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Topic: What is actually use of SegWit? - page 2. (Read 1769 times)

staff
Activity: 3374
Merit: 6530
Just writing some code
November 28, 2016, 08:36:28 PM
#16
SegWit is used to fix the network so Lightning can be attached later.  Lightning allows you to pay Blockstream for transactions rather than the miners.
Please stop with the FUD. Lightning is not just being developed by Blockstream. There are already multiple implementations of Lightning made by multiple different teams, only one of which is Blockstream.

Furthermore segwit is more than just a fix for Lightning. It provides much more uses and fixes which have already been discussed in this thread and elsewhere.
legendary
Activity: 2674
Merit: 2965
Terminated.
November 28, 2016, 08:35:04 PM
#15
SegWit is used to fix the network so Lightning can be attached later.  Lightning allows you to pay Blockstream for transactions rather than the miners.
Wrong. Lightning Network is open source, thus can be implemented by anyone. You are may be talking about Lightning Hubs which can be run by anyone. There are currently several different teams working on this, i.e. several different implementations.
hero member
Activity: 874
Merit: 1000
November 28, 2016, 08:33:26 PM
#14
SegWit is used to fix the network so Lightning can be attached later.  Lightning allows you to pay Blockstream for transactions rather than the miners.
staff
Activity: 3374
Merit: 6530
Just writing some code
November 20, 2016, 06:14:48 PM
#13
It's basically a fix for the transaction malleability problem.

This is the basic explanation but it doesn't include all the cool things that come with it. After fixing transaction malleability problem, then we can have all the stuff we ever dreamed with, like faster transactions, side chains, schnorr signatures, confidential transactions, and a lot of other cool stuff that will help push bitcoin to the next level.
This is more easy to undestand than the lauda's post it is hard for me to understand more about bitcoin since i still not experience to use segwit..
But let me know if electrum has also segwit feature or this is only for bitcoin-qt..
upon checking the electrum download i do not see any segwit added in their wallet.
Electrum is working on it. See https://twitter.com/ElectrumWallet/status/790127984552382464

You can visit https://bitcoincore.org/en/segwit_adoption/ to see the current status of segwit adoption.
legendary
Activity: 1176
Merit: 1017
November 20, 2016, 06:09:34 PM
#12
It's basically a fix for the transaction malleability problem.

This is the basic explanation but it doesn't include all the cool things that come with it. After fixing transaction malleability problem, then we can have all the stuff we ever dreamed with, like faster transactions, side chains, schnorr signatures, confidential transactions, and a lot of other cool stuff that will help push bitcoin to the next level.

I've been dreaming about smart contracts!  Will smart contracts be easier to implement in the new client, or will they still only be available to those who possess a Phd in cryptography?  Is SegWit taking a step in that direction, or taking a step back from that possibility?
hero member
Activity: 700
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November 20, 2016, 02:56:36 PM
#11
It's basically a fix for the transaction malleability problem.

This is the basic explanation but it doesn't include all the cool things that come with it. After fixing transaction malleability problem, then we can have all the stuff we ever dreamed with, like faster transactions, side chains, schnorr signatures, confidential transactions, and a lot of other cool stuff that will help push bitcoin to the next level.
This is more easy to undestand than the lauda's post it is hard for me to understand more about bitcoin since i still not experience to use segwit..
But let me know if electrum has also segwit feature or this is only for bitcoin-qt..
upon checking the electrum download i do not see any segwit added in their wallet.
hero member
Activity: 868
Merit: 500
November 15, 2016, 01:49:37 PM
#10
Segwit is going to help  Bitcoin scaling, initially it is going to up the block size by 0.75mb and will also enable other projects like Rootstock and sidechains on Bitcoin blockchain
legendary
Activity: 2590
Merit: 1022
Leading Crypto Sports Betting & Casino Platform
November 15, 2016, 01:40:34 PM
#9
It's basically a fix for the transaction malleability problem.

and the problem about the block size, and effective 2MB, and the transaction that are stuck because of the limit, but until it is activated this will not work i guess
legendary
Activity: 1358
Merit: 1014
November 15, 2016, 01:21:03 PM
#8
It's basically a fix for the transaction malleability problem.

