What is Segwit and How it Works?
Cryptocurrency has a considerable number of types that you can purchase in the market. And each of them has unique rules that will guide the user on how it would be appropriately used. The rules are known as “protocol.” So, what are the things that these rules can contribute to SegWit? What is SegWit and how it works?
Similar yo all types of programs in a computer, a cryptocurrency is also in need to be regularly improved and updated. Glitches and bugs that were determined are required to be repaired. And this usually happens when your PC will ask you to refresh it or shut it off.
When your preferred cryptocurrency needs to be improved or updated, you are required to change its protocol. And, SegWit is the update that was created for the protocol of Bitcoins for the past few years.
Pieter Wuille initially launched the knowledge for the utilization of SegWit during the conference about Bitcoin way back in 2015. Pieter was one of the developers of Bitcoin and the Blockstream’s co-founder, which is a software industry that concentrates on the financial services of digital security.
Pieter recommended that the answer for the defect of protocols of Bitcoin was SegWit. In terms of the development of the software, the solutions to the mistakes are known as “patches.” The issue that Pieter wants to solve is the transaction malleability. It is one of the ways of stating the Bitcoins can be stolen from its users by altering some of its transaction information.
SegWit can fix the problem of transaction malleability and helps Bitcoin to create some improvements in regards to their protocol. It is a great way that you can use to change some necessary information to the protocol of any cryptocurrencies.