3mily 165 #1 Posted June 24, 2017 So after a very simplified explanation of hard fork it is time for the next one that is : what is SEGWIT ? For this will have to understand how a bitcoin blockchain transaction is working at the moment. In every bitcoin blockchain transaction you got one block of 1 MB size with many layers of information. To get the basic understanding i will only use two layers the header and the transaction. In the transaction along many inputs and outputs there is one important code that holds your signature and your public key that are used to confirm a legitimate transaction. This code has has a lot of data now so the 1 MB blocks are getting full making the network clogged. This is the so called scaling issue of bitcoin that SEGWIT is trying to fix with a different solution opposing the hard fork i described earlier. So The Segregated Witness proposal to speed things up and scale the bitcoin protocol is to take away that code and put it into a separate block called an extended block this way reducing the size of a normal block making it faster. So now you will have the header and the transaction plus the extended block. This is segwit as simple as possible. Make sure to follow for a more in detail explanation.If you have any questions you can leave a comment below. 4 Aembh, maliafka, one2ten and 1 other reacted to this Quote Share this post Link to post Share on other sites
rack001 44 #2 Posted June 24, 2017 So its either hardfork or segwit? Btw which one would be better for bitcoins? Quote Share this post Link to post Share on other sites
3mily 165 #3 Posted June 25, 2017 They are both improvement so both are equally good they resprond to the same problem. Read this : And also this : Quote Share this post Link to post Share on other sites
Princess Hailey 27 #4 Posted June 25, 2017 as long as they make a good reason to exist then its fine. Quote Share this post Link to post Share on other sites