Segregated Witness (SegWit) Will Be Getting a Major Update

Very few updates can make a Bitcoin user as excited as Segregated Witness (SegWit) does.

It does not only hold the promise to resolve the Bitcoin network’s scaling issues effectively but through that solution, also provides a resolution to the ever-fluctuating transaction times and costs.

SegWit finally got to a form of tangible deployment in August 2017 after much deliberation, but due to not having implemented fully, left a lot to be desired.

Due to these issues, it left the proponents of the update and the Bitcoin network in deflated spirits; however, by being as resilient as the network itself, the proponents of SegWit bounced back with full force.

It is being reported that SegWit will now be included for optimal deployment in the upcoming, sixteenth major code release for the Bitcoin Core network, standing on version 0.16.0.

However, instead of containing different updates from various aspects of the network like it usually does, the upcoming code release will focus on SegWit and the various updates that it has to offer to the network and its users.

The release is set to be deployed in the next few days and will comprise of a slew of updates for the users.

What will the release contain?

It is being reported that while the first deployment of SegWit had been all about making the network familiar with the updates through backend functionalities, this particular code release will be about allowing users to benefit from those updates by making those functionalities available to them.

For instance, the SegWit features are now available not just in the command line but the wallet’s user interface as well, so anyone who does not have extensive knowledge of programming can still avail the benefits.

It was also reported that the network will now have “native SegWit addresses” which will provide full support for SegWit related features.

Furthermore, the SegWit addresses are now set as default in the wallet, which means that these new addresses will directly leverage the scaling solutions introduced through the update.

In addition to this, the SegWit update contains a few more major updates along with minor ones that collectively aim to make the users’ experience on the network significantly better.

Segwit’s effects on bitcoin network

Needless to say, if the Bitcoin network gets to leverage from the updates completely, then it would be a very positive thing for the network moving forward, especially with the updates that Ethereum and other networks have announced and are currently working with to leave Bitcoin behind.

Not to mention, any new blockchain networks take the world’s oldest cryptocurrency network as the prime example of what they should do and what they should not, and by using this strategy, they are not just able to benefit from Bitcoin’s positive aspects but are also able to avoid anything that hinders Bitcoin’s progress.

This makes it crucial for Bitcoin to get its affairs in order before it gets surpassed by any new kids on the block, and SegWit seems like something that could help it achieve that objective.

By | 2018-02-23T03:39:54+00:00 February 23rd, 2018|News|0 Comments

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