Today Segwit Becomes Self Aware

in bitcoin •  last year

Well not really self aware, that was a reference to Skynet and one of my favorite movies, instead Segwit activates today.

What does that mean?

I am glad you asked!

Well it is when this life changing, earth shattering technology that we have all been hearing oh so much about gets activated.

As I type there is roughly 50 blocks left until Segwit activates.

Block 481,824 is the big one.

That should happen later tonight (if you are in Arizona like me) or early tomorrow morning if you are in another time zone. 

What are the main changes?

Segwit activating represents one of the biggest changes to the Bitcoin software, possibly ever. 

Specifically the changes will be as follows:

1. Segwit will rearrange how data is stored in Bitcoin blocks.

2. Segwit will boost capacity while remaining compatible with past versions of the software.

3. Segwit will remove transaction malleability, a bug that's been the primary roadblock for many bitcoin projects.

That final change might be the most important.

Removing transaction malleability will allow for developers to add better technology to the chain. 

An example of that is the Lightning Network, which is already set to go once Segwit activates.

The idea behind the Lightning Network is that it could take payment (and micropayment) transactions off the blockchain which could boost Bitcoin's transaction capacity to millions of transactions per second.

By comparison, VISA can do roughly 56,000 transactions per second.

T-minus 50 blocks ladies and gentleman. :)

*Bonus points if you can name what movie that reference in the Title came from

Stay informed my friends.

Sources:

https://www.coindesk.com/50-blocks-segwit-bitcoins-coming-upgrade-blockchain-game-changer/

Image Sources:

https://singularityhub.com/2011/04/19/skynet-becomes-aware-launches-nuclear-attack-on-humanity/

https://betanews.com/2014/01/30/the-internet-of-things-hasnt-skynet-taught-us-anything/

Follow me: @jrcornel

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Do you think we could be expecting a boost in bitcoin price tomorrow?
Looking forward to the lower fees it will bring with it.

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I think as long as things go through without a major hiccup, it will.

"Lightning Network" if thats would happen then a huge change in the whole blockchain network will occur, but would it really work??

Will people actually use the Lightning Network, though?

Most people just want something simple and easy to use, with low fees. If it's too hard for them, they just migrate elsehwhere.

It remains to be seen whether segwit solves the problem of very high fees and backlogs on bitcoin.

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Good question and good points. We will know more in a few hours. :)

Sounds so skynet lol🤑 Great info info once again. I printed this one out so I can read it again later. 😉

A good movie to be a life reference, I like your thoughts jrcornel.
I'm not about Segwit block, can you explain to me?
Thank you!

Important topic thank you

it is a good coincidence that Terminator Skynet becomes self-aware on August, I am afraid that some day these technologies are going to make it for real

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I am born on August 1st...and we are coming for you!

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are you a robot? :)

Hi! I like your post @jrcornel. I really miss to watch the movie Terminator. I hope they can add a continuation to it.

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Wonderful post @jrcornel ...Blessings

Great post. I am very excited for segwit. I do have one question...Are you Sarah Conners?

Will this help reduce the fees of bitcoin?

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That is the hope, yes.

So we should finally some faster BTC transactions and lowers fees?

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That's the plan.

on athother note ....lol try building an app Hey guys, simply click on this link https://goo.gl/Kk5Ba5 to get $5 off when you create an #app with #AppyPie.
You dont need coding!

Yes segwit will be activated , great , thanks for sharing @jrcornel

Nice system development, bitcoin transactions will be much faster now

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That is the plan!

This information is impressive, to turn out well, the transactions would be very fast! amazing! Millions of transactions per second, what a breakthrough. Thank you very much dear friend @jrcornel for sharing this wonderful information
I wish you a great day.

I hope everything will pass quietly :)

This is the cryptocurrency apocalypse !!! There will be a great invasion of the world by the bitcoin. now i remember my first satoshi with hashocean thanks @jrcornel.

What kind of terminators can we expect from Segwit ?

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OoOOO it's happening so soon! eeek!

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I am Cornholio! (Whoa! Hm heh... that was cool) I need T.P. for my bunghole! Come out with your pants down!

Is this the reason Bitcoin cash took off?

Great post! Keep it up.

We can still transact normally. So how is blocksize now calculated given the weight formular. Is every tx calculated the new way or only segwit tx.

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I believe the answer to your question can be found in here:

https://bitcoinmagazine.com/articles/segregated-witness-activates-bitcoin-what-expect/

Hope that helps :)

Great article , keep the good work