This year, has started with good news for Bitcoin. More and more important members of this virtual world are focusing their attention to Segregated Witness (SegWit). LocalBitcoins.com and BTC.com have already implemented SegWit from the first days of 2018.
What is good about SegWit?
SegWit was first launched on August 2017 and its aim was to improve the scalability of Bitcoin and diminish the network fees. This update’s purpose is to help solving the malleability issue of transactions. SegWit works as a soft fork change in the format of transactions and it was developed for Bitcoin but has also been implemented afterwards for Litecoin, DigiByte, Vertcoin and Groestlcoin.
After activation, the developers have gradually integrated SegWit addresses in Bitcoin wallets, many exchange platforms doing the same.
On January 2, BTC.com has officially announced that they will be launching a SegWit integrated wallet that will be processing transactions way quicker. On the same date, LocalBitcoins.com, one of the biggest eschange platforms has also announced their ‘alliance’ with SegWit. The significant enhancement is coming from the separation of data. The transaction effects above a register are separated by the necessary data called witness. This way, the maleability is eliminated from the start and Blockchain is optimized.
The adoption level is growing for SegWit and from August 2017, it has constantly grown in popularity.
Bitcoin has started this year in a good shape because all new technologies are lately addressing the network scalability problem. Many investors and speculators are hoping that the efforts made in this direction will be backed up by the great companies, so that they benefit from a big success. The cryptocurrencies are on the way of enlarging the blocks dimension, but there is a little more work to do about that. Apparently, Bitcoin is returning to its old values increasing again. It is currently trading at $15,867.25 and increasing. Maybe it will reach again 20k or maybe it will top that value.