Pieter Wuille first proposed Segregated Witness back in December 2015 and after endless debate about whether or not Bitcoin should adopt SegWit it has officially locked in today on block 479,707.

100% of the Bitcoin mining pools signalled support for the proposal and while it will not officially until the signalling period ends some time tomorrow it means the long standing debate is finally over and Bitcoin can move onwards and upwards.

There will be a 2 week grace period to give miners a chance to upgrade their software, after that period SegWit will officially activate and miners will reject blocks which do not support the change. This means any miners which do not upgrade risk losing their block reward!

Transactions will be faster and will help to resolve the block scaling issue, however SegWit has other features including the ability to build lightning networks on top of it which has huge potential benefits not just for Bitcoin but other cryptocurrencies using lightning network.

SegWit looks set to lock in around August 21st after the next 336 block have been mined.

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By | 2017-10-22T19:45:47+00:00 August 9th, 2017|News|0 Comments

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