This is the basic explanation but it doesn't include all the cool things that come with it. After fixing transaction malleability problem, then we can have all the stuff we ever dreamed with, like faster transactions, side chains, schnorr signatures, confidential transactions, and a lot of other cool stuff that will help push bitcoin to the next level.
legendary
Activity: 1260
Merit: 1019
legendary
Activity: 2674
Merit: 2965
Terminated.
November 15, 2016, 10:45:00 AM
#6
really?  Grin
Just read the whole link:
Quote
Segwit improves the situation here by making signature data, which does not impact the UTXO set size, cost 75% less than data that does impact the UTXO set size. This is expected to encourage users to favour the use of transactions that minimise impact on the UTXO set in order to minimise fees, and to encourage developers to design smart contracts and new features in a way that will also minimise the impact on the UTXO set.

Because segwit is a soft-forking change and does not increase the base blocksize, the worst case growth rate of the UTXO set stays the same.
There are other ways of improving this, but those aren't technological (e.g. running some sort of *action* to raise awareness and get people to consolidate their outputs).
legendary
Activity: 1260
Merit: 1019
November 15, 2016, 10:38:32 AM
#5
legendary
Activity: 2674
Merit: 2965
Terminated.
November 15, 2016, 08:10:55 AM
#4
Everything that was quoted in your post is specifically regarding the malleability fix. However, there are plenty of other benefits down below:
  • Linear scaling of sighash operations
  • Signing of input values
  • Increased security for multisig via pay-to-script-hash (P2SH)
  • Script versioning
  • Reducing UTXO growth
  • Efficiency gains when not verifying signatures
  • Block capacity/size increase
  • Moving towards a single combined block limit
Each one has been described further down in the post.

I hope i can get some ideas and learn something about this Segwit added from wallets.
Keep in mind that in order to make Segwit transactions you have to update your wallet to one that supports Segwit. [/list]
legendary
Activity: 3010
Merit: 1028
Leading Crypto Sports Betting & Casino Platform
November 15, 2016, 06:28:31 AM
#3
just got this point from : https://bitcoincore.org/en/2016/01/26/segwit-benefits/

Quote
Segwit prevents third-party and scriptSig malleability by allowing Bitcoin users to move the malleable parts of the transaction into the transaction witness, and segregating that witness so that changes to the witness does not affect calculation of the txid.

and also some important points
Quote
Who benefits?

- Wallet authors tracking spent bitcoins: it’s easiest to monitor the status of your own outgoing transactions by simply looking them up by txid. But in a system with third-party malleability, wallets must implement extra code to be able to deal with changed txids.

- Anyone spending unconfirmed transactions: if Alice pays Bob in transaction 1, Bob uses that payment to pay Charlie in transaction 2, and then Alice’s payment gets malleated and confirmed with a different txid, then transaction 2 is now invalid and Charlie has not been paid. If Bob is trustworthy, he will reissue the payment to Charlie; but if he isn’t, he can simply keep those bitcoins for himself.

- The Lightning Network: with third-party and scriptSig malleability fixed, the Lightning Network is less complicated to implement and significantly more efficient in its use of space on the blockchain. With scriptSig malleability removed, it also becomes possible to run lightweight Lightning clients that outsource monitoring the blockchain, instead of each Lightning client needing to also be a full Bitcoin node.

- Anyone using the block chain: smart contracts today, such as micropayment channels, and anticipated new smart contracts, become less complicated to design, understand, and monitor.
legendary
Activity: 2618
Merit: 1253
November 15, 2016, 06:26:50 AM
#2
It's basically a fix for the transaction malleability problem.
hero member
Activity: 700
Merit: 500
Massive price drop coming...
November 15, 2016, 06:17:02 AM
#1
Hi guys this just a noob question sorry for asking it because i do not actually know what is the use of segwit.
I need some opinion or best answer if what is the actually uses of segregate witness?

I hope i can get some ideas and learn something about this Segwit added from wallets.
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