Steemit Crypto Academy, Week 3 Homework Task by @gbenga, Segwit/Legacy Bitcoin Network.

I have been a writer on the steemit blockchain for years taking advantage of the great opportunity that the blockchain offers, I do not know much about the technical aspect of the blockchain and when I found out about this professorship programme, I figured out it will be an opportunity to learn a little bit about the technical aspect of the cryptocurrency world.

I did a little research and before I will say which one I would prefer amongst Segwit Bitcoin Network and Legacy Bitcoin Network, I will like to draw out some brief descriptions about the both.

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Segwit Bitcoin Network according to my findings, is an improved system of doing transaction that frees up space on the block, for every transaction carried out on the blockchain, it means that more blocks are created and imagine that for all transactions carried out on a regular basis, the transactions continue to pile up eventually it will make the system become very slow and a lot of transactions will be left unattended to.

In order for this problem not to persist, a developer on the blockchain space DR.PIETER WUILLE gave a suggestion that for the problem to get solved, it was important to separate digital signature from transaction data, this idea freed up space on the block and also allowed the process of transaction to become faster.

Answering the question- Which do I prefer between Segwit and Legacy?

Since Segwit serves as an improved method I will definitely prefer it to legacy bitcoin network, I just have this mind-set that whenever there is an improved form of something it means the previous one had to be worked upon, I also figured out that there is a lower charged transaction fee with Segwit and this is because of the increased capacity that it has to store more transactions.

Cc:-
@steemitblog
@steemcurator01
@steemcurator02
@gbenga