September 27, 2023

The share of SegWit transactions in the Bitcoin network has grown by 45% since the beginning of the year

The share of bitcoin transactions using the Segregated Witness protocol increased by 45% over the year.

According to the service transactionfee, January 1, the share of SegWit transactions in the network of the first cryptocurrency amounted to a little more than 40%. Now this indicator is at around 58.18%.

The share of SegWit transactions in the Bitcoin network has grown by 45% since the beginning of the year

Segregated Witness (SegWit) solution wasactivated on August 24, 2017. The protocol eliminated a number of problems that stood in the way of bitcoin, opening up opportunities for scaling the network, including through the Lightning Network (LN).

In particular, with the introduction of SegWit wasThe method of data storage in the blocks of the first cryptocurrency was optimized, which made it possible to increase the network bandwidth and eliminate the problem of transaction plasticity.

Twitter user Rui Gomes noted that since the beginning of the year, the capacity of the LN network has grown from 515 BTC to 850 BTC, the number of nodes has increased from 4,800 to 10,900, and the number of public channels from 16,000 to 35,000.

Also, according to his observations, the bitcoin network hash has increased over the year from 44 EH / s to 100 EH / s, and the total volume of transactions exceeded 118 million.

The development of the Lightning Network is largelydepends on the adoption of this decision not only by individual users, but also by large exchanges and other popular services. So, recently support for payments using this second-level solution was added by the Bitfinex marketplace.

“It is important that exchanges play the role of technology leaders and supporters of LN, - Paolo Ardoino, Bitfinex Technical Director shared his opinion. - Wait another one or two years and the channel limits will increase or eventually disappear, and the degree of reliability will increase significantly. ”

Recall that in the first half of December, BitMEX crypto derivative exchange added support for native SegWit addresses in bech32 format.