Bitcoin Segwit: scaling solution in November

Bitcoin Segwit: scaling solution in November

Bitcoin Segwit was announced in December and it was one of the most awaited software versions since the beginning of the bitcoin creation.

And it is likely to happen on November 15th.

The Bitcoin Segwit, in fact, could solve the block size debate as the block size will become bigger and the bitcoin scalability could improve.

Ciphrex CEO and Bitcoin Core spokesman, Eric Lombrozo explained that users can expect an increase of capacity of 1.8 times.

However, bitcoin segwit main goal is to solve the malleability of transactions, one network aspect that has been controversial since the Mt Gox collapse back in 2014, when this “malleability” problem was used as a scapegoat.

<img src="/images/bitcoinsegwit.jpg" alt="Bitcoin Segwit" height="264" width="350" />

Bitcoin segwit could solve a major part of the block debate, without a hard fork of the Bitcoin protocol. Transactions would tell miners that anyone can spend them, no signature required, while also including strings of seemingly meaningless text.

Old nodes confirm these transactions, ignoring these odd directions and gibberish.

Newer nodes would translate the extra text into instructions, telling them to collect signatures and store them in a completely new part of the transaction, called the Segregated Witness.

Lombrozo, in fact, believes that the benefits of switching to segwit are sufficient to encourage developers to adapt their own software to the new segwit solution.

“Not only they will be able to use the increased capacity offered by segwit and pay lower fees, but also they will be able to support other functions that will be enabled later by segwit with minor updates,” he said.

To better understand what the Bitcoin Segwit is, read here an insightful infographic. 



Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
Amelia Tomasicchio

Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

Leave a Comment