Many wonder what is segwit and what happens after segwit bitcoin, whether it will happen softfork or hardfok like ethereum split into 2. This time let us discuss about segwit and possibility happened post segwit
Segwit or Segregated Witness is a coding that is injected into a bitcoin core (node) program that helps the miner / node to more efficiently verify each input so that the data stored in each block on the blockchain will be smaller that the ends will give more space in the blockchain. Coding segwit itself written or in the Proposal BIP141 is ready to run if BIP91 successfully activated, and in bitcoin core program version v0.13.1 and above there is BIP91 coding with evaluation period up to 16 Nov 2017. By method BIP148 this means every node automatically activate segwit so BIP91 Proposal is multitasking because surely 100% is the wong node that will not be "kicked" from the process of finding the block result is BIP141 where the coding segwit will be valid because it is already qualified.
Segwit2x's proposal is
- Reduce the percentage of parties agreeing to segwit to 80% from 95% (not participating BIP9)
- Increase the block limit to 2MB activated in 6 Months after Segwit runs successfully.
what happened Post Segwit?
quoteThe bitcoin (node) program running BIP148 will reject the input from nodes that do not run Segwit, so there will be 2 camps where the nodes that run the segwit method will work together to solve the bitcoin algorithm and find the new block listed in the blockchain and the other is a node that not running segwit method. Both camps will both calculate and find block and post in blockchain. Up to this point automatically blockchain will be split into 2 because of it.
Maybe Bitcoin split into 2?
quoteThe possibility of only 50% occurrence of bitcoin split due to the application of segwit will most likely cause softfork only.
What steps do we take before segwit is enabled?
quoteBefore Bip148 is enabled we should move our bitcoin to private wallet like mycellium, electrum, bitcoin core etc where we can save our own privatekey. why should we go to wallet instead of exchange, because in exchange we do not hold private key and security balance we are not guaranteed 100 will be safe post segwit and if there is split we do not know exchange where we store bitcoin will support bitcoin network which one.
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