Segregated Witness is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain.
Today, on August 24th, the activation of the protocol finally took place at 01:57 UTC on the block 481,824 found by the BTCC pool.
SegWit activation: block details on coin.dance
The community seems to be pretty excited about the news. Thus, Charlie Lee, the Litecoin creator and an active Twitter user also known as one of the most honest developers in the cryptocurrency world, congratulated Bobby Lee, Co-founder and CEO of YourBTCC, on the social media:
— Bobby Lee (@bobbyclee) 24 августа 2017 г.
— Charlie Lee (@SatoshiLite) 24 августа 2017 г.
With the activation of SegWit, a number of problems connected with Bitcoin are to be eliminated. On top of that, the activation will enable the opportunities for significant network scaling and the implementation of various innovative projects.
In addition, now it is possible to launch the Lightning Network protocol, a solution designed to perform microtransactions.
Is this it for Bitcoin drama, remains to be seen. At least there's still the possibility of SegWit2x hard-fork in November.