Today Segwit Becomes Self Aware
Well not really self aware, that was a reference to Skynet and one of my favorite movies, instead Segwit activates today.
What does that mean?
I am glad you asked!
Well it is when this life changing, earth shattering technology that we have all been hearing oh so much about gets activated.
As I type there is roughly 50 blocks left until Segwit activates.
Block 481,824 is the big one.
That should happen later tonight (if you are in Arizona like me) or early tomorrow morning if you are in another time zone.
What are the main changes?
Segwit activating represents one of the biggest changes to the Bitcoin software, possibly ever.
Specifically the changes will be as follows:
1. Segwit will rearrange how data is stored in Bitcoin blocks.
2. Segwit will boost capacity while remaining compatible with past versions of the software.
3. Segwit will remove transaction malleability, a bug that's been the primary roadblock for many bitcoin projects.
That final change might be the most important.
Removing transaction malleability will allow for developers to add better technology to the chain.
An example of that is the Lightning Network, which is already set to go once Segwit activates.
The idea behind the Lightning Network is that it could take payment (and micropayment) transactions off the blockchain which could boost Bitcoin's transaction capacity to millions of transactions per second.
By comparison, VISA can do roughly 56,000 transactions per second.
T-minus 50 blocks ladies and gentleman. :)
*Bonus points if you can name what movie that reference in the Title came from
Stay informed my friends.
Sources:
https://www.coindesk.com/50-blocks-segwit-bitcoins-coming-upgrade-blockchain-game-changer/
Image Sources:
https://singularityhub.com/2011/04/19/skynet-becomes-aware-launches-nuclear-attack-on-humanity/
https://betanews.com/2014/01/30/the-internet-of-things-hasnt-skynet-taught-us-anything/
Follow me: @jrcornel
Do you think we could be expecting a boost in bitcoin price tomorrow?
Looking forward to the lower fees it will bring with it.
Umm no, Bitcoin is not becoming AI at this point in time. That would be interesting though. Allthough it would likely end badly.
Wow, I can't believe Bitcoin made it onto Family Guy. To bad its a skit where Peter makes it sound like an awfule "Peter" type of idea. Lol
I think as long as things go through without a major hiccup, it will.
"Lightning Network" if thats would happen then a huge change in the whole blockchain network will occur, but would it really work??
New information about bitcoin https://steemit.com/crypto-news/@inversor/bitcoin-transactions-aren-t-as-anonymous-as-everyone-hoped
We will find out in a couple hours. :)
Will people actually use the Lightning Network, though?
Most people just want something simple and easy to use, with low fees. If it's too hard for them, they just migrate elsehwhere.
It remains to be seen whether segwit solves the problem of very high fees and backlogs on bitcoin.
Good question and good points. We will know more in a few hours. :)
Sounds so skynet lol🤑 Great info info once again. I printed this one out so I can read it again later. 😉
A good movie to be a life reference, I like your thoughts jrcornel.
I'm not about Segwit block, can you explain to me?
Thank you!
This is the cryptocurrency apocalypse !!! There will be a great invasion of the world by the bitcoin. now i remember my first satoshi with hashocean thanks @jrcornel.
Nice system development, bitcoin transactions will be much faster now
That is the plan!
Important topic thank you
Will this help reduce the fees of bitcoin?
That is the hope, yes.
You've got serious talent.