• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore
segwit Ethereum andreas antonopoulos

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

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

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.

@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

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.

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

Bitcoin price $30,000

Bitcoin Price Sets Sights On $30,000 As Holder Metric Hits New All-Time High

1 day ago
Bitcoin

Bitcoin Long-Term Metrics Point To A Different Scenario Than 2019 Fakeout: Top Analyst

1 day ago
Bitcoin

Bitcoin Hash Rate: Public Miners Account For Just 28% – Is Decentralization In Jeopardy?

2 days ago
Bitcoin

Bitcoin Recent Hiccup: Understanding The Invalid Block 

3 days ago
BitBoy

Crypto Influencer ‘BitBoy’ Arrested Live On YouTube – Here’s What Happened

5 days ago
Bitcoin

Could Bitcoin Be On The Verge Of New ATH Rally? Analyst Identifies These Conditions

5 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • 6 Best Cryptos To Buy For Huge Growth in 2023

    16 hours ago
  • Best 7 Cryptos For Beginners To Buy

    18 hours ago
  • From Setbacks to Success: Uwerx’s Recovery/Relaunch...

    20 hours ago
  • Prepare for the Next Bull Market: The 5 Best Cryptos to Buy...

    1 day ago
  • Meta Force and Lado Okhotnikov Presented the Results of...

    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
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 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.