Difference between revisions of "Segregated Witness"

Latest revision as of 13:22, 19 July 2022

Basics

Segregated Witness aka SegWit
Implemented in Bitcoin.

Was put forth by Blockstream
Segregated Witness is described across five BIPs: 141, 142, 143, 144, and 145. BIP141 describes SW in general. BIP142 describes the format for native pay-to-witness-public-key-hash (P2WPKH) and pay-to-witness-script-hash (P2WSH) addresses. BIP143 goes into the detail of transaction verification in SW, and how this solves the quadratic signature hashing. BIP144 discusses the changes to the network messages as a result of SW. Finally BIP145 covers changes to the getblocktemplate JSON-RPC call for the bitcoin core client.

“It removes the signatures (witness) from the inputs of a txn, instead putting it into a special ‘extension’ section of the block. Where the signature used to be, it will just put a dummy empty string”.
It’s outputs are marked as ‘anyone can spend’. Which means non-upgraded miners can technically try to steal the coins in any segwit txn. This is why they need 95% support of the miners to agree not to do this. (by running segwit enabled clients)
It gives a discount to witness data, it gets a 75% discount in the fees/byte calculation. This is the ‘fudge’ to get effectively more txns in the same 1mb blocks.

Critiques

List of posts against SegWit can be found here.

Usage

Gemini exchange has announced (4-2019) full support of deposits and withdrawals for SigWit, becoming the first major exchange to add the 2017 Bitcoin upgrade.
From Our Network (29-2-2020):

"SegWit was introduced in August 2017. Since then, SegWit usage has increased every year. On January 1st, 2020, about 55% of Bitcoin transactions were using SegWit, compared to about 35% on January 1st, 2019."

@@ Line 1: / Line 1: @@
-Dear Admins
+== Basics ==
+* Segregated Witness aka SegWit
+* Implemented in [[Bitcoin (BTC)|Bitcoin]].
-# Please give us Windows 1.0 DR-4 or we will tell the FBI that you were behind 9/11
+* Was put forth by [[Blockstream]]
-#
+* Segregated Witness is described across five [[BIP|BIPs]]: 141, 142, 143, 144, and 145. BIP141 describes SW in general. BIP142 describes the format for native pay-to-witness-public-key-hash (P2WPKH) and pay-to-witness-script-hash (P2WSH) [[addresses]]. BIP143 goes into the detail of [[transaction]] verification in SW, and how this solves the quadratic signature [[hash|hashing]]. BIP144 discusses the changes to the network messages as a result of SW. Finally BIP145 covers changes to the getblocktemplate JSON-RPC call for the [[bitcoin Core|bitcoin core]] [[client]].
-[[Category:Jargon/Various]]
+* ''“It removes the signatures (witness) from the inputs of a [[Transaction (Tx)|txn]], instead putting it into a special ‘extension’ section of the block. Where the signature used to be, it will just put a dummy empty string”.''
+* It’s outputs are marked as ‘anyone can spend’. Which means non-upgraded miners can technically try to steal the coins in any segwit txn. This is why they need 95% support of the [[Miner|miners]] to agree not to do this. (by running segwit enabled clients)
+* It gives a discount to witness data, it gets a 75% discount in the fees/byte calculation. This is the ‘fudge’ to get effectively more [[Transaction (Tx)|txns]] in the same 1mb blocks.
+== Critiques ==
+* List of posts against SegWit can be [https://medium.com/@SegWit/segwit-resources-6b7432b42b1e found here].
+== Usage ==
+* [[Gemini]]<strong> </strong>exchange has [https://medium.com/gemini/gemini-upgrades-wallet-with-full-support-of-segwit-5bb8e4bc851b announced] (4-2019) full support of deposits and withdrawals for SigWit, becoming the first major exchange to add the 2017 Bitcoin upgrade.
+* [https://ournetwork.substack.com/p/our-network-issue-10 From] [[Our Network]] (29-2-2020):
+''"SegWit was introduced in August 2017. Since then, SegWit usage has increased every year. On January 1st, 2020, about 55% of Bitcoin transactions were using SegWit, compared to about 35% on January 1st, 2019."''[[Category:Jargon/Various]]