Segwit Reading Assignment

Blockchain and Bitcoin 101
#3254

  1. Increasing the block size from 1 mb to 2 mb.

  2. It solved the tx maleablity problem where transaction id’s could be altered without changing any data in the transaction. This made blockchain more insecure and didn’t allow for 2nd layer solutions like the lightning network

  3. Segwit is what made use of the lightning network possible on bitcoin. By fixing the tx maleability problem it took away issues concerning security.

  4. Segwit is a softfork so no they aren’t although many wallet issuers are moving onto the lightning network. Of course the possabilty is there that in the future the whole bitcoin network will be using the segwit upgrade.

2 Likes
#3255
  • 1 To increase the bock size
  • 2 Segwit also solved the issue of transaction malleability. As far as i understand, this was its primary goal.
  • 3 Lightning network is a scaling solution that depends on safely working with unconfirmed transactions, so segwit is a requiremet of lightning network.
  • 4 No
2 Likes
#3256

  1. What was a proposed alternative to Segwit?
    an incraese to the block size

  2. What did Segwit solve more than just the scaling issue?
    SegWit fixed transaction malleability by removing the signature information (otherwise known as the “witness” information) and storing it outside the base transaction block.

  3. How is Segwit and the Lightning network connected?
    The Lightning Network is a second-layer protocol and the introduction of SegWit has allowed second-layer protocols and also smart contracts.

  4. Are people, wallets and other services forced to use Segwit?
    No. It is a soft fork.

2 Likes
#3257

  1. Increase the block size from 1MB to 2 MB.

  2. It solved the Full Block issue and also the Transaction/Malleability issue.

  3. Allows for second layer.

  4. No.

2 Likes
#3258
  1. What was a proposed alternative to Segwit?
    Increasing the block size which would create a fork. Eventually this did happen and Bitcoin Cash was created
  2. What did Segwit solve more than just the scaling issue?
    It solved transaction malleability issue by removing the signature from the block that is been hashed
  3. How is Segwit and the Lightning network connected?
    Segwit supports the development of second layer protocols, such as the lightning network that help with the scalability problem allowing for more thruput
  4. Are people, wallets and other services forced to use Segwit?
    Not forced to use Segwit but it is supported and implemented widely
2 Likes
#3259
  1. What was a proposed alternative to Segwit? Increasing the block size from 1MB
  2. What did Segwit solve more than just the scaling issue? It also solved the issue of malleable transactions
  3. How is Segwit and the Lightning network connected? By fixing the malleable transaction issue, second layer protocols such as Lightening network are supported as unconfirmed transactions are less risky.
  4. Are people, wallets and other services forced to use Segwit? No as the update is a soft fork
2 Likes
#3260

  1. A proposed alternative to Segwit was to simply increase the 1MB block limit size. Ultimately, resistance to SegWit was one of the factors behind the development of Bitcoin Cash, a fork of the bitcoin network which chose to implement a larger block size limit rather than rely on a new transaction structure.

  2. In addition to the scaling issue, Segwit solved the transaction malleability issue. That is, a bug in the bitcoin code. This flaw enabled people to modify certain details that changed the transaction ID (and the corresponding hash) but not the content. Although not a critical issue for bitcoin, it prevented the development of more complex features such as second-layer protocols and smart contracts. SegWit fixed transaction malleability by removing the signature information (otherwise known as the “witness” information) and storing it outside the base transaction block. With that, signatures and scripts can be changed without affecting the transaction ID.

  3. Segwit and the Lightning network are connected in that Segwitt supports the development of second layer protocols, such as the Lightning network itself. The malleability fix made any feature that relied on unconfirmed transactions less risky and easier to design. Ultimately, the Lightning network will further boost bitcoin’s transaction capacity by taking frequent, small transactions off-chain, only settling on the bitcoin blockchain when the users are ready.

  4. People, wallets and other services are not forced to use Segwit. Ultimately, that is one of the many benefits of soft fork updates: they are optional and driven by incentives (in this case, the incentive to update and use SegWit is both lower transaction fees and increased security). As of 2021, almost all of the major hardware wallet providers (e.g. Trezor and Ledger), desktop-based wallets (e.g. Electrum) and cryptocurrency exchanges (e.g. Kraken and Coinbase) have added SegWit support. Ultimately, as more wallets embrace the upgrade, the percentage of transactions that use the SegWit structure will increase, and bitcoin fees should drop as blocks contain a greater number of transactions. Furthermore, the development of the Lightning network and similar second layer protocols should get more of a boost, enhancing bitcoin’s scope and potential

4 Likes
#3261

  1. To increase the block size from 1mB - 2mB.

  2. Transaction Malleability

  3. The lightning network is a second layer protocol which is supported by SegWit.

  4. No.

2 Likes
#3262

  1. What was a proposed alternative to Segwit?
    Increase block size

  2. What did Segwit solve more than just the scaling issue?
    It also solved the transaction malleability issue by changing the signature of the transaction

  3. How is Segwit and the Lightning network connected?
    Segwit help make lighting network possible.

  4. Are people, wallets and other services forced to use Segwit?
    No, it’s a softfork,

2 Likes
#3263

1 - What was a proposed alternative to Segwit?
A1 - A fork of the bitcoin network called bitcoin cash that chose to implement a larger block size limit;

2 - What did Segwit solve more than just the scaling issue?
A2 - SegWit corrected the malleability of the transaction by removing the subscription information; reduced the cost of transactions; and made it possible to support the development of second-tier protocols;

3 - How is Segwit and the Lightning network connected?
A3 - Through the possibility of developing second layer protocols such as the lightning network;

4 - Are people, wallets and other services forced to use Segwit?
A4 - No. Old transactions are being processed. However, there is a transition for more portfolios to adopt SegWit.

