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A 2017 softfork that introduced a new transaction format to fix third-party transaction malleability and increased the blocksize.

0 votes

How would I explain SegWit to a non-technical friend?

Some of the major benefits of SegWit are (in no particular order): 1) Effective block size limit increase 2) A solution to transaction malleability (no longer possible for a third party to alter the …
Michael Folkson's user avatar
2 votes

what does segwit remove?

To add to Pieter's answer here is a diagram. The witnesses at the bottom of the Merkle tree are not seen by old nodes that haven't enabled SegWit. Hence the block size limit (1MB) for these old nodes …
Michael Folkson's user avatar
9 votes
Accepted

What are the different upgradeability features in the BIP-Taproot (BIP 341) proposal?

There is the annex, leaf version, ext_flag, OP_SUCCESS, unknown pubkey types and you could probably include the existing witness version too. I believe that list is exhaustive. The ext_flag isn't so …
Michael Folkson's user avatar
4 votes

Why are some bc1 addresses 42 characters and others 62 characters in Base58?

P2WPKH (pay-to-witness-public-key-hash) addresses are 42 characters in length and P2WSH (pay-to-witness-script-hash) addresses are 62 characters in length (see here). bc1 addresses also use bech32 enc …
Michael Folkson's user avatar
5 votes
Accepted

Why did bech32 define a new base32 encoding scheme rather than use an existing one?

There are multiple aspects to the design of bech32. There is the choice of character set (i.e. which characters are included in the 32 options and which characters are excluded because they visually l …
Michael Folkson's user avatar
1 vote
Accepted

If I delay upgrading to the latest Bitcoin Core version post Taproot activation does my node...

Your node will likely never re-verify those transactions according to the Taproot rules unless it is forced to do a new initial block download (IBD) due to database corruption etc. It verified them at …
Michael Folkson's user avatar
1 vote

Can one infer that a bc1 address is multisig?

A hashed script with multisig in it is the same length as a hashed script without multisig in it. So it is only revealed that it was a multisig when the script is revealed at spending time. As you say …
Michael Folkson's user avatar
3 votes

Do non-Segwit nodes reject Segwit transactions with invalid signature?

If a miner included a Segwit transaction to a block with invalid signature, it'd be rejected by Segwit nodes, but not by non-Segwit nodes. Indeed. It would have to reach the miner so either sent to …
Michael Folkson's user avatar
1 vote

What are the OP codes associated with bc1?

I think you may be misunderstanding how an address is constructed and where scripting opcodes fit into that. The bc1 indicates the use of the bech32 address format for SegWit versions as defined in BI …
Michael Folkson's user avatar
2 votes

Why is the wtxid considered malleable?

To add to James' answer, the "segregated" witness can be switched out for an alternative valid witness which changes the wtxid but not the txid. The txid stays the same if you change the witness as th …
Michael Folkson's user avatar
2 votes
Accepted

How is a Bitcoin transaction signed using ECDSA?

You say you are familiar with how secp256k1 and ECDSA works but from what you say later I'm unsure whether you are. SegWit v0 didn't change the signing algorithm (ECDSA) nor the curve (secp256k1). Seg …
Michael Folkson's user avatar
0 votes

Is the witness `version` of a bech32 address required to "send spendable funds" to the address?

Generally if Alice wants to send Bitcoin to Bob it is best practice to ask for his address directly before sending Bitcoin to it rather than storing his address for a long period of time and assuming …
Michael Folkson's user avatar
6 votes
Accepted

What are the risks of running a pre-SegWit node (0.12.1)?

Is it safe to assume that Bitcoin is not soft-fork backward compatible? The only benefit of a soft fork over say a hard fork is that old nodes aren't forked off the network if they fail to validate …
Michael Folkson's user avatar
2 votes

How do pre-Segwit nodes interpret transactions containing Taproot OP_CHECKSIGADD?

OP_CHECKSIGADD is only defined for SegWit v1 (Taproot). A pre SegWit v1 node that doesn't recognize Taproot rules will treat all SegWit v1 outputs as "anyone can spend" regardless of whether it has a …
Michael Folkson's user avatar
8 votes
Accepted

Can you break down what data is encoded into a bech32 address?

Bech32 addresses are defined in BIP 173. This slide is taken from Pieter Wuille's presentation on bech32 at SF Bitcoin Devs in March 2017. Different prefixes A list of address prefixes on the Bitcoin …
Michael Folkson's user avatar