Published On: Fri, Aug 25th, 2017

Segwit Activated: How it Works & What’s Next for Bitcoin

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Segregated Witness, or Segwit, has finally been activated by a super majority of the current hashpower on the Bitcoin network. Segwit fixes many bugs currently in the protocol, and allows for some scaling using an effective blocksize increase.
Almost two years of debate
In December of 2015, the source code for Segregated Witness (Segwit) was released. It was meant as a fix for the ever-problematic transaction malleability bug, which allowed for someone to change one or two characters of a transaction’s ID before it was cemented into the blockchain. Along with that, it provided a method of scaling Bitcoin. Doing away with the concept of a blocksize, a new metric was made called blockweight.

For years the software was not added to the Bitcoin protocol as it never garnered the necessary 95% of the hashpower needed to activate. It was to be implemented though means of a softfork, which meant it would comply with all currently consensus rules and be backwards compatible with those running old software and did not wish to upgrade.
Whether you believe that Segwit was a direct result of the grassroot approach of BIP148 forced miners to finally activate it after all this time, or the …

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