What is Segregated Witness (SegWit)?
To fully understand the meaning behind this you need to understand how a block works. To explain this I will use a typical Bitcoin transaction, which consists of a 1MB block, this is the size of the block and in this contains the information of the receiving address and the script key which contains the signature and the public key.The signature takes up a large portion of this block size and ultimately can slow down the network as a whole.
Segregated witness is an update to the software where by it creates an extended block in which the signature part of the script goes to a separate block (also known as an extended block) and is checked later on. This reduces the sizes of the actual blocks which speeds up the overall transactions.
SegWit is a failry new update in the cryptoworld. Litecoin was the first major cryptocurrency to adopt this and there is a lot of talk surrounding the other big players in the digital currency world and whether or not they will adopt the SegWit technology.
Recent cryptocurrency news
Cryptocurrencies are quickly becoming one of the most sought-after trading and investment instruments. While the concept of Bitcoin was foreign to the average trader only a handful of years ago, recent statistics have shown that [...]
The blockchain technology has revolutionized the financial transactions in the last few years. 2019 is going to be the year when this technology will influence the e-commerce market to a great extent. The fact that [...]
Over the course of the last few weeks, game developers and publishers that utilize the Xsolla platform have begun to rely more and more on withdrawing the profits that they make directly in MobileGo (MGO) [...]