Segregated Witness: What is it all about?
The activation of Segregated Witness in the Bitcoin network remains one of the most discussed issues in the community today, which is scheduled for July 31st, 2017. The entire cryptocurrency world is anticipating the forthcoming changes and consequences, in spite of the fact that there are already existing examples, not only of successful activation of this technology, but also of the creation of modern new-generation coins based on it.
What is SegWit and why it is so widely discussed?
Segregated Witness or SegWit is a block size optimization technology allowing you to solve the issues of block overflow, the speed of transaction confirmation, and the reduction of commissions. For the first time, SegWit was proposed by the Bitcoin Core development team, as a solution to the problems of the original structure, as well as, a better maintenance of higher scalability in Bitcoin.
To put it simply, block size optimization involves extracting a transaction signature and placing it in a separate data structure. When a signature is deleted from a transaction, its size is significantly reduced. Therefore, each transaction is reduced by approximately 47%. Thus, the block, without changing its size, can hold almost twice as many transactions.
Activation of SegWit also eliminates the problem of plasticity of transactions, creating conditions for increasing the speed of their confirmation (by implementing Segregated Witness together with the protocol called Lightning Network).
In addition to the first cryptocurrency, the SegWit solution was also adopted by a number of altcoins based on Bitcoin code, that decided to resort to this method of network scaling as well.
Now there are those who have moved from plans to actions. Unlike Bitcoin and other crypto-platforms, of whom only accept and execute a decision on the implementation of this technology, Segregated Witness in the ATB Coin system was laid by its developers initially. SegWit makes it possible to implement micropayments and use the Lightning Network technology, providing a mechanism for protecting against double waste and multi-signature.
Regarding its technical functions, ATB Coin is not only a new alternative to Bitcoin, but it also has a chance to surpass it. A wide range of innovations such as SegWit, Lighting Network protocol, and Smart Contracts, gives ATB Coin the opportunity to expand its field of application and making it the most optimized and user-friendly system.
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