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3mily

what is SEGWIT

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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.

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