Distributed database that is used to maintain a continuously growing list of records, called blocks
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.
Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen
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. At the time of writing, this goal seems to be achieved:
Bitcoin block details concerning SegWit on coin.dance
Thus, Segregated Witness (SegWit) is to lock-in on the Bitcoin network on Wednesday morning, August 9th.
Bobby Lee, co-founder and CEO of YourBTCC, expresses his excitement on Twitter:
— Bobby Lee (@bobbyclee) August 8, 2017
The whole community counts blocks remaining before the activation of the proposal as this is the second in importance event after Bitcoin fork:
— Crypto Nirvana (@cryptonirvana) August 8, 2017
As SegWit activated, Bitcoin will be one step closer to changing how some nodes on the $50 billion network store data, potentially paving the way for more exciting, forward-looking technologies, such as the top-level Lightning Network.
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.
For now, the price of the first digital currency beats all the records and is about $3427. Bobby Lee also 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.