Segwit Bitcoin Network or Legacy Bitcoin Network, which do you prefer and why?
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Introduction
A wonderful topic as such needs a wonderful recommendations, it's on these note that I am recommending they topic to all who have not read from they original source to please Click here to read more from @gbenga.
Truth be said, he has actually said it all in his lectures am only going to enlighten us in a summary as regards his lectures. As earlier stated you can read the full lecture by clicking on the link above.
What is Bitcoin & Network
Many people all over they world will give you there definition on what they think is Bitcoin. But today, I want us to look at they real meaning of Bitcoin, some call it most acceptable definition of Bitcoin. Therefore, we can say that Bitcoin is a Crypto currency, i.e a digital cash, which is saved in a Blockchain technology that is free.
More also, we look at network as the connection of different computers which have the ability to communicate and share resources among its members. These shared resources among different members or computer is done with easy and very fast.
SegWit Bitcoin Network (Segregated Witness)
SegWit network is the process of removing signature data from the Blockchain so as to increase the size of they block to enable more storage of data and faster transaction in the Blockchain.
It's important to mention here that SegWit is the product of two different English word i.e segregate and Witness respectively. It's because of these that we have a separate system for signature in the Blockchain.
Legacy Bitcoin Network
After reading from the lecture delivered by professor @gbenga, I have understood that Lagacy was actually the first original bitcoin network as far back as 2009 when bitcoin first came into existence. And I also learnt that the address was supported by all the wallet. One thing about these Lagacy is that transaction are actually very slow. These is because it has not been separated as in the case of SegWit network technology.
Which do you prefer and why?
I prefer SegWit Bitcoin Network for they following reasons:-
- very low fee when it comes to transaction
- faster rate of transaction when compared to Lagacy
- it has the ability to perform backward operations.
Conclusion
These is one of the lectures I have really enjoyed so much because, it was really self explanatory, I want to appreciate the professor @gbenga for these wonderful delivery. Please sir continue these work of yours as you may not know how many lives you have been able to keep informed with these very post.
Special mention
@steemcurator01
@steemcurator02
@steemcurator03
@booming01
@booming02
@booming03
@chriddi
Written by @johnkuzzy
Hello friend, thank you for being a part of my class and for participating in the task, I am glad you did. Since we are in a school, I will like to carefully and constructively call your attention to a few things you can correct for future purposes.
Note: If the subject of the sentence is singular, the verb must be singular (Concord Rule 1).
Please, you should proofread your posts before submitting them, also you can use Grammarly to check your post.
2: Short Post.
You weren't able to explain Legacy Bitcoin and give a clear difference between the two Bitcoin networks and addresses.
Thank you sir for the corrections I will do my best to adjust, as am always and ever ready to learn.
Please stop mention me.
Am sorry for doing that please