Difference between revisions of "Segregated witness"

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Segregated Witness (or SegWit) is a computer software upgrade designed to help address [[scalability]] issues with some [[cryptocurrencies]], such as [[bitcoin]] and [[Litecoin]].
 
Segregated Witness (or SegWit) is a computer software upgrade designed to help address [[scalability]] issues with some [[cryptocurrencies]], such as [[bitcoin]] and [[Litecoin]].
  
 
== Overview ==  
 
== Overview ==  
  
SetWit was first introduced by a developer named Pieter Wiulle at the Scaling Bitcoin conference in 2015. In his presentation, Wiulle said that by implementing a new protocol to bitcoin's core code that removes certain data normally recorded on its [[blockchain]] and storing that data outside the [[block]], he could fix a bug in bitcoin's code called "transaction malleability," which is a bug that allows anyone to change small details that modify the details of the identifying addresses relevant to a transaction - in other words, the data that tells you who sent bitcoin to whom - as well as its subsequent [[hash]]. Others praised this proposed protocol upgrade as a potential solution to bitcoin's relatively poor [[scalability]]; by implementing this upgrade, bitcoin would be able to process more transactions per second, because less data would be required in order to record a transaction in a given block, enabling the protocol to process more transactions per second. This was dubbed "segregated witness," because the signature data had previously been named the "witness."
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SegWit was first introduced by a developer named Pieter Wiulle at the Scaling Bitcoin conference in 2015. In his presentation, Wiulle said that by implementing a new protocol to bitcoin's core code that removes certain data normally recorded on its [[blockchain]] and storing that data outside the [[block]], he could fix a bug in bitcoin's code called "transaction malleability," which allows anyone to change small details that modify the details of the identifying addresses relevant to a transaction - in other words, the data that tells you who sent bitcoin to whom - as well as its subsequent [[hash]]. Others praised this proposed protocol upgrade as a potential solution to bitcoin's relatively poor [[scalability]]; by implementing this upgrade, bitcoin would be able to process more transactions per second, because less data would be required to record a transaction in a given block. This was dubbed "segregated witness," because the signature data had previously been named the "witness."
  
Another benefit of SegWit is that it is, from a programming standpoint, surprisingly flexible; SegWit supports the implementation "second layer" protocols, which means the protocol tends to operate smoothly with protocols built "on top" of a blockchain, such as the [[Lightning Network]].<ref>{{cite web|url=https://www.coindesk.com/information/what-is-segwit|name=What is SegWit?|org=Coindesk|date=July 5, 2019}}</ref> In August 2017, SegWit was enacted to the bitcoin blockchain. Because of how the protocol was designed, it was implemented without causing a hard [[fork]].<ref>{{cite web|url=https://www.forbes.com/sites/ktorpey/2018/02/28/the-number-of-bitcoin-transactions-using-segwit-doubled-in-2-days-heres-why-that-matters/#6f961fad5a33|name=The Number Of Bitcoin Transactions Using SegWit Doubled In 2 Days, Here's Why That Matters|org=Forbes|date=July 5, 2019}}</ref>
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Another benefit of SegWit is that it is, from a programming standpoint, surprisingly flexible; SegWit supports implementing "second layer" protocols, meaning the protocol tends to operate smoothly with protocols built "on top" of a blockchain, such as the [[Lightning Network]].
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Not all members of the bitcoin community agreed that the upgrade was feasible from a technical standpoint. In fact, the debate became so devisive, it led to the hard [[fork]] that created [[Bitcoin Cash]].<ref>{{cite web|url=https://www.coindesk.com/information/what-is-segwit|name=What is SegWit?|org=Coindesk|date=July 5, 2019}}</ref>  
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In August 2017, SegWit was enacted to the bitcoin blockchain. Because of how the protocol was designed, it was implemented without causing a hard fork.<ref>{{cite web|url=https://www.forbes.com/sites/ktorpey/2018/02/28/the-number-of-bitcoin-transactions-using-segwit-doubled-in-2-days-heres-why-that-matters/#6f961fad5a33|name=The Number Of Bitcoin Transactions Using SegWit Doubled In 2 Days, Here's Why That Matters|org=Forbes|date=July 5, 2019}}</ref>
  
 
== References ==
 
== References ==

Latest revision as of 02:38, 11 May 2021

Segregated Witness (or SegWit) is a computer software upgrade designed to help address scalability issues with some cryptocurrencies, such as bitcoin and Litecoin.

Overview

SegWit was first introduced by a developer named Pieter Wiulle at the Scaling Bitcoin conference in 2015. In his presentation, Wiulle said that by implementing a new protocol to bitcoin's core code that removes certain data normally recorded on its blockchain and storing that data outside the block, he could fix a bug in bitcoin's code called "transaction malleability," which allows anyone to change small details that modify the details of the identifying addresses relevant to a transaction - in other words, the data that tells you who sent bitcoin to whom - as well as its subsequent hash. Others praised this proposed protocol upgrade as a potential solution to bitcoin's relatively poor scalability; by implementing this upgrade, bitcoin would be able to process more transactions per second, because less data would be required to record a transaction in a given block. This was dubbed "segregated witness," because the signature data had previously been named the "witness."

Another benefit of SegWit is that it is, from a programming standpoint, surprisingly flexible; SegWit supports implementing "second layer" protocols, meaning the protocol tends to operate smoothly with protocols built "on top" of a blockchain, such as the Lightning Network.

Not all members of the bitcoin community agreed that the upgrade was feasible from a technical standpoint. In fact, the debate became so devisive, it led to the hard fork that created Bitcoin Cash.[1]

In August 2017, SegWit was enacted to the bitcoin blockchain. Because of how the protocol was designed, it was implemented without causing a hard fork.[2]

References