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Early Stage Investor Talks Bitcoin’s Scalability & Long-Term Vision - Coinjournal

It’s taken the Bitcoin industry years to reach an agreement on how to best scale Bitcoin and begin the process of activating Segregated Witness, a solution which was originally proposed in December 2015.

Despite extensive analysis from experts including Blockstack co-founder Ryan Shea which proved SegWit to be a secure and practical solution which solves a number of additional issues as well as scalability, miners have been reluctant to activate Segwit, largely due to the disagreements that emerged following the Bitcoin roundtable event that took place in Hong Kong. In an analytical blog post entitled “Bitcoin’s Segregated Witness: More Than Just Malleability Fixes and Scaling,” Shea wrote:

“‘Segregated Witness’ or ‘SegWit’ is a Swiss army knife in terms of benefits. It leads to improvements on so many levels it’s actually surprising. It’s really, really good. So good that it’s worth listing out all of the benefits.”

Two of the major advantages of SegWit are its ability to drastically enhance security measures on bitcoin hardware wallets such as Trezor and Ledger as well as infrastructure changes that allow for the creation of 2nd layer solutions including the Lightning Network and TumbleBit.

“SegWit is a blessing for hardware wallets for many reasons. I actually think that rolling out SegWit will increase security, because it will reduce huge complexity in hardware wallets as it is today,” said Marek “Slush” Palatinus, CEO of Satoshi Labs and the lead architect at Trezor.

Though Segregated Witness offers so many improvements to Bitcoin, it has been met with opposition from some parts of the community and thus forming consensus has been slow. Only in recent months with the emergence of the UASF proposal and Segwit2x has the community moved closer to activation.

Discussing the progress that has been made by Segwit 2x, Vitalik Buterin, co-founder of Ethereum commented:

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