How does native segwit differ from segwit and how does it impact the cryptocurrency industry?

3 answers

• Nov 24, 2021 · 3 years ago
  Native segwit, also known as bech32 addresses, is a newer type of address format that offers lower transaction fees and improved scalability compared to segwit. It uses a different encoding method that allows for more efficient use of block space. This difference in address format has a direct impact on the cryptocurrency industry as it encourages the adoption of native segwit addresses, leading to reduced transaction costs and faster confirmation times.
  458229
• Nov 24, 2021 · 3 years ago
  Native segwit and segwit both aim to improve the efficiency of Bitcoin transactions by reducing the amount of data required to process each transaction. However, native segwit takes this a step further by using a different address format that allows for even greater efficiency. This difference in address format may require some changes to wallet software and infrastructure, but it ultimately benefits the cryptocurrency industry by reducing transaction costs and improving overall network scalability.
  504168
• Nov 24, 2021 · 3 years ago
  Native segwit, or bech32 addresses, are a more advanced form of segwit that offer several advantages over traditional segwit addresses. They have a different address format that allows for improved error detection and correction, making them more secure. Additionally, native segwit addresses are more efficient in terms of block space usage, resulting in lower transaction fees. The impact of native segwit on the cryptocurrency industry is significant, as it encourages the adoption of this newer address format, leading to improved transaction efficiency and cost savings for users.
  585147