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SegWit official fixing

SegWit official fixing

Segregated Witness (SegWit) software upgrade has been recently fixed in the bitcoin network. Two weeks are left to its activation. During this period, bitcoin services should update and adjust software.

A majority of miners accepted this improvement because of its huge benefits: both technological and economical. Now, the blockchain bitcoin is closer to innovations of the new generation: for instance, to Lightning Network, which implementation will increase transaction speed multi-fold and enhance security.

However, despite recent fixing, SegWit won’t be implemented immediately due to several reasons:

  • the change won’t be activated until 481 824 block, which is predicted to be obtained on August 21;
  • services are using a provided two-week period to complete all settings.

In two weeks, miners shifting to SegWit software will release first blocks of the updated network. Those who haven’t updated software (refusing to support the new technology) will obtain no reward for an obtained block (currently, the reward is around $40 000).

A matter of dispute is still time during which SegWit will be distributed through the network and fully integrated into the infrastructure. It will happen after all wallets, exchanges and payment systems accepting this update. Nowadays, two major exchanges, Kraken and LocalBitcoins, have already announced their support.

By the way, the key advantages of SegWit include network scaling and safety improving. It is these features that have encouraged 95% of miners to vote for this protocol.

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