• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
segwit Ethereum andreas antonopoulos
Nexo

HashCash Creator: Antonopoulos Explainer on SegWit ‘Best I’ve Seen’

William Suberg by William Suberg
6 years ago
in News, Bitcoin, Blockchain, News teaser
0
Advertisement

HashCash founder and Bitcoin pioneer Adam Back along with others have praised entrepreneur Andreas Antonopoulos for his explanation of the benefits of Segregated Witness (SegWit) technology.


Back: Antonopoulos ‘Best I’ve Seen’ On SegWit

Antonopoulos, known for his advocacy of the tool as a solution to Bitcoin’s blockchain capacity issue, released the explainer in a Medium post back in August. Last week on Twitter, he reiterated support for Segregated Witness for the reasons he originally highlighted.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

@theonevortex I'm for segwit, not because of scaling, but because it offers solutions to many technical issues in bitcoin.

— Andreas (@aantonop) January 16, 2017

Back, who is also the inventor of HashCash–a system that helped pave the way for Bitcoin–called the post the “best he’d seen” on the topic, which has drawn in the majority of the Bitcoin technical and business community.

good @aantonop article explaining how #segwit fixes incentives to defrag UTXO https://t.co/ANHzXK5woK best explainer I've seen on the topic

— Adam Back (@adam3us) January 21, 2017

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

SegWit Solves Multiple Problems

In the post, Antonopoulos seeks to underline the different extents to which transactions place costs on nodes. He demonstrates that segregated witness, if employed, would reduce the size of transaction fees and align node costs.

“As the scale of bitcoin increases, so does the cost of resources (CPU, network bandwidth, disk space, memory),” the post begins.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

Antonopoulos explains that as memory costs more than disk space, for example, there is a desire to keep usage of it to a minimum. Unspent transaction inputs and outputs are stored in memory, referred to as UTXO) so keeping these to a minimum would be beneficial.

However, the current fee structure, based on number of bytes, “penalizes transactions with many inputs,” he says, creating a “misalignment” or “artificial bloat” in the memory bank of these inputs.

Segregated witness, then, would be the solution to this predicament.

“Segregated witness therefore has two main effects on the fees paid by bitcoin users,” Antonopoulos continues.

Firstly, segregated witness reduces the overall cost of transactions by discounting witness data and increasing the capacity of the bitcoin blockchain.

Secondly, segregated witness’ discount on witness data corrects a misalignment of incentives that may have inadvertently created more bloat in the UTXO set.

Lacking Consensus

The post follows Antonopoulos’ agreement with fellow entrepreneur Tuur Demeester last week that Bitcoin “is both digital gold and digital cash.” The former argued that the current system, termed “off-chain third-party custodial,” is insufficient in terms of security.

“No segwit/No [lightning network] does not mean on-chain transactions. It means on-coinbase transactions, which is worse,” he responded.

lightning-slide

Not everyone was wholly convinced by Antonopoulos’ latest argument, however. Bitseed founder John Light stated he “thought segregated witness is a beneficial improvement for a lot of reasons,” but that he did not agree with Antonopoulos’ statement that the technology would “align economic incentives with resources costs.”

Mining pool support for SegWit currently stands at around 24%, with Bitcoin Unlimited at 16%, according to statistics compiled by Coin Dance.

Do you agree with Andreas Antonopoulos’ post on segregated witness? Let us know in the comments below!


Images courtesy of Shutterstock, antonopoulos.com

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
William Suberg

William Suberg

Related Posts

Reports Show Alexander Vinnik, BTC Exchange Operator Extradited To The U.S.

Reports Show Alexander Vinnik, BTC Exchange Operator Extradited To The U.S.

10 hours ago
Bitcoin

Bitcoin Is A ‘Remarkable Cryptographic Achievement,’ Ex-Google CEO Says

15 hours ago
Touadéra, a coin with Binance's logo

Binance’s CZ Visits The Central African Republic, Meets President Touadéra

1 day ago
Data Shows Bitcoin Still Highly Correlated With Stock Market

Data Shows Bitcoin Still Highly Correlated With Stock Market

2 days ago
Fintech

Fintech Firm Revolut Unfazed By Bear Market, Hires 20% More Crypto Talent

2 days ago
Tourism In El Salvador Rises Regardless Of The Bitcoin Bear Run

Tourism In El Salvador Rises In Spite Of Bitcoin Bear Run

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.