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Cryptograms: Segwit is active in the bitcoin blockchain

Friday, August 25th, 2017 | Gadgets

Probably the biggest update to the crypt diet Bitcoin is now done after years of discussion: Segwit was focused on block 481.822 in the blockchain. The course of the virtual currency will remain stable at approximately 4,300 US dollars, which can be seen as a proof of trust from the Bitcoin community. Until the many changes that Segwit brings, but could still take several months. First, the developers of the numerous wallets must follow suit.

The reduction in the transaction fees, which many users want, will probably not come immediately, they are still about six US dollars per transaction. Segwit, however, forms the basis for further planned changes to the Bitcoin protocol, which should not only improve the efficiency of transfers.
Preparations for Segwit2x are underway
The next important update, for which Segwit is the foundation, will be implemented in November 2017: Segwit2x. The maximum block size in the Bitcoin blockchain is to be increased from one MByte to two MBytes in order to create even more space for transactions. Segwit2x was approved by a majority of the Bitcoin community under the so-called New York Agreement. But not everyone agrees. Some increase in the block size is not far enough.
The recently split Bitcoin Cash has set its block size equal to eight MBytes. Bitcoin Cash has established itself as a successful fork, but the price still fluctuates significantly and currently is around 650 US dollars. In the meantime, however, more than 900 nodes are part of the network – the trend is increasing.

Further divisions are threatening in November
However, increasing the block size is associated with a so-called hard-fork. Thus, the splitting is self-contained and no longer compatible with the original bitcoin blockchain. The Segwit2x update scheduled for Bitcoin is also a hard-fork. Should not all participants Segwit2x implement in November, a further cleavage of the bitcoin blockchain threatens.
The now active update Segwit brings changes, which Bitcoin will not only be more efficient, but also more flexible. For example, the so-called Lightning Network could be implemented, which allows immediate transactions between participants outside the blockchain.


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