Segwit Locked-in : Activation on 21st Aug

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Segwit Locked-in : Activation on 21st Aug

Segwit (Segregated Witness) has been locked in and is currently under activation. The activation is expected to happen on 21st of Aug. Once activated, Bitcoin transactions will be confirmed faster by the network and will be able to support a large number of users.

Segwit activation tracker on XBT.eu

Segwit activation tracker on XBT.eu (10th Aug)

SEGWIT LOCKED-IN! – ACTIVATION PERIOD:

SegWit activation this period? YES!
Activation expected at ≈Mon, 21 Aug 2017 23:30:31 GMT

What is Segwit?

SegWit is short for segregated witnesses and it is a proposal presented by the Bitcoin Core team. It comes in the form of a soft fork, a forward compatible upgrade that can work even if some users don’t update their software (without resulting in a chain split). It was released on the 0.13.1 version of Bitcoin Core client.  In transactions there are three key elements. The sender, receiver and the signatures (commonly referred to as witnesses) and these make up a big part of the transaction size.

Segwit updates the 1MB block size limit into a 4 million unit block weight limit, counting serialized witness data as one unit and core block data as four units, essentially introducing a new transaction format.

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