How btc segwit works with ltc

Published в Coastline forex factory | Октябрь 2, 2012

how btc segwit works with ltc

The clever thing about Bitcoin SegWit is that it's backward compatible. This means that nodes that are updated with the SegWit Bitcoin protocol. Litecoin has surpassed the required number of signaling blocks needed to activate Segregated Witness (Segwit) on Wednesday. Segwit is therefore. SegWit allows digital signature information to be stored separately (or segregated) from its transaction data. Without signatures, Bitcoin transactions weigh. WILLIAM HILL F20 FREE BETTING

In what is perhaps best described as an emergency meeting, once again in Hong Kong, several Bitcoin Core contributors, mining pool operators and other Bitcoin industry members met to discuss the scaling issue. The meeting led to an agreement that came to be known as the "Bitcoin Roundtable Consensus" or the "Hong Kong Agreement".

The Bitcoin Core contributors present at the meeting agreed to work on a block size limit increase hard fork to be proposed to the Bitcoin Core development team and the wider Bitcoin community. The miners, in turn, agreed to run a SegWit release in production by the time such a hard fork would be released in a version of Bitcoin Core.

The crisis seemed to have been averted — even though it quickly became clear that not everyone was happy about the agreement. Several months later, an even bigger group of Bitcoin Core contributors and mining pool operators met in California. The Bitcoin Core contributors present at this meeting left convinced that Segregated Witness would be activated by the miners. The Release About six months behind on the initial schedule — the release was originally set for April — Segregated Witness was officially introduced October of , in Bitcoin Core version 0.

The protocol upgrade was also implemented in several other Bitcoin implementations, like Bitcoin Knots and Bcoin. Using an activation method called "VersionBits" BIP9 , designed to minimize network disruption, 95 percent of miners by hash power had to signal support for SegWit to activate on the Bitcoin network. This miner signaling was to start on November 15th. Meanwhile, users were encouraged to upgrade their clients, which over time, it seemed, many did.

As of August , the vast majority of the Bitcoin network consists of SegWit-ready nodes source: luke. The Politics But that's not what happened. As it turned out, several attendees of the Hong Kong Roundtable Consensus disagreed over what they had actually signed onto. Bitmain co-CEO Jihan Wu, in particular, indicated he would only be willing to activate SegWit if the Bitcoin Core development team also implemented a hard fork to increase the block size limit in their codebase.

Bitmain and subsidiary AntPool demand a hard fork block size limit increase in return for SegWit activation. And its operator, Haipo Yang, positioned himself as a staunch critic of the proposed protocol upgrade. SegWit activation seemed far away. The pseudonymous developer "Shaolinfry", who had previously contributed to Litecoin, dropped a new proposal in the Bitcoin development mailing list and the popular bitcointalk.

Shaolinfry argued in his email that the hash power activation mechanism that had become the standard for soft forks was never intended to be a "vote". Shaolinfry proposed an alternative: a user activated soft fork UASF. Instead of hash power activation, a user activated soft fork would have a "'flag day activation' where nodes begin enforcement at a predetermined time in the future".

As long as such a UASF is enforced by an economic majority, this should compel a majority of miners to follow or activate the soft fork. The idea immediately generated buzz throughout Bitcoin forums and social media. The Patented Technology In the first week of April , Gregory Maxwell dropped what was widely considered a bombshell revelation on the Bitcoin development mailing list. Maxwell claimed to have reverse-engineered a specialized ASIC-mining chip and found that it included patented AsicBoost technology.

What's more, Maxwell revealed that covert use of the technology would be incompatible with a soft-forked version of SegWit. While no specific ASIC-manufacturer was mentioned in Maxwell's email, Bitmain acknowledged that it had implemented the patented technology in their mining chips — though it denied having used it on Bitcoin's mainnet. Either way, for some users the revelation added to the desire to have the Segregated Witness soft fork activated on the Bitcoin network. And, as hash power activation seemed even less likely now, a user activated soft fork was increasingly looking like the solution to accomplish that.

The channel became a central point of discussion and organization for the initiative. A flag date was picked, initially for October 1, then later moved to August 1 to better account for potentially low hash power support. Open Dime founder Rodolfo Novak also established an informational website to promote the idea. The initial plan was to get exchanges and other businesses on board with the UASF. If these companies would support the proposal and enforce the soft fork, it would go a long way in realizing a desired economic majority.

But the UASF did not gain the level of traction some of its proponents hoped for. While a number of companies and some developers seemed onboard with BIP, no major exchanges or other businesses declared support and some even spoke out against the initiative. Coming from one of the most respected and influential Bitcoin Core contributors, his rejection of the initiative had an impact: This version of a UASF appeared to be losing all momentum.

The Altcoins Many altcoins are based on Bitcoin's codebase. This means that the SegWit code, while developed for Bitcoin, is largely compatible with these alternative cryptocurrencies. Unsurprisingly, therefore, several altcoins decided to implement SegWit. The first to activate Segregated Witness was Groestlcoin as early as January But other coins were struggling. Litecoin, Vertcoin and Viacoin all seemed to have been caught in Bitcoin's political game. These coins relied on the same miners as Bitcoin, to a large extent, and most were not signaling support for the upgrade.

