{"id":1587,"date":"2016-10-20T10:21:19","date_gmt":"2016-10-20T10:21:19","guid":{"rendered":"https:\/\/blog.holytransaction.com\/?p=1587"},"modified":"2021-08-30T20:22:23","modified_gmt":"2021-08-30T18:22:23","slug":"bitcoin-segwit-scaling-solution","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2016\/10\/bitcoin-segwit-scaling-solution.html","title":{"rendered":"Bitcoin Segwit: scaling solution in November"},"content":{"rendered":"<p><strong>Bitcoin Segwit<\/strong> was announced in December and it was one of the <strong>most awaited software<\/strong> versions since the beginning of the bitcoin creation.<\/p>\n<p>And it is likely to happen on <strong>November 15th.<\/strong><\/p>\n<p>The Bitcoin Segwit, in fact, could <strong>solve <a href=\"https:\/\/holytransaction.com\/page\/bitcoin-vs-xt-what-is-the-block-size-debate\">the block size debate<\/a><\/strong> as the block size will become bigger and the bitcoin scalability could improve.<\/p>\n<p><strong>Ciphrex<\/strong> CEO and <strong>Bitcoin Core<\/strong> spokesman, <strong>Eric Lombrozo<\/strong> explained that users can expect an increase of capacity of 1.8 times.<\/p>\n<p>However, bitcoin segwit main goal is to <strong>solve the malleability of transactions<\/strong>, one network aspect that has been controversial since the Mt Gox collapse back in 2014, when this &#8220;malleability&#8221; problem was used as a scapegoat.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1588 aligncenter\" src=\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/10\/segwit-reality-300x200.jpg\" alt=\"&lt;img src=&quot;\/images\/bitcoinsegwit.jpg&quot; alt=&quot;Bitcoin Segwit&quot; height=&quot;264&quot; width=&quot;350&quot; \/&gt;\" width=\"300\" height=\"200\" srcset=\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/10\/segwit-reality-300x200.jpg 300w, https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/10\/segwit-reality-768x512.jpg 768w, https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/10\/segwit-reality.jpg 1000w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>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.<\/p>\n<p>Old nodes confirm these transactions, ignoring these odd directions and gibberish.<\/p>\n<p>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 <a href=\"https:\/\/holytransaction.com\/page\/what-is-segregated-witness\">Segregated Witness<\/a>.<\/p>\n<p>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.<\/p>\n<p><em>&#8220;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,&#8221;<\/em> he said.<\/p>\n<p>To better understand what the Bitcoin Segwit is, <a href=\"https:\/\/holytransaction.com\/page\/what-is-segregated-witness\"><strong>read here an insightful infographic.\u00a0<\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76,83,101,468],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Segwit: scaling solution in November -<\/title>\n<meta name=\"description\" content=\"Bitcoin Segwit: how does it mean? 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