On August 24, 2017, an update of the Bitcoin protocol called SegWit (Segregated Witness) had its first transaction in block number 481824. Coinfirm’s AML & Analytics Platform supports SegWit transactions, so for the 3rd year anniversary we decided to take a deeper look at that first SegWit transaction and where it went.


Pieter Wuille finished his work on SegWit in 2015 and two years later his work gave the potential possibility of modifying the signed transaction to the Bitcoin protocol. This is mainly why the effective block size is increased without having to increase the bitcoin block size limit thanks to downloading the signature data from Bitcoin transactions (digital signatures can take up to 65% of the block). In practice, this allows more transactions to be stored in one block, thereby increasing the throughput of the entire network. Digital cryptographic signatures, which take up the most space, are kicked off the block and their size does not count towards SegWit compatible block size, with the added benefit that it supports the creation of second layer protocols such as lightning web.

Since its launch in 2017, the popularity of SegWit has been rising. With the rise of its popularity more and more blockchain related service providers and leading companies in their industry segment such as Coinfirm are providing the capability to service SegWit transactions.
Image Source: Pixabay 

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

You May Also Like

How BSOV Token Price Can Benefit From Greater Mining Costs

The BSOV Token  With all the noise, scams, price fluctuations, and fake…

Philanthropist Bill Pulte to Help Africans With Bitcoin

Bill Pulte who has become famous for his act of generosity and…

Waves Ports High-Interest Yielding Stablecoin Neutrino USD to Ethereum Network

Paves Path for Decentralized Forex and Inter-Chain DeFi SAN FRANCISCO- August 18,…
NULS Blockchain

veriTAG Leverages NULS Blockchain to Solve Asia’s Food Safety Problem

SAN FRANCISCO – August 27, 2020 – VeriTAG, a cloud-based tracking system…