EXCELLENT EXPLANATION THANKS. I would like to know the disagreements between SegWit and Bitcoin core. Any recommendations?
RE: Hardforks and softforks explained
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Hardforks and softforks explained
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Thank you very much for your reply. That's not an easy topic you are asking about and probably it would deserve its own article. However, I will do my best to summarize the current situation: SegWit (short for: Segregated Witness) is a proposed soft-fork of the Bitcoin Core development team. SegWit allows for 70 % more transactions in comparison to the what is possible these days. As SegWit is a proposal by the Bitcoin Core team, there is no disagreement between SegWit and Bitcoin Core. What you are probably referring to is the disagreement between Bitcoin Core and Bitcoin Unlimited. The Bitcoin Unlimited project proposes to change the blocksize for each block to 2 or more megabytes. This would require a hard-fork as this blocksize is incompatible with the current 1 MB blocksize of Bitcoin.
Thus, the real question the Bitcoin community is facing these days is: Soft-fork (SegWit) or hard-fork (larger blocksize)? Personally, I'm a huge SegWit fan, btw...
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