Segwit Explained in easy terms


so now that SegWit's been locked in for litecoin It's about time to take a closer look at what SegWit is and How it really improves litecoin So let me do a very brief introduction of what SegWit it is, please forgive me if it's a little bit too simplistic But I want to try to summarize it in very easy to understand terms so if you think of bitcoin miners as accountants that process all the transactions that happen on the litecoin network and bundles them up into a ledger called the blockchain Then the SegWit is a change to the ledger to like say for example I change the tax, that's probably the easiest way to describe it

It's a change where you kind of remove a signature from the form and package it separately That's all it is, the segregation of Witness, the removal, the change Taking out a signature on a form and putting it elsewhere Well, why won't you want to do that is because by taking out the signature you actually create a empty space We can put even more transactions on that ledger So you can actually put more transactions onto the same blockchain? Get more on your chain so That's actually quite good because if you look at bitcoin, you can see that Transactions are taking a long time because they can't fit enough transactions on to each block every ten minutes With litecoin we actually don't have this problem There's no kind of Blockchain problem, just blockchain size problems They actually just wanted to do this for another reason Which is: by segregating the witness by which we're removing a signature from that block, You paid(paved) your way to other advancements, such as lightning network so it's kind of like a technological upgrade and I can see why Miners will go crazy over this because Miners are the ones who decide to adopt this or not, they decide to vote – okay, do we want this signal on SegWit, and we want to they need to mine a certain number of blocks to lock in SegWit Which is what happened with litecoin so they have signaled it and now they approved it

So it's like the accountants voting for something I do in fact imagine like a union of accountants and they voted for something and now they've officially put the stamp on it, approved it and they can never go back and It's funny because initially just change to the form the segregation of Witnesses was actually a big deal It was actually a very very hard to do action it actually Would have rendered the Network not backward-compatible Which is called a Hard-Fork, but actually The programmers found a way to actually change it such that it is a Soft-Fork and it's backward-compatible And I guess you can see the problem there, which is programmers decide how to pack the form, programs just write the Form , they decide the Programming, but if the miners will have to approve it, and it's not the people who have to approve it it's not the users of litecoin, but the miners of litecoin who have to approve it and It took a lot of effort to convince everyone that these forms are safe to use It's like convincing accountants: "hey these these forms are good" and you know accountants probably don't want change and it's the same with the miners and You can see that problem, Echo with bitcoin where right now They still cannot lock-in SegWit, even though the code is done Even though you can start signaling it, they haven't started adopting it yet But what's good? Is that right now after litecoin has adopted SegWit I think it's good to see that it is safe and the advantages of it

I think that's the biggest thing that these miners Would have to see, so there's like way miners and bitcoin miners and bitcoin miners weren't very open to SegWit, infact the biggest miner Bitmain has been opposing it for a long time (f* mother if you want f*) With litecoin adopting SegWit, I think They can move on to the next step, they can start developing other things, the developers, the programmers can start thinking of the next step, can start improving on more code Without actually going into politics And with that will come lightning networks and even more advancements to litecoin Which will make it faster and better than before So that's why the price has increased, you know we initially went Charlie Lee the co-creator of Litecoin wanted to kind of push SegWit SegWit, he predicted prices will be at 15$ for litecoin after SegWit, but we proved them wrong It's now at 33$ It's astronomical and it shows to everyone that this is extremely important both of course Must take this with a slight grain of salt because prices are susceptible to things such as pump and dump and I think that's probably maybe Something that's happening with litecoin right now, everyones It's getting a lot of attention, but people still don't really understand the consequences and The action to take, what's happening right now? So there might be price stabilization period, but it's definitely a big step forward guys [if] you have any questions about [Segwit] [I] know that I said summarize things a little bit here, if you guys want me to go into more details, do put the questions below and I would love to answer them in my next video Thanks

About the Author Dancake

Hey hey hey. It’s Ville and welcome to my blog. I am a tech enthusiast and always looking for ways to generate new income streams. At the moment Bitcoin cloud mining is one of the most promising ones and that’s why I created this website. Hope you like your stay. If you want a quick start guide about making passive income with cloud mining check out this guide.