SegWit was activated on the bitcoin blockchain just over a week ago - and thus the promise of making transactions faster and, above all, cheaper. Meanwhile, however, initial disillusion is spreading. Segregated Witness should above all bring two significant advances to the bitcoin blockchain: on the one hand, the size of the blocks to be mined is increased, on the other hand the path for an implementation of the Lightning Network is prepared. However, one week after their activation, no real breakthrough has yet occurred. Does the new technology simply take time to unfold its full effect?
The website SegWit. party, which tracks how many transactions per block are processed with SegWit, comes to the conclusion that the technology adaptation has not yet progressed very far. For example, the share of SegWit transactions rose from 0, 5% to just 1% per block, which would explain the low impact. However, this low percentage also says that SegWit is only at the beginning and there is still a lot of air up.
The full implementation of SegWit, however, seems to be a matter of time. The possibilities to start transactions with SegWit at any time are in place; hardware wallet providers such as Ledger and Trezor already support the technology. The question remains how long this will still take. With SegWit activation, transactions are now weighted differently. An old non-SegWit transaction is weighted with a value of 4, while SegWit transactions have a much smaller weight of 0, 25. This affects the final size of the blocks. A block consisting only of classic non-SegWit transactions has the maximum size of 1 MB.Thus, the higher the proportion of SegWit transactions within a block, the larger the respective blocks become. A total change to SegWit is highly unlikely, even in the long term. Rather, a block will continue to consist of a mix of SegWit and non-SegWit transactions. The average block size targeted by the developers is between 1, 7 and 2 MB.English original version via Coindesk.