Bitcoin scaling solution, Segwit, released

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A new version of Bitcoin’s Core code was released on Thursday, Bitcoin version 0.13.1 Final. The contentious alternative contains a patch known as Segregated Witness (Segwit).

Although the code for Segwit was completed in April, by Blockstream developer Pieter Wuille Ph.D., getting a version for deployment has proven challenging, taking over 35 core Bitcoin developers. The end result could be a major change to Bitcoin, although it is backwards-compatible, and relies on miner adoption to become the new Bitcoin standard.

– Bitcoin Core

The patch works by storing Bitcoin’s proof-of-work signatures, the witnesses, at the end of each line of the transaction, segregating them. This makes them easy to ignore, and allows the file to be read faster by miners and nodes alike.

This design fixed a problem known as transaction malleability. While the problem was once blamed for the meltdown of MtGox, it is a relatively

Read more ... source: TheBitcoinNews

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