SegWit 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.
The essential condition for SegWit activation is that 95% of the Bitcoin community have to agree to this new process and switch to the new Bitcore Core client for at least two weeks. Now, the conditions have been met and SegWit proposal has finally locked-in on the Bitcoin blockchain:
SegWit proposal activation countdown on segwit.co
The fixation took place at block 479,708. However, Bitcoin won’t be able to upgrade immediately. Because of SegWit’s two-week “grace period, " the change won’t “activate” until block 481,824, which is currently projected to happen on August 21.
The community is celebrating the proposal's activation. Charlie Lee, the creator of Litecoin (which activated SewGit way earlier than Bitcoin), congratulated the Bitcoin part of the community on such a great achievement for the industry:
SegWit has finally locked in on Bitcoin!
"What took you so long?" - Litecoin
— Charlie Lee (@SatoshiLite) August 8, 2017
For now, the price of the first digital currency beats all the records and is about $3389. Bobby Lee, co-founder and CEO of YourBTCC, ran a Twitter survey asking followers to name a Bitcoin price once the lock-in occurs:
— Bobby Lee (@bobbyclee) August 6, 2017
The results of the survey, which has so far received almost 3,300 votes, point to a further price increase over $3,500 after August 9th (35%), while 25% of respondents consider prices could go even higher - over $5,000.