This was allegedly due to technical issues or other stated reasons, but, as Viacoin lead developer Romano noted, "It seems more likely they want to refrain from activating Segregated Witness on altcoins because that would give them even less reason to hold off activation on Bitcoin".

By April of , this attitude led Litecoin creator Charlie Lee to advocate for a user activated soft fork on "his" coin. His initiative was eagerly picked up among Litecoin users; it didn't take long for Litecoin miners, Lee, and other members of the Litecoin ecosystem to arrange an online meeting, the result of which was the Litecoin Global Roundtable Resolution.

In exchange for some commitments by Lee, miners agreed to activate SegWit. To this date, the bounty remains untouched, further strengthening confidence in the technology. The New York Agreement Meanwhile, the block size debate raged on.

Another software client to increase Bitcoin's block size limit per hard fork, Bitcoin Unlimited gained traction among Bitcoin's mining community. Endorsed by Bitmain's Wu in particular, the project appeared to be heading toward a potential and controversial hard fork. Initially announced on a private email list for Bitcoin entrepreneurs and other prominent industry members, the meeting would bring together a significant chunk of the Bitcoin industry, including miners — though, notably, no Bitcoin Core contributors.

The outcome of that meeting is typically referred to as the "New York Agreement". Participants agreed on what they deemed to be a compromise between those who wanted to increase Bitcoin's block size with a hard fork and those who preferred SegWit.

Based on an idea originally proposed by RSK founder Sergio Demian Lerner, SegWit would be activated under specific conditions, while there would also be a hard fork to double Bitcoin's "base block size limit". The New York Agreement and its two concrete points of action But while it sufficed to say not everyone in the Bitcoin ecosystem supported the agreement, one specific problem stood out in particular. The conditions for SegWit activation were largely incompatible with those proposed by the Bitcoin Core development team, for which the code was already widely adopted by Bitcoin users.

Shaolinfry had proposed the concept under the assumption that it would be backed by an economic majority and thought it should be aborted before the flag day otherwise. Some of them — including Bitcoin Core and Bitcoin Knots developer Luke Dashjr — were contemplating activating the soft fork regardless of what the rest of the Bitcoin ecosystem would do.

Even if they were a minority, and even if they'd effectively spin themselves off into a new altcoin, they would move forward with the upgrade. Around mid-May, Alphonse Pace linked this determination to a game-theoretical concept described by statistician and author Nassim Nicholas Taleb: the "intolerant minority". In short, this idea presupposes that even an economic minority should be able to compel miners to activate the Segregated Witness soft fork.

They would unnecessarily lose a chunk of their "customer base" Bitcoin users otherwise. Seemingly fuelled by the AsicBoost scandal, the SegWit activation on Litecoin and discontent regarding the New York Agreement — and this time backed by game theory — BIP support started to snowball into somewhat of a viral phenomenon on social media and message boards once again.

Several more articles discussed the growing potential of the UASF and much debate on social media, YouTube channels other discussion platforms followed. As long as a majority of miners would activate BIP91 before August 1, all Bitcoin nodes should remain part of the same network.

It was a relatively small time window, since the solution was only proposed by late May, but Jeff Garzik, the main developer attached to the New York Agreement, adopted the proposal and planned to release the software client resulting from that agreement weeks before August 1.

It was doable. Possibly startled by these market movements, Bitcoin's mining community started to rapidly signal support for BIP91, even ahead of the schedule set forth by the New York Agreement. It activated a little over two days later. This ultimately happened on August 9 — the point of no return having been reached on August 8.

Bitcoin would "officially" get SegWit after another two-week grace period. Since SegWit has only just activated at the time of publication of this article, it's impossible to know how quickly and how much the upgrade will actually be used. Some critics, perhaps most notably Garzik, predict that widespread adoption could take up to a year or even longer.

Others, including a number of wallet and library developers, think they can utilize the feature within weeks, or they are prepared already. And other technologies that depend on the upgrade, such as the Lightning Network, but also Merkelized Abstract Syntax Trees MAST , atomic swaps, faster transaction signing for hardware wallets, the more efficient Schnorr signature algorithm, and TumbleBit in payment processor mode, are in various stages of development as well.

It's been a long road, but anyone who wants to use Segregated Witness should now be able to do so, starting today. SegWit means Segregated Witness, where Segregated is to separate and Witness is the transaction signatures involved with a specific transaction. In a nutshell, it is an improvement over the current bitcoin blockchain which reduces the size needed to store transactions in a block.

Why use SegWit? The main benefit of separating the transaction signature from the transaction data is it reduces the size of the transaction data needed to store in one block. This allows each block to have extra capacity to store more transactions per block. This means the network can process more transactions per block and the sender pays lower transaction fees.

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There was an upgrade to Bitcoin's protocol that would fix bugs like transaction malleability and more easily enable higher layer function on top of Bitcoin, such as the lightning network.

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Forexworld uk Read this article and watch the accompanying video to learn more. Litecoin image via SegWit tracker website Read more about. Pieter Wuille wanted SegWit to be backward compatible, and therefore, a soft-fork update. The first to activate Segregated Witness was Groestlcoin as early as January SegWit: A Quick Primer SegWit is a technology that helps alter the block size limit on a blockchain by removing signature data from the transaction. Jude works for Lucy for ten days.
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