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Hello everyone ,

I hope you all are doing very well.
In this post , I am here to submit my homework task 3 from our erudite crypto professor @gbenga, after a powerful lecture.

TASK
Segwit Bitcoin Network or Legacy Bitcoin Network, which do you prefer and why?

WHAT IS BITCOIN?

Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software.Source.

Bitcoin is a the most popular type of cryptocurrency besides others. It was first of its kinds and it is purely digital coin, so there is no physical bitcoin stored in any of bank vaults worldwide. It is highly decentralized and stored in individual's ledgers or wallet so it is controlled by any central body.
Although, it is not a legal tender approved by many Governments, Bitcoin is a modern means for many transaction at several trade volumes worldwide and many companies and individuals have come to appreciated it more and used other more. It is uncensored and all of its transactions are verified by a massive amount of computing power or networks.

Let's talk about two of these transactions network that bitcoin enjoys . they are:

• SEGWIT BITCOIN NETWORK
• LEGACY BITCOIN NETWORK
  And the one that I prefers.

SEGWIT BITCOIN NETWORK

Segregated Witness Bitcoin Network which is shortened as "Segwit" help to increase the size of the block as digital signatures are segregated from the transaction data. It was first implemented to another digital coin called Litecoin where it improves the means of transaction. Before SegWit layer was now incorporated into Bitcoin architecture.

This idea of SegWit layer ties with what Dr. Pieter Wuille prosulated in 2015. Where He suggested that instead of every input and output transaction data of Bitcoin being signed by witnesses thereby taking about 65% of a block, that it will be of best interest to segregate the witness signatures from the transaction data/block. When it was done, there was an increase in the blocksize for transactions which was initially 1 megabyte to 4 megabytes. It is not a Miracle!

However, in every cryptocurrency trades comes with the main block where you will see wallet address of the sender and that address where it is going to which is the receiver address while the other minor part of the block contains the “witness data” containing transaction signatures. What SegWit does is to removes the “witness data” from the minor part of the block thereby reducing transaction size. This transactions reduced will require less space, enabling more transactions per block and greatly increasing the capacity of the Bitcoin network coupled with improvement in every transaction confirmation time with added security.

WHAT IS LEGACY BITCOIN NETWORK?

Legacy netwok was the original Bitcoin network. In this network, all the address are without the fork rather than it was supported fully by all exchanges and wallets since it is the first address to be created. Here, transactions are slower and all he addresses on this network can be known because they all start with "1".

However, it was initialed at the year 2009. every wallet or service on cryptocurrencies has been upgraded to support the new SegWit address format. But, majority of this wallets can only send to Legacy addresses.

I PERFERS SEGWIT BITCOIN NETWORK

One of the main reason why I prefer SegWit networt over all others is because of its ability to improves the bitcoin transaction by its separating means of the transaction signature from the transaction data, thereby increase transactions and security capabilities.

Moreover, There is also an increase in the amount of transactions stored due the role played by SegWit to lower transaction fee and more transactions per block, all these process will bring about a faster transactions.

However, Segwit also fix transaction malleability thereby reduce fraudulent activities. This is achieved as a process which occurs as a person change his Bitcoin transaction’s unique ID before the transaction is confirmed on the Bitcoin network.

CONCLUSION

All blockchain now use Segwit network as it doesn't only increase the block size but rather separates signatures of witnesses from every transaction data thereby increasing the number of transaction data and the faster transaction.
Although there are many improved versions of SegWit networks,there are best network for the blockchain.

Thanks to crypto-professor @gbenga and worth to be mention:
@steemcurator01, @steemcurator02 and @steemitblog.

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