New Update in Bitcoin Market
In past few days, cryptocurrency was running in various directions, especially in a disorganized way. Bitcoin prices are scatted before but that’s not going to be same for long. We have a good news to celebrate today. It just goes to show that prices are not true estimate value of Bitcoin anymore. In an attempt to handle high-cost of bitcoin transaction fees and slow processing times, two major dominating cryptocurrency exchanges, Coinbase and Bitfinex, make a formal public statement on Tuesday that they have made use of a new product, a new software update that they hope will address mounting concerns.
What is Segregated Witness?
The new software update, called Segregated Witness. Which is famous for the name (SegWit). The name Segregated Witness comes with the combination of two words Segregated and Witness. Segregate means to separate, to distribute and Witnesses are the transaction signatures. Hence, Segregated Witness, in short, means to separate transaction signatures.
SegWit is an evolution of the failed Segwit2x upgrade. This software is new updated of previous one and used for transaction process by this update the timing for the transaction of bitcoin is reduced plus it also reduced the transaction fee. SegWit is the way or a process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. That means a large amount of transaction can take place within a single block size. When fixed parts of a transaction are removed, this free up some space or capacity to add more transactions to the chain that will help to faster the process. The technology is getting advance by time which is a good news for the future of cryptocurrency world.
Benefits of SegWit?
The most easily perceived or understood benefit is a slight capacity increase. The elimination of unwanted transaction malleability is an important one. Other benefits include:
- Script versioning
- Increased security for digital signature.
- Linear scaling of Signature hash operations
- Weighting data based on how it affects node performance
- Signature covers value
- More efficient almost-full-node security
This technology is going to be very useful for the bitcoin user because of its features. SegWit software update is a hope that the future of cryptocurrency world is going to be brighter. This is a sign that the market value of bitcoin is going to be high in coming few days.
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