Till now, many in the Bitcoin world were slow to adopt the new technology including developers of the Bitcoin Core Wallet. Today, SegWit was finally implemented with the released version 0.16.0.
Segregated Witness is a Bitcoin protocol improvement that facilitates scaling.The upgrade redefined the structure of blocks, changing one block from 1MB to become four million units. Witness data became serialized as just one unit. It will allow storing more transactions in each block, leading to less load on the network, faster transactions and lower fees.
It will also allow for the introduction of further upgrades such as Lightning Channels, established payment paths that would further ramp up transaction speeds.
Bitcoin wallet adoption of SegWit may result in an increase in the use of the technology. Currently, only 15% of Bitcoin transactions currently employ SegWit.
The major gateway between the fiat and cryptocurrency worlds has also scheduled SegWit implementation, with the update expected in the coming weeks following heavy pressure.
Supporters of this technology hope that it will be able to overcome the high transaction costs and long waiting times that users have recently struggled with under periods of high load.