In order to understand what SegWit is, we first need to understand how Yenten transactions are made. SegWit stands for Segregated Witness.
As we know, when we send yenten to someone, this transaction is added to the bitcoin blockchain in a new block. In this new block added, there is some information about the transaction we made. These consist of sender information, recipient information and digital signatures. This digital signature is also called witness or witness.
The digital signature covers approximately 50% of every yenten transaction, and this is a huge rate. There are many bitcoin transactions on a yenten block, and about half of each of these transactions are witness signatures.
The size of the new ring to be added in the yenten blockchain can be at most 1MB. In other words, there are many transactions in a 1MB bit box and half of these transactions are the signatures of the witnesses.
When yenten first came out, the number of users was not as high as it is now, and since the number of transactions was small, it did not take much to verify these transactions. But today there are millions of yenten users and a lot of transactions are being done. Users sometimes have to wait days for these transactions to be confirmed. In addition, transaction fees have increased as the work of the miners performing the verification process has increased.
On the other hand, every user using a desktop wallet has to download the entire blockchain to their computer, and the size of this blockchain has exceeded 16GB as of today. Considering that half of this blockchain does not contain transaction information, only witness information, a solution to this problem must be found.
Soft Fork and Hard Fork
Soft fork means soft fork. It is part of the SegWit soft fork that took place in August. The transition to Soft Forka is entirely up to the user’s request. Those who use the updated version can work in harmony with the previous versions. So it provides backward compatibility. Older versions of yenten software can recognize new blocks. After the Soft Fork update, all users will be able to recognize the new blocks, whether they have made this update or continue to use the old version.
A hard fork, on the other hand, is a fork in the yenten protocol that is not backward valid. Users using yenten software are required to update their software after this update, otherwise these software will not be used and will not recognize new blocks. If half of the miners want to keep using the old software and half the new software, this will cause the blockchain to fork. Two different block chains emerge. If you do not update your software, you will continue on a new blockchain.