What Is SegWit?
What is Segregated Witness?
What is a soft fork?
What can SegWit accomplish?
What are SegWit’s benefits?
The main benefit of SegWit is creating more space for transactions in a block without increasing its actual size. In other words, SegWit improves blockchain’s throughput but also does not break the current consensus rules.
At the core of SegWit’s mechanics lies a new data structure which contains transaction signatures, basically allowing to remove them from the transaction itself. With the signature removed available space almost doubles, hence each block will be able to double the number of transactions while retaining its original size.
SegWit will also be of use to full node owners as it decreases the amount of data that has to be stored on the hard drives. In other words, SegWit allows to lower requirements for the launch of a full node and to decrease the time needed to sync with the network.
What has to be done to implement Segregated Witness?
To activate any new solution in Bitcoin network support of 95% of miners is required. More precisely, once the activation threshold is reached 95% of all new blocks are mined by SegWit supporters for a period of 2016 blocks (approx. two weeks).
Bitcoin Core 0.13.1 which included SegWit was released on October 27, 2016.
Does SegWit enjoy strong support in Bitcoin community?
What other cryptocurrencies adopted SegWit?
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