Bitcoin is getting faster again aka bitcoin updates!

in #scaling7 years ago (edited)

I'm back to update on bitcoin scaling. Coinbase has answered and will finally added segwit to bitcoin. https://blog.coinbase.com/bitcoin-segwit-update-3ab0484e4526
With segwit bitcoin can do two times more transaction per second.
Plus: How segwit is actually a big block increase= https://steemit.com/bitcoin/@sames/how-segwit-is-actually-a-big-block-increase
Segwit is also necessary to add the lightning network to bitcoin. The lightning network can do billions and billions transaction to second. It basically works like iota expect two nodes can do million tps between them alone( in theory). More iota nodes= more tps
More lightning network= more million tps.

Next news:
Core is releasing bech 32.
Bech32 update
What is bech 32 address and the difference between segwit address. Their kinda like the same thing.
Expect bech32 does not have to use segwit but it can be used with segwit and use less bytes.
As stated=
"those segwit addresses started with 3 is legacy, adhoc version. The new one started with bc1 is the new one that makes tx fee lowest as it uses less byte.
bech32 uses segwit transactions and uses even less bytes vs segwit 3 ending address"
Are they reverse compatibility aka can i send regular addresses to bech32?
Yes, but as stated on reddit=
Fundamentally they are reverse compatible, but some older wallets might not acknowledge that bech32 format is an actual Bitcoin address because it doesn't pass the traditional checksums. That's why some exchanges don't let you withdraw to bech32 addresses yet. Basically when core releases to main official client it will be ready for all.
But if you can get less fees using bech 32 segwit why use a regular one.
How will our address get converted to bc1 address for trezor wallet or tezor like wallets?
As stated by Bashco, "If you used Trezor before the Segwit upgrade, you might have noticed that after the upgrade you were shown a standard Segwit wallet, as well as a Legacy wallet. Ideally, your Segwit wallet will become a Legacy wallet, and Trezor will show you a new standard Bech32 wallet. In theory you would be able to spend from your legacy wallet, while change and new receiving tx would go to your Bech32 wallet. You won't need a new seed or anything like that, and you won't need to migrate all your funds at once unless you want to".
Basically if you skimmed through this :( =
Bech32 is a better address format that is natively segwit enabled. It's made to be easier to type for humans and easier to identify. It also saves space in blocks by being more compact than currently used segwit addresses. Why not use it? IDK

Core is 95% done: https://github.com/bitcoin/bitcoin/milestone/30

Now coinbase needs to add batching and boom 50-80% of all bitcoin fees are gone: https://bitcointechtalk.com/saving-up-to-80-on-bitcoin-transaction-fees-by-batching-payments-4147ab7009fb
But that article says transaction in general. How 50 % of all bitcoin transactions? Here why: https://twitter.com/ziggamon/status/951696967419113472
Coinbase without segwit and batching was clogging up the chain. Blockchaininfo has an excuse for no batching(but no segwit hell no) for you own/have the private keys, coinbase hell no. Coinbase has way more control over your bitcoins so they might as well add batching to save their customers bitcoin fees.

That all folks:

What is Segwit?(segwit rules!)=https://99bitcoins.com/what-is-segwit-segregated-witness/
How segwit is actually a big block increase= https://steemit.com/bitcoin/@sames/how-segwit-is-actually-a-big-block-increase
Why big blocks are not the answer= https://steemit.com/bitcoin/@sames/why-big-blocks-are-not-the-answer
LN nodes are NOT banks or like banks= https://steemit.com/bitcoin/@sames/ln-nodes-are-not-banks-or-like-banks
What is the lightning network= https://steemit.com/bitcoin/@sames/bitcoin-s-lightning-network-simply-explained
What is Schoor signatures= https://steemit.com/bitcoin/@tipu/the-next-big-thing-in-bitcoin-network-schnorr-signatures or https://medium.com/@SDWouters/why-schnorr-signatures-will-help-solve-2-of-bitcoins-biggest-problems-today-9b7718e7861c
Bitcoin’s ethereum killer-rsk.co= https://steemit.com/bitcoin/@sames/bitcoin-s-ethereum-killer-rsk-co
Bitcoin newest scaling method adding bech32 plus others= https://steemit.com/bitcoin/@sames/bitcoin-newest-scaling-method-adding-bech32-plus-others

Some of my content was reposted from my own content for i was too lazy to change it up. ;)

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ziggamon Sergej Kotliar tweeted @ 12 Jan 2018 - 06:06 UTC

We may have found our smoking gun.

status.coinbase.com/incidents/mjzh… twitter.com/civekonom/stat…

Disclaimer: I am just a bot trying to be helpful.

!originalworks

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Sames did you like my last post deer hunter ?

I was busy listning to hamilton:

ahh cool never heard that hmm is that based on the musical after the US president ?

yep. It really good. here a link to the some of the best aprts: https://tinyurl.com/yagycsf5

Here the link to all the songs: https://tinyurl.com/gtpdtlm

oh shit just saw it.

This post received a 0.210 SBD (5.42%) upvote from @upvotewhale thanks to @sames! For more information, check out my profile!

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