Segwit on Testnet Supports 1.7 MB Blocks With 8800+ Transactions
Bitcoin Core’s scaling solution Segregated Witness (Segwit) will likely support 1.7 MB bitcoin blocks when activated, testnet experiments have revealed. According to Smartbit, a bitcoin testnet data provider, Segwit is currently able to process 1.7 MB blocks on the bitcoin testnet, with more than 8,865 transactions. The current bitcoin blockchain capped with a 1 MB block size can only handle around 2,500 transactions. However, the transactions processed on the testnet were p2pkh transactions. Although the standard 1 MB blocks are limited to process around 2,500 transactions, they can still....
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Slush, CEO & IT Architect of SatoshiLabs, the parent company of Bitcoin hardware wallet manufacturer Trezor, believes that without Segregated Witness (SegWit), Bitcoin will be like gold - just as bad, inefficient and limited in functionality. SegWit was originally released in Bitcoin Core v0.13.1 on Oct. 27, 2016, as a scalability solution. It was designed to maximize block size and reduce Blockchain congestion in order to handle a larger volume of transactions. In the past, developers such as Lightning co-author Thaddeus Dryja noted that SegWit is an actual block size increase....
Remember Windows Vista? The new Coke? An upgrade is not always a good thing until it is a good thing. Yet, without making changes and testing, things will never improve. Bitcoin Core is also going to be upgraded and hopefully things will be better for the cryptocurrency after it comes out. The new version is 0.13.0, and this release brings several new features, but the chief among them is Segregated Witness (Segwit) which is likely to solve some crucial issues which has plagued Bitcoin such as scalability and malleability. Doing more with less. Segwit is a proposed solution to the slowness....
Over the past month, many Bitcoin exchanges, startups and experts weighed in on the debate between Segregated Witness (SegWit) and Bitcoin Unlimited (BU) supporters. The main claim of SegWit supports is that nearly 60 percent of nodes within the Bitcoin network are supporting the activation of SegWit. According to 21 Inc’s Bitnodes, approximately 56 percent of all Bitcoin nodes are in support of Bitcoin Core 0.13.0 and the other two minor updates of Bitcoin Core which includes SegWit support on testnet. What is the debate about exactly? In comparison, BU supporters and developers,....
On Nov. 16, major Bitcoin exchange and mining pool BTCC COO Samson Mow revealed that the institution Segregated Witness (SegWit) was ready. BTCC officially started to run the SegWit client on Nov. 17, supporting the on-chain scaling solution of the Bitcoin Core development team. Cointelegraph reached out to Mow to learn more about BTCC’s stance on SegWit. He told Cointelegraph: “SegWit is great for Bitcoin. It brings more transaction throughput, fixes malleability, defrags the UTXO set, makes hardware wallets more secure and most importantly, it enables Lightning which will bring instant....
Three and a half years after the activation of SegWit, adoption of the space-saving transaction format is still far from ideal. According to analysis by Mark “Murch” Erhardt of Chaincode Labs, 88% of all Bitcoin transaction inputs pay higher fees than are necessary. Erhardt bases his conclusion on data showing just 12% of transaction inputs use the SegWit format, which is less fee intensive than transacting with legacy inputs.Erhardt believes that a reliance on legacy transaction fees keeps Bitcoin blocks smaller than they could otherwise be, contributing to a seemingly growing backlog of....