How segwit is actually a big block increase

in #bitcoin7 years ago

Segwit is a really cool system. It help increase block size with an safer phase. Meaning a block increase with no hardfrok.
Combine this with a bech32 segwit address bitcoin can scale 2.3 times without changing the blockchain. Read more about bech32 segwit here= https://steemit.com/bitcoin/@sames/bitcoin-newest-scaling-method-adding-bech32-plus-others
The current proposal for soft fork segregated witness (segwit) replaces the block size limit with a new block cost limit, counting each byte of witness data as 1 unit of cost and UTXO transaction data as 4 units; as a result, the maximum size of a block becomes just under 4 MB.

However, blocks are not expected to consist entirely of witness data, so blocks near 4 MB in size would be unlikely.

According to some calculations performed by Anthony Towns, a block filled with standard single-signature P2PKH transactions would be about 1.6 MB and a block filled with 2-of-2 multisignature transactions would be about 2.0 MB. It is further likely that future scaling improvements such as https://steemit.com/bitcoin/@sames/bitcoin-newest-scaling-method-adding-bech32-plus-others
may help increase block size or lower the bytes per transaction.
Some info found here= https://www.reddit.com/r/Bitcoin/comments/7m06b5/eta_on_schnorr_signatures/?st=jbmhxc80&sh=bd3bf1e7

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