During the official release, Bitcoin Core have said that the new version is now available for upgrade. According to a report, a circular mailing list shows different upgrades to the now popular SegWit move. The increasing popularity of the coin caused overloads on the platform, hence the key requirements from millions of users was an update that would enhance speeds while at the same time reducing transaction costs.
SegWit aims to enhance transactions speed by removing some of them from the main network. The update was finalized in August and has been under testing, which came to an end on 26th February. Developers are planning to start implementing the changes to all the customers staring next week.
This is a new major version release, including new features, various bugfixes and performance improvements, as well as updated translations,
-Said Core developer Peter Todd during the release.
Crucial Milestone in Bitcoin’s History
The release of 0.16.0 marks an important milestone in the development of Bitcoin. SegWit promises to reduce the transaction fees and processing times which have been the major concerns for users. If it addresses these concerns, Bitcoin is likely to solidify its position as the most popular network in the cryptocurrency and blockchain industry. Various major companies as well as those offering wallet services in the industry have been desperate to implement the new technology, leading to increased pressure from frustrated customers who crave lower transaction fees and higher speeds.
The new technology offers the requisite foundation for enhanced innovative upgrades to Bitcoin. With the latest developments, it will now be easy for the development and implementation of the much-touted second layer solutions like the Lightning Network, which will reduce the transaction fees and confirmation time to almost zero.
Meanwhile, two of the biggest cryptocurrency exchanges, Coinbase and Bitfinex, have confirmed that they are going to launch the SegWit protocol on their websites. This is confirmation that the market is ready for the new technology which can only mean one thing for Bitcoin; better days are ahead.
What do you think of the new Bitcoin Core version 0.16.0? Will it address the numerous frustrations from customers? Leave us your thoughts in the comments section.