Segwit Reading Assignment

Blockchain and Bitcoin 101
#923

Hi Jovana. Sry for the late reply. (I get a lot of notifications, its hard to keep track.)

Here is a very cool website:

It visualizes both bitcoin and bitcoin cash transactions. The problem with bitcoin cash is that no one uses it. The blocks are usually under 1mb defeating the whole purpose of the upgrade. Maybe in the future as more and more people start using it, that we will finally see the benefit of the increased blocks. However I still don’t like the idea of bitcoin cash myself. I don’t think increasing the blocks size will solve the scalability problem. Increasing the block size will cause more stale blocks, longer propagation and a very large blockchain. It comes to a point where it is difficult for the network to be decentralized. Scalability can’t be achieved from a single change, we scale gradually. We all know internet didn’t scale suddenly, it was a gradual process. I think that we will see the same thing with bitcoin. :slight_smile:

1 Like
#924

Lightning network is a second layer solution that allows users to create channels on the bitcoin network, in which they exchange the funds with very low fees. They can do a lot of transaction off chain and after they are done, they will announce it to the actual blockchain. :slight_smile:

#925

Very well said. People will decide. :smiley:

#926

Best answer I have seen so far. Very well said. Keep up the great work. :smiley:

#927

Correct. Segwit was a soft fork. :smiley:

#928

If you need any help, feel free to DM me on the forums. We are here to help you understand. :smiley:

1 Like
#929

Around 66%. Its definitely over 50%. :smiley:

#930

Segwit solved the transaction malleability issue. :smiley:

1 Like
#931

To increase the block size, meaning we can fit more transactions in the block. We would want do decrease the size of the transaction and not increase it.

#932

Without segwit we couldn’t be able to have the lightning network.

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#933

Bitcoin cash uses 8MB blocks. :smiley:

2 Likes
#934

Its hard to say how much segwith is adoped. But here is an interesting chart: https://transactionfee.info/charts/payments-spending-segwit/

#935

Very good answers! Keep up the great work. :muscle: :muscle:

#936

Thank You friend, i will keep the quality of work up. Great to be part of this Academy and loving the skills am learning today. :facepunch: :love_you_gesture:

1 Like
#937

Thanks @M3Mesa :wink: some man :+1:

Slowly chipping away at Defi 101 ATM

Rob

1 Like
#938

of course, thanks :stuck_out_tongue:

1 Like
#939

1: Increase block size
2:Segwit also solved the malleability issue
3:Segwit runs on a second layer on top of lightning
4:NoSegwit was a soft fork

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#940
  1. A proposed alternative was an increase in block size (from 1MB to 2 MB)
  2. Segwit also solved the TX malleability issue making the system more secure.
  3. The lightning network operates on top of the BTC base layer which segwit made possible
  4. People & wallets aren’t obliged to use the segwit protocol because it is a soft fork. Therefore adoption is voluntary & gradual.
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#941
  1. To increase the Block size limit.
  2. Since the signatures are removed from the transaction date structure, this also prevents the transactions to be changed, thereby changing the transaction malleability issue.
  3. Segwit makes Lightning network possible.
  4. No, this is a soft fork, and transactions can still be used .
1 Like
#942

1 - Increase the size of the blocks

2 - The transaction malleability problem.

3 - The lightning network is a sublayer that uses also unconfirmed transactions, which were made safe and possible with the fix in the malleability issue.

4 - No, it was a softfork, so nobody is forced, although with adoption everybody may end up using it.

1 Like