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Dear, Steemians. It's a gracious time to be here again, after attending a lecture by the crypto academy professor @gbenga. In this post, I will cover the Bitcoin networks and make a choice between the Segregated witness (SegWit) Bitcoin network and Legacy Bitcoin network.
Before I enter the context fully, let's talk briefly about Bitcoin.
What is Bitcoin?
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Bitcoin is the first and largest Cryptocurrency (digital currency) that came into existence in the year 2008 and became fully implemented in the year 2009 after Nakamoto Satoshi devised the first blockchain database. One of the features of Bitcoin that makes it widely adopted when its fully implemented was its scalability, such that it can handle many transactions at a time.
There are little setbacks of earliest Bitcoin network detected when watched closely which will be listed below;
Setbacks of earliest Bitcoin network
Limited 1 megabyte blocksize of transactions.
Incapability to handle many transactions at a time.
low speed of transactions.
High transaction cost.
Low throughout.
The above setbacks necessitated the introduction of Lightning Bitcoin network, a second layer technology aimed at increasing the speed of transactions, increase the transactions carried out per second and reduce the cost of transaction on the blockchain without altering the blockchain protocol but that wasn't enough to get a desired output.
The choice: SegWit Vs Legacy Bitcoin Network
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SegWit Bitcoin network is an advanced Bitcoin network introduced to correct the low throughput on the Bitcoin blockchain. SegWit Bitcoin network was incorporated with soft fork to increase the speed of transaction, increase the blocksize of transactions on the network and reduce the cost of transaction. And it's effectively increased the blocksize of transaction from 1 megabyte to 4 megabyte. SegWit work in such a way that it separated the witnesses signatures from the blockchain transaction data and also allows transaction between the SegWit and Non-segwit nodes. While the Legacy Bitcoin network is the first Bitcoin network when it was implemented in 2009, associated with low transaction speed, small blocksize transaction of 1 megabyte and high transaction cost. The addresses from such network starts with the digit "1".
My choice of network is the Segregated witness (SegWit) Bitcoin network because of the following features;
It allows transaction compatibility such that SegWit Bitcoin network can be used to perform transactions with other Bitcoin network.
SegWit Bitcoin network has an increased blocksize of transactions of 4 megabytes making the network a very fast one for transactions.
SegWit Bitcoin network improves the scalability by increasing the number of transactions, reducing the cost of transaction, increasing the blocksize of transactions which makes the Bitcoin more demanding.
It takes care of malleability such that the network eradicates the action of theft and irregular transactions on the Bitcoin network.
Conclusion
SegWit Bitcoin network has made the Bitcoin world a more easier one by improving the experience from the earliest network such as; improved speed of transactions, increased blocksize of transactions, reduced cost of transaction and many more. Thanks to the crypto professor @gbenga for enlightening us on this and I hope to learn more in the soonest time. Thank you all for reading.
Regards;
Cc: @steemcurator01
Cc: @steemcurator02
Cc: @steemitblog
Cc: @gbenga