New Bitcoin Software Update Adds Full SegWit Support

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Full SegWit Support

Bitcoin Core 0.16.0 has full SegWit Support. This process allows separation of signature and transactional data, creating more room in any given block. If there are more transactions per block, transaction speed will also increase.

Transaction Malleability

Version 0.16.0 also resolves a core problem in bitcoin – transaction malleability. It’s an attack where a user changes the “signature” of a bitcoin transaction before the network confirms it. This will make the transaction look like it never happened, even when it really did.

With SegWit, the transaction ID will not take into account the “signature”. So if an attacker changes the signature, the attacker cannot pretend that the transaction did not take place.

Solving transactional malleability in the bitcoin network paves the way for the Lightning Network, a new development in bitcoin, to run smoothly.

New Addresses

SegWit also provides new addresses. Some companies still provide support for old addresses despite SegWit implementation.

SegWit Support in the Philippines

In the country, Coins.ph and SCI.PH have already implemented SegWit in their core products. Take a look at this article for comparison of fees between the two apps: Coins.ph vs Bitbit SegWit Comparison.

Sources: Coindesk

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