Crypto Academy Week 3 Homework Post for [@gbenga]
SegWit
It is a bitcoin ticket format with a certain capacity that allows storing data of the different transactions from walet to walet.
This data is stored in segments called blocks that contain compressed information on the transactions carried out, in order to increase their capacity in time and space.
Whose information will go through a process of greater number of transactions facilitating the contraction of the blocks. In other words, a greater number of segments will be created where information will be stored (compressing data into blocks) which, when completed, will give way to another block that will allow greater speed and order of the data.
Legacy
It is a format that determines an electronic address for a wallet, like Segwit, it has been inherited from the original Bitcoin addresses.
These innovations require adaptations, updates and configurations that have modified the addresses of new users, however users with original addresses can use it without any problem.
Which one do I prefer and why?
Segwit this Bitcoin wallet format has a great advantage over legacy: the processing of the information sent to the Blockchain is lighter, it has greater capacity, speed and processing in the number of transactions, the stored data is ordered in such a way that the They are compressed giving way to the creation of blocks that will be kept very orderly all transactions in less time and space, another important aspect is that the operations have lower cost in commissions. Considering the above, it is necessary for users to give it greater importance, the usability will strengthen this crypto currency.