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
Bitcoin and cryptocurrencies has gained unprecedented media attention since being launched in 2009. Many have debated as to whether or not bitcoin will make into mainstream markets, and many have argued that bitcoin needs to [...]
Sweatcoin is an App available both on IOS and Android devices that literally pays you for working out. By allowing the app to use your location and count your steps, you are rewarded by Sweatcoin [...]
Coinbase, the biggest cryptocurrency exchange in the United States have recently opened an office in New York City. Instead of selling cryptocurrency to regular individual investors like it has been, the purpose of the New [...]