Crypto Academy Week 3 Homework Post for @GBENGA, Submitted by @TMIGHTY.

Hello Steemians!

It has been a wonderful experience here in the Crypto Academy community for me over the weeks. Our professors have one the extra mile to add to their knowledge and to teach us what they already know.
It is yet another week and we have been taught again. What I like about Steemit is that users of the platform keep learning new things especially in this community. We have been loaded with another body of knowledge this week by the different professors.

I therefore deem it fit to submit the assignment given by our own very steemit crypto professor @gbenga after a personal research on the assignment topics

Segwit Bitcoin Network or Legacy Bitcoin Network, which do you prefer and why?

Before I state the Bitcoin network I prefer, I would like to write short note on the two bitcoin networks before me.

SEGWIT BITCOIN NETWORK

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Segwit Bitcoin Network fully called Segregated Witness is a protocol that was developed six years ago, that is 2015 by a bitcoin developer Pieter Wullie to solve the problem of scalability that blockchain networks faced.
This bitcoin network validates a new block every 10 minutes, each containing several transactions. This results in the block size affecting the number of transactions that can be confirmed in the block per time.

The main idea in Segwit is to reorganize blocks data to avoid so that transaction data and signatures are no longer placed together. That is Segwit's version of bitcoin network upgraded from placing the witnesses' signature and transaction data together to separating them which allows for more transactions to be stored in each block increasing the number of transactions in the Bitcoin blockchain throughout the network to 7 transactions in one second.
One other reason behind the development of this protocol which is of utmost importance is the frequent update in the Bitcoin address. This makes the Segwit's protocol very unique as this is not a common feature in other protocols.

Segwit's upgrade was implemented in 2017 as a soft fork on the Bitcoin network.
As we speak, several crypto projects uses Segwit's network e.g Bitcoin, and Litecoin

Some Highlighted Main Benefits of Segwit

• Block Cappacity Increase.
• Improve in the processing of a transaction
• Disability of signatures hacking and tampering by hackers within the Bitcoin Blockchain.
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LEGACY BITCOIN NETWORK

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This was the original Bitcoin network as it was in 2009, this is the address without the fork. This address is supported by all exchanges and wallets since it is the initial address to be created. transactions are slower with the Legacy Bitcoin network. The addresses on this network can be identified as they start with "1"

To add to the above write-up from the prof, @gbenga, the Legacy Bitcoin Network is usually exposed to fraudulent activities.

From the foregoing and my further research about the two Bitcoin networks which are not included are not all included on the above write-up, I lay my preference on the Segwit Bitcoin Network even the other is the most basic Bitcoin network used.

The Reasons for My Preference.

1. With the Segwit's Bitcoin network, I know my coins are safe from fraudsters as it can not be hacked.

2. With the segregated Witness, I can received coins from as many wallet addresses as possible at the same time in seconds.

3. I can receive large number of coins in my wallet as the capacity of this network system is better.

My preference for the Segwit's protocol is based on its benefits ovee the Legacy network and nothing more.
This is my entry!

To my knowledgeable prof @gbenga, I express my gratitude for the knowledge you dished out to me.

To the support team in steemit platform, I am grateful for the encouragement through your curations.

CC: @steemcurator01
CC: @steemcurator02
CC: @gbenga

I am @tmighty