Zebpay, the leading bitcoin exchange in India, has had a rough time keeping up with customer transfers, with many complaining that their transactions are taking too long to confirm as well as attracting high fees. But the company has announced some good news, saying that it has implemented some solution-based measures to keep its users happy.
Zebpay was previously charging 100 bits for transactions, but to offer a long-lasting solution and guarantee faster confirmations it has increased the fees to 200 bits. Due to congestion of the mempool, the company has continually been forced to pay additional fees from its own pockets, even when it charges its clients fees as high as 500 bits, to ensure that confirmation of transactions is faster and more reliable.
Zebpay uses multi-sig wallets, which means that their inputs require more signatures. Although more secure, the additional inputs increase the size of the transactions, which, in turn, increases the transaction fees.
A Multi-Pronged Solution
In order to lower Bitcoin transaction fees and help deliver faster confirmations, the engineering team at Zebpay began analyzing past data and mempool confirmations in an effort to come up with applicable solutions.
First on the table was optimizing input availability. Since …
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