Something Bitcoin cannot afford to have againSegWit is a technical process in which the signature data from Bitcoin transactions are removed to increase the block size limit on a blockchain. This removal action frees up a block\u2019s space, and additional transactions on the chain become possible. To segregate is to separate, and the term witness means a transaction signature. Therefore, Segregated Witness, or SegWit, is the process of separating transaction signatures.Why SegWit?SegWit was invented by Bitcoin developer Pieter Wiulle and introduced it during the Scaling Bitcoin Conference in 2015. The development of SegWit was an upgrade to resolve throughput transaction issues on the Blockchain. But though it was intended to increase the scalability of Bitcoin, the first cryptocurrency to implement the SegWit layer was Litecoin. The SegWit application, in its essence, would affect the reduction of transaction weight on a block in the blockchain by segregating one transaction into two parts, thereby increasing the space for transactions to be included in a block of the same size.The first section of a transaction holds the wallet addresses of the sender and the receiver. The second section stores the transaction signatures called witness data. What SegWit does is to remove the witness data from the main block, effectively reducing the size of the transaction. When this happens, free space allows for more transactions on the block which will greatly increase the network\u2019s capacity. SegWit also solved transaction malleability that when the signature is moved out from the transaction data to the witness data, the transaction ID cannot be changed anymore.The Bitcoin ScalabilityEven without any major incidents involving Bitcoin occurred during the past 11 years, we can recall many times when Bitcoin\u2019s transaction costs would shoot up to unreasonable amounts. Because of this, developers went back to the drawing table, debating on how\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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