Bitcoin Core Wallet Introduces Latest Version With Full SegWit Support
Bitcoin Core Wallet Introduces Latest Version With Full SegWit Support.
Demand for Segregated Witness (segwit) technology has exploded since its launch in August 2017. SegWit technology promises to overcome the high transaction costs and provide a reduced transaction processing wait times for the end user.
SegWit was introduced in August of last year through BIP 141 (Bitcoin Improvement Proposal) and promised to carry out important efficiency changes in the Bitcoin network. Although the celebrations took place around the world, major bitcoin wallet providers and payment processors have conversely been slow to implement it, resulting to anger from the end users.
“Bitcoin Core 0.16.0 introduces full support for segwit in the wallet and user interfaces,” the Bitcoin Core Github description confirms.
The SegWit technology was intended to be a significant improvement to the Bitcoin protocol. The update redefined the structure of blocks, with a block of 1 MB changing into four million units. The core data, which used to occupy a lot of space in each block, was serialized into a single unit. This change allows you to store more transactions in each block, reducing network load, speeding transactions and reducing costs. SegWit also allows the introduction of other updates, such as Lightning Channels, established payment channels that would further increase transaction speeds. The developers say that SegWit allows “the most efficient, flexible and secure channel design”.
The description of Bitcoin Core 0.16.0 on Github promises “new features, various bugfixes and performance improvements”, of which “SegWit support” is the outstanding headliner.
With the Bitcoin wallet now compatible with SegWit, the network could see an increase in the use of technology. It was reported that only 15% of Bitcoin transactions currently use SegWit, but this is likely to increase significantly as a result of this update and a Coinbase update earlier this month.
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