Why a SegWit flag day is interesting

Ticker

1 BTC = $39449.53 USD  (via Coinbase)
1 ETH = $2708.03 USD  (via Coinbase)
1 LTC = $140.89 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

Kryptous

Crypto Coins News - Ratings - Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

Buy Sell Trade Crypto Here

 

First of all SegWit itself is benign. Its a new transaction format, its opt-in and this have been added to bitcoin before, see P2SH which is the technical term for multisig, those addresses starting with a 3.

The characteristics of the SegWit format are beneficial.

  1. Transactions are measured by weight instead of bytes which aligns costs with scalability.
  2. Signatures are prunable and less taxing on the network
  3. Validation scales linearly and is less taxing on the network
  4. It has no 3rd party malleability which is convenient for the network
  5. Segregated signatures increases maximum blocksize
  6. It is upgradable to further improve scale and fungibility.
  7. It can be added with a softfork and is backward compatible

However, people say a hardfork is neccesary in the future. And essentially a softfork with a flag day is a hardfork with training wheels. The segwit flag day provides the ecosystem with the oppertunity to practice and get experience to increase the probability of a succesful hardfork in the future.

submitted by /u/dellintelbitcoin
[link] [comments]

Kryptous

Crypto Coins News - Ratings - Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

Buy Sell Trade Crypto Here

 

Ticker

1 BTC = $39449.53 USD  (via Coinbase)
1 ETH = $2708.03 USD  (via Coinbase)
1 LTC = $140.89 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

Leave a Reply