Steemit Crypto Academy Homework Task 3: Segregated Witness (SegWit ) Bitcoin Network vs Legacy Bitcoin Network | lesson by @gbenga

Hello, everyone. It's another privilege enjoyed to be here again today to solve a task. This time I learnt at the feet of the crypto professor @gbenga and I will be attending to the task associated with his lecture. This context will cover the choice of network between Segregated Witness (SegWit) Bitcoin Network and Legacy Bitcoin Network. Kindly stay with me on this.

Let's go briefly into the history of Bitcoin. In the year 2009 after the implementation and adoption of Bitcoin with its first blockchain database devised by Nakamoto Satoshi, Bitcoin appears to be highly scalable, meaning it can handle a lot of transactions on the network at a time. Studying it closely, it was detected that Bitcoin has a setback which was, Low Throughput. The setback gives birth to the Bitcoin Lightening Network (a second layer technology of the Bitcoin chain) which is aimed at increasing the speed of transactions, the numbers of transactions and reducing the cost of transaction on the blockchain without tampering with the blockchain protocol. That wasn't enough to give the desired result and that led to the Segregated Witness (Segwit) Bitcoin network.

SegWit Bitcoin network was introduced to take care of the low throughput on the Bitcoin blockchain. Noting that, the Lightning Network was unable to quench the low throughput. SegWit network works in such a way that the witnesses signatures on the blockchain are separated from the transaction data thereby increasing the blocksize of transactions on the blockchain from one megabyte to four megabytes. SegWit was implemented with soft fork that enables the transactions on the blockchain to be effectively carried out and as such, both SegWit and Non-SegWit nodes are compatible.

This was the first Bitcoin network when it was implemented in 2009. They have the address without fork, the transactions on this network are relatively slow, high transaction cost, low number of transactions processed and is characterized with low throughput. The setback of the legacy Bitcoin network necessitate the invention of the SegWit Bitcoin network. Addresses that operates on Legacy Bitcoin network are easily identified as they start with the number, 1.

The choice of which network is preferable depends on several factors. Note that, SegWit Bitcoin network is characterized with an increased blocksize of transactions, increased number of transactions and low cost of transactions. My choice of the Bitcoin network is the SegWit Bitcoin Network and solely depend on the following reasons;

In conclusion, I choose the SegWit Bitcoin network over the Legacy Bitcoin network because of its improved features that enables faster, efficient and safe transaction on the blockchain. Thanks to the crypto professor @gbenga for his teachings and I hope I've done much justice to this task. Thanks to all Steemit crypto professors as I look forward to learning more in the soonest time.