features will allow even greater improvements in the capability and scale of Bitcoin.”[/perfectpullquote]