Segregated Witness = New economics, New bitcoin address fmt, New transaction fmt etc....
Although I am a fan of SegWit (I dont however see it as a way to directly lift block size), Its quite clear SegWit will require new transaction formats, address formats etc. Jeff Garzik's tweet that hints to this can be found here:
One of the biggest risks of using segregated witness as a scaling solution (which was surfaced at the conference) is that to obtain the scaling benefit it will require not only new bitcoin core code,but also new code to be written by each of the major wallet providers who are generating transactions
Bitcoin Miners to become Segregated Witness REAL or FAKE news
Known as Segwit2x there was a proposal that should pass that can mark a significant advancement in bitcoin. It's still in the testing phase until 30th June mining pools are demonstrating they support the measure. Mining pools which represent about 71% of the network's mining power which are F2Pool, Bitfury, AntPool and several others are already adding a piece of text to each block that they mine to show their support. The Segwit2x scaling agreement will require 80% of the mining hashrate to run the code for roughly three days starting on that date July 21st, 2017. Mining firms already announced their intent to support Segwit2x, but after a meeting in Chengdu last week, 16 total mining manufacturers, exchanges and mining pools "unanimously" agreed to a set of resolutions, including their intent to follow through with locking in SegWit by 31st July. Mining pool ViaBTC is already taking steps to indicate it could take aggressive actions to ensure a hard fork would enforce a 2 MB upgrade. A city district in southern China is using blockchain to streamline government services for its one million residents. Chan Cheng District, within Foshan City in Canton province, announced during an event on 23rd June the launch of a platform called Intelligent Multifunctional Identity (IMI) that lets registered local residents avoid filling repetitive personal information for different public services, presumably providing a more simple and secured process. The newly revealed system is seen as an upgrade, incorporated to the current all-in-one workflow in the local administration. Since 2014, the Chan Cheng District government has operated a central hub inside the city that serves as a physical portal for residents who need tax, pension, healthcare or utility services, among others. Despite offering a single source at which residents can access these services, repetitive work is needed for multiple processes. According to the district's announcement, residents who are able to register on and verified by the IMI platform will have the control of their personal information and can grant access to a government service they need. Using paired public and private keys, the system is also said to be able to verify users' identity automatically without requiring them to be physically present at a service center. Currently what the platform looks like and when it can be accessed for actual usage remains unclear. It is said to cover a wide network of public services such as banking, telecommunication, tax and healthcare. While such system seeks to make government procedures more accessible for residents, as the announcement detailed, it also makes it transparent if the authority wishes to track any personal activity if needed.
If you want to have a laugh, read CSW's new article: https://coingeek.com/risks-segregated-witness-opening-door-mining-cartels-undermine-bitcoin-network/ And check out @rogerkver's reply before he probably backs out
Segregated Witness (SegWit) has activated in bitcoin network. The historic moment occurred on August 24, 2017 at 01:57 UTC on the block 481,824, mined by the BTCC pool. Peter Wuille wrote on Twitter that he became the sender of the third SegWit transaction: Segregated Witness was activated on August 24, 2017. Nonetheless, most Bitcoin network transactions have not begun to use the upgrade. In the first week of October, the proportion of network transactions using SegWit rose from 7% to 10%, indicating a greater increase in use rate. Pixabay The world of Bitcoin has been filled with drama lately. “The whole atmosphere in the Bitcoin ecosystem got a bit toxic,” The Bitcoin News – Bitcoin and Blockchain News. Segregated Witness (Segwit) – a solution that aims to increase network scalability. It will be easier to understand this concept considering the structure of Bitcoin transaction. It consists of two parts: Basic information (who senders, to whom, amount); Information of the witness, which contains a special cryptographic code (signature). The witness part was a problem for […] Other Benefits of Segregated Witness. Segregated Witness does not only fix transaction malleability issues, but it also has other benefits such as: Data capacity increase. In a traditional bitcoin transaction, digital signatures and witness data make up more than 65% of each block. When SegWit is implemented on a bitcoin transaction it moves
What is Segwit? Segregated Witness Explained Simply
Programmer explains Segregated Witness in Bitcoin and Litecoin - Duration: 6:33. Ivan on Tech 8,044 views. 6:33. How Bitcoin Works Under the Hood - Duration: 22:25. What is SegWit and what problems does a Bitcoin update solve - A segregated witness? The SegWit update removes digital signature information from a transaction and places this information in an ... BITCOIN WILD RALLY 2020!! 🔴 MAJOR FLAG - Programmer explains Ivan on Tech 1,040 watching Live now Programmer explains Bitcoin Lightning - Duration: 11:34. Bitcoin core developer Pieter Wuille recently made a splash at Scaling Bitcoin in Hong Kong with his Segregated Witness proposal. Hear him go more in depth on the topic and take questions from the ... Bitcoin value and adoption is soaring and this has reopened the scaling debate between Bitcoin Core/SegWit and Bitcoin Unlimited. Watch this explainer video and learn more about what Segregated ...