SegWit and its affiliates: Taproot, UASF and Lightning Network

Bitcoin is often said to be resistant to change. For some, that's true. Bitcoin developers are horribly conservative when it comes to protocol changes, but that's a narrow view.

Bitcoin would have to be invincible to become a currency to do something that no technology has ever done before. Network downtime, blocking errors, overflow errors, and rounding errors are not required.Bitcoin should remain stable. Altering or modifying the Bitcoin code can be devastating to the market, making it seem like you are walking on ice.

We cannot approve the upgrade request as it will benefit some network participants. Bitcoin developers will not jeopardize the integrity of the network except for the benefit of all. It's about making Bitcoin more profitable and accessible to everyone, rather than striving for beauty that only a few will use.

Why is the Separate Witness (SegWit) so important?

4 years ago, on August 24, 2017, at altitude 481824, the SegWit update was launched. As described in Bitcoin Upgrade Proposal (BIP) 141-144,SegWit solves the malleability problem while solving the scalability problem caused by the size limit.

At the time, SegWit was adding the Bitcoin Core software codebase, but there was controversy over Bitcoin's ability to adopt it, escalating the battle between traders and miners.

For various reasons, many miners do not support SegWit and want to bypass this update. CornEstimated value has been shown to allow users to push consumer power consumption (UASF).This is a necessary change in the network because the node prevents UASF from accepting blocks from non-participating operators. This is the historic moment for Bitcoin that proves two things. The Bitcoin network is decentralized and miners help users and is irreversible.

How SegWit works

The main purpose of SegWitrather than saving a block of spaceCure malignant tumors in industry. Before SegWit opens, the unrecognized change ID (id) of the string will change due to a change in the script or the signature itself. SegWit changed the script (ScriptSig) to a new part of the transformation called "witness" (not used for counting entities), adjusted the swap amorphism, and the id number changed to become a character that does not recognize the change can beat. . This is very important for the Lightning Network.

While this significant change will create more trusted corporate credentials, moving letters and signatures into Witness will force developers to find new ways to measure rates based on "block weight" rather than size. "block size". . Cost Before the launch of SegWit, the block size was 1 million bytes (about 1 MB). After the launch of SegWit, the upper limit of the size was a weight of 4 million, which means that an average of about 1.5 to 2.0 MB per block (depending on the volume of business available in block) , but can accommodate up to 4 MB . . . information. This is because the weight ratio of evidence to other data in the exchange is 1:4, and more variables can be placed in the block, reducing the level of costs.

What I learned from SegWit

In terms of knowledge, SegWit taught me a lot about Bitcoin, both usable and practical.SegWit mods see a wide range of users appearing for greedy employees, who force them to mod ignoring non-SegWit blocks.thisTake advantage of the Bitcoin trading platform to reduce miner incentives. If the block is not accepted, you will not receive the block gift and fees.

The nodes hold the power

The user-activated fork, as the name suggests, describes the set of rules that exist in the system. It's not that the miners who buy ASIC gear and invest heavily to control these huge accounts have that power,Instead, ordinary users who keep copies of the Bitcoin ledger for verification have this permission.This is the ultimate test for users frustrated with the decentralization of Bitcoin content, and ultimately delivers the results we want and forces miners to fork.

Modifying Segwit also has side effects, such as "Block Size War" which helped give miners a voice against SegWit and increase block metrics. Protest miners use a process called "ASIC Boost" to increase mining efficiency, but it is not compatible with SegWit.

This conflict has made it clear who the true supporters of Bitcoin are and weeds out those who want to change the network for their own benefit. Finally, there are two results. Some miners relied on forked chains, the Bitcoin network also experienced the difficult and slow SegWit update, and it took more than a year to reach 50% support.

A fork does not have to end with an argument.

For a long time, people didn't know how SegWit would end. Some nodes have enabled UASF for miners, much to the dismay of the community. Without heavy users, the update may or may not occur at all. In addition,This information was brought this year to the soft fork Taproort, the addition of the Bitcoin update and has recently been closed.

The Taproot voting process is more than SegWit's,It is recommended that miners properly modify their clients before the time needed to operate and send the support signal to the block. Any block mined by the mining pool that votes for it is considered an approved vote for the operation, and if the block's support is above 90% at the time of the vote, that means the vote has passed.

This method is important for the approval of minor users and avoids heavy collisions due to the differences in perception of normal nodes and minors. If miners do not agree to modify the Taproot by the end of the voting period, a call for UASF implementation will be called out across the community.

We can expect the same data to repeat in network updates in the future, but we don't know if they will do the same as Taproot. While this procedure is standard, it can be used by those with a secret intent to ask minors to vote and put the UASF in situations that should be avoided.

flash

Although the slow adoption of SegWit is disappointing, the benefits it brings are slowly appearing.The Lightning Network is a two-tier network built on top of Bitcoin.It was the first major news page of the past year.The Lightning Network offers instant, fee-free payments with guaranteed bitcoin payouts.; This makes it easier for the average person to access and use Bitcoin. Works well tooProvide better personal protection.

Without SegWit, immediate security would not be possible, but the problem of unreliable switching has been solved, opening the door to this new situation. Bitcoin already has an instant payment layer and a process layer, and additional metering processes such as smart contracts, business applications, and private networks can be built inside.

SegWit unlocks new technologies for BitcoinAs the Lightning Network grows, so does the new functionality it can offer. A few years ago, other coins were trying to create more new applications. Some of these larger applications can be integrated into the Lightning Network process to appreciate the security of Bitcoin. The launch of Taproot is a business and will be operational in November this year. Bitcoin will be more efficient and promising for future trading. Stay tuned!