2 Likes
#3264
  1. What was a proposed alternative to Segwit? Increasing the size of a Bitcoin block.
  2. What did Segwit solve more than just the scaling issue? Transaction Malleability
  3. How is Segwit and the Lightning network connected? Lightning network is a second layer protocol which further boosts bitcoiins transaction capacity by taking frequent small transactions off-chain and only settling on the bitcoin blockchain when users are ready.
  4. Are people, wallets and other services forced to use Segwit? Many wallets are in the process of adding Segwit and the structure will increase and bitcoin fees should drop as blocks contain greater number of transactions
2 Likes
#3265

  1. Increase the block size. For example, 1MB to 2MB.

  2. Transaction malleability issue. This was the problem of someone being able to change the transaction hash of transaction after the transaction has been sent.

  3. The fix of malleability problem made unconfirmed transactions less risky which made development of lighting network possible.

  4. Segwit is a soft fork update, as more people start upgrading, it will get adopted. Not a force but people will start using it.

3 Likes
#3266
  1. What was a proposed alternative to Segwit?
    = Increase block size
  2. What did Segwit solve more than just the scaling issue?
    = Tx Malleability
  3. How is Segwit and the Lightning network connected?
    = Lighting network is layer 2 solution on segwit
  4. Are people, wallets and other services forced to use Segwit?
    = No, it’s a Soft Fork
1 Like
#3267
  1. What was a proposed alternative to Segwit?
    Increasing block size.
  2. What did Segwit solve more than just the scaling issue?
    It fixed a bug in the bitcoin code called transaction malleability which allowed anyone to change small details (TX signatures) that modified the transaction id but not the content.
  3. How is Segwit and the Lightning network connected?
  • It supports development of second layer protocols, LN is one of them, without SegWit there is no LN.
  1. Are people, wallets and other services forced to use Segwit?
    No, since this is a softfork only 51% majority was needed to implement it and old addresses work fine after the upgrade.
1 Like
#3268

What was a proposed alternative to Segwit?

To increase the size of the block.

What did Segwit solve more than just the scaling issue?

It fixed also the issue of transactions malleablility.

How is Segwit and the Lightning network connected?

Segwit made a second “additional” layer solutions possible.

Are people, wallets and other services forced to use Segwit?

No, because Segwit is a “soft fork” update. This means that the SegWit upgrade is compatible with the previous protocol.

1 Like
#3269
  1. What was a proposed alternative to Segwit?

Increase the block size

  1. What did Segwit solve more than just the scaling issue?

Segwit also solve the transaction malleability

  1. How is Segwit and the Lightning network connected?

Segwit made second layer solution possilbe

  1. Are people, wallets and other services forced to use Segwit?

No, it’s optional. (Soft fork)

1 Like
#3270
  1. What was a proposed alternative to Segwit?

Increasing the block size to be greater than 1MB. This is what was implemented in Bitcoin Cash which resulted in a hard fork.

  1. What did Segwit solve more than just the scaling issue?

It also solved transaction malleability since the Tx signatures were seperated from the Tx data structure and no longer impacted the TX hash.

  1. How is Segwit and the Lightning network connected?

Segwit fixed the transaction malleability bug which allowed developers to work on layer 2 solutions i.e. the Lightning network in which users can transact off chain several times and only report back to the layer 1 chain when they are ready. reducing the Tx volume on layer 1.

  1. Are people, wallets and other services forced to use Segwit?

No, since Segwit is a soft fork, the network nodes can join in this update only when they are ready.

1 Like
#3271

  1. What was a proposed alternative to Segwit?
    To increase the block size through a hard fork.

  2. What did Segwit solve more than just the scaling issue?
    Transaction malleability. The Signature was taken out of the block.

  3. How is Segwit and the Lightning network connected?
    Through the Segwit Update, the way was open for Lightning (highly scalable, very fast transactions through so called payment channels).

  4. Are people, wallets and other services forced to use Segwit?
    No, because it is a soft fork, but most do.

1 Like
#3272
  1. What was a proposed alternative to Segwit?
    To increase the blocksize to 2 mB
  2. What did Segwit solve more than just the scaling issue?
    Transaction ID malleability and Increased security for networks like lightning
  3. How is Segwit and the Lightning network connected?
    SegWit made second layer solutions possible.
  4. Are people, wallets and other services forced to use Segwit?
    No old blocks with transaction ID’s can still be used, backwards compatible.
1 Like
#3273

  1. Increased block size to allow for more transactions on each block

  2. It fixed a bug that prevented layer 2 solutions and smart contracts because ID info could be changed after the transaction

  3. Segwit was introduced in litecoin before bitcoin

  4. No, it’s a soft fork

1 Like