Segregated Witness: Make 2017 the Year of Bitcoin

Segregated Witness (SegWit) is an outstanding technical and logical achievement in the Bitcoin field, satisfying all the imaginations of early Bitcoin enthusiasts and opening the door to innovation. Most importantly, it fixes Bitcoin's main technical flaw:交易延展性. Segregated Witness supports both on-chain and second-layer expansion solutions, and has won the support of many of the most influential engineers and technical experts in the Bitcoin field.

This update solidifies Bitcoin’s position as a secure and reliable blockchain for both casual cryptocurrency users and enterprise clients interested in non-monetary blockchains. Once the transaction malleability issue is resolved, it will be easier to deploy decentralized micropayment networks and smart contracts (such as sidechains). More importantly, with Segwit activated, developers can continue to create newer and more important projects.

Bitcoin’s growth in 2017 will directly benefit from the deployment of SegWit:

1. Lightning Network

2. Yours Network (decentralized reddit)

3. Rootchain (RSK, a Bitcoin smart contract platform compatible with the Ethereum Virtual Machine)

4. Hivemind (drivechain, two-way hooked sidechain protocol)

5. In fact, all Bitcoin users can indirectly benefit from SegWit, and no one will suffer huge losses.

From concept to execution, under tremendous pressure and facing complex management challenges, the Bitcoin Core team finally solved the most pressing problem in the Bitcoin field with a perfect solution. In November 2016, Segregated Witness was officially released, and more than 120 participants held a celebration at the Bitcoin Embassy.

Bitcoin's governance model is unique and, to some extent, an experiment. The world is watching our community, and even a small mistake can create great risks. The successful deployment of SegWit in 2017 can send a signal to the outside world that technical challenges can be solved through community discussion, open source software cooperation, decentralized consensus, and member initiative (running mining nodes). Bitcoin's free market model is welcomed by all exchanges, brokers, wallets, and payment providers.

The activation of SegWit will go down in history as the most significant financial technology milestone in the last decade.

There is no doubt that the activation of isolated verification can strengthen investors' confidence and is likely to lead to an increase in the price of the currency.

Bitcoin Embassy strongly recommends the community to support Segregated Verification and expresses deep gratitude to the hundreds of contributors who have participated in the maintenance and development of the Bitcoin Core project. At present, all our valid nodes are already running Bitcoin 0.13.1, and our miners have also switched to Slush Pool. Because Slush Pool supports Bitcoin Core voting and encourages miners to support Segregated Verification.

Bitcoin Embassy is the world's first physical Bitcoin center and Canada's most influential and active blockchain advocacy organization. Our physical exchange can receive dozens of customers every day, and our public reception is also the forefront of Bitcoin advocacy. Our main job is to help and serve ordinary users.

Over the past three years, we have had face-to-face communication with thousands of Bitcoin users. We firmly believe that decentralization, censorship resistance, privacy, and scarcity are the core features that drive the popularity of Bitcoin. - Bitcoin Embassy

At the same time, we recognize that Segregated Witness represents a positive development in on-chain scaling, enabling the best of both Lightning Network and sidechains.

As an entrepreneur in the non-monetary blockchain space, I can say that fintech representatives interested in blockchain platforms want the “scaling war” to end sooner rather than later, and prefer to deploy solutions such as Lightning Network or sidechains as complementary technologies to their blockchain platforms. The activation of SegWit will enable the development of these technologies while protecting the core functionality advocated by Bitcoin users.

Here, on behalf of thousands of Bitcoin Embassy customers and startups such as Satoshi Counter, Satoshi Portal and Bylls, I would like to express my sincere gratitude to the miners who support SegWit and look forward to the activation of SegWit in 2017. 2017 is destined to be the best year for Bitcoin development.