There are many forms of cryptocurrency out there - each with its own name, style, uses, and digital format. However, there is one bond that ties them all together in undeniable relation: security checks and balances. For any kind of currency to be taken seriously on any level, it must first take on some form of security and unauthorized duplication prevention.
In what we could now call "The Old Days", most major cryptocurrencies applied their own various forms of security protocol which, in turn, maintained the sanctity of the currency and those utilizing it. Now though, thanks to a relatively new security concept, cryptocurrencies in Australia and around the rest of the world have begun to step up their security game even more. So far, the early results of this new security concept, SegWit, have been quite promising.
What is SegWit?
Without getting too technically explicit, in short, Segregated Witness is a new security layer being applied to previously existing cryptocurrencies. As digital cryptocurrency transactions take place, a series of signatures and keys must align correctly between all parties involved in the currency's transaction. Now however, SegWit plays an additional role in taking over the carrying of those signatures, along with attached transaction data, in an even more secure plane than before.
Results in the Making
As to past skeptics of Segregated Witness or its actual viability in the cryptocurrency transaction chain, the proof is now coming full-circle. Many currencies have begun to adopt this additional security protocol into their transaction standards with great subsequent improvements in user trust and experience, and thus valuation. The most eye-opening of results has been seen in the Australia-common Litecoin. After adding SegWit to its transactions, valuation of the currency more than doubled in just four months.
Seeking to also get in on the action now is the cryptocurrency giant, Bitcoin. Now making it official, Bitcoin has introduced SegWit to its transactions and is expected to benefit greatly, in much the same way as Litecoin and others. Officially in the trial period of rollout now, continued SegWit use in the currency is expected by some experts to give it valuation gains placing it at around $7,500 or more.
As long as the gains far outweigh the technical issues, as so far we're seeing, look for SegWit to become the new standard in security protocol for cryptocurrency transactions for a while. As Bitcoin rolls out the concept in even larger scale, the possibility of finding problems will become higher. However, so far, Segregated Witness looks like it will be around for the long haul, and no one is complaining about that.