In today's booming era of digital currency, Bitcoin, as one of the most representative cryptocurrencies, has attracted much attention. In recent years, the application of Segregated Witness technology in Bitcoin transactions has become more and more widespread, and it is said that 66% of Bitcoin transactions have adopted this technology. So, what exactly is Segregated Witness? Let's explore it in depth and uncover the mystery behind this technology.

Segregated Witness is a technology designed to solve the scalability and security problems of Bitcoin transactions. Its core idea is to separate transaction data from signature data, so that transaction information can be transmitted more efficiently, while improving the security of the network. In this way, Segregated Witness not only improves the transaction speed of Bitcoin, but also reduces the congestion of transactions, bringing revolutionary impact to the entire Bitcoin ecosystem.

The emergence of Segregated Witness stems from the restriction on the size of Bitcoin blocks. In the Bitcoin network, the size of each block is limited, resulting in a certain number of transactions cannot be packed into one block, causing transaction congestion. Segregated Witness effectively reduces the size of transaction data by separating signature data from transaction data, allowing more transactions to be packed into one block, and improving the throughput of the Bitcoin network.

In addition to increasing transaction speed, Segregated Witness also enhances the security of the Bitcoin network. In traditional Bitcoin transactions, signature data is combined with transaction data, which is vulnerable to malicious attacks. Segregated witness stores signature data independently, effectively reducing the possibility of hacker attacks, improving the security of transactions, and protecting user assets.

The application of segregated witness technology has been widely promoted not only in the Bitcoin network, but also in other cryptocurrencies and blockchain projects. Many emerging digital currency projects are considering introducing segregated witness technology to improve their transaction speed and security, and further promote the development of the entire blockchain industry.

In general, as a revolutionary technology, segregated witness has brought great changes to the Bitcoin network. It not only increases transaction speed and reduces transaction fees, but also enhances the security of the network, providing users with a more convenient and secure transaction experience. With the continuous development of blockchain technology, segregated witness technology will surely play a more important role in the future, leading the digital currency industry towards a more prosperous and mature future.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

As Cointelegraph reported on January 6, more Bitcoin transactions are now using Segregated Witness (SegWit), with the protocol accounting for 66% of all Bitcoin transactions as of January 5, according to data from SegWit.Space.

(Image source: pixabay)

Nearly two-thirds of Bitcoin transactions now use Segregated Witness

The percentage of Bitcoin transactions using Segregated Witness rose sharply by the end of 2019, jumping from around 40% in September to nearly 60% in October.

However, the statistics of different data resource websites vary. SegWit.Space, a website dedicated to monitoring the adoption of Segregated Witness, shows that 66% of Bitcoin transactions use Segregated Witness. Other data sources, such as transactionfee.info and Woobull, a data resource provided by statistician Willy Woo, put the proportion at around 59%.

Despite this, all three companies believe that the overall trend of Segregated Witness development is very optimistic. Segregated Witness has taken a long time to gradually gain acceptance since its release in 2017.

The Bitcoin network has seen a continuous increase in transactions using Segregated Witness technology. Source: SegWit.Space

What is Segregated Witness? 

Segregated Witness was designed to increase the speed and efficiency of Bitcoin transactions while reducing the number of them, but it was initially poorly accepted by users. Bitcoin supporters believe that exchanges that are reluctant to try the technology are putting unnecessary pressure on the Bitcoin network.

One of the world's largest exchanges by trading volume has not yet upgraded to Segregated Witness, and currently the exchange is still using traditional Bitcoin addresses.

Last May, Binance CEO Changpeng Zhao said that developers would work on solving the problem. Last October, well-known Bitcoin supporter Udi Wertheimer even promised to personally advertise for Binance if it started supporting Segregated Witness.

Just last month, derivatives giant BitMEX added support for Segregated Witness.