The idea of SegWit was first presented by Pieter Wuille at a Bitcoin conference in 2015. Wuille is a developer of Bitcoin and co-founder of Blockstream, a software company that specializes in digital security for financial services.
Wuille suggested SegWit as a solution to a flaw in the Bitcoin protocol. In software development, fixes to flaws are called patches. The problem I wanted to solve is called the malleability of the transaction. Transaction malleability is a nerdy way of saying that Bitcoin can be stolen from users by changing small bits of transaction information. Don't worry, I'll cover all of this in more detail in the next section.
Wuille's SegWit proposal sparked a lot of debate in the Bitcoin community and it took almost two years before it went live. It was finally activated on August 23, 2017. The same patch was applied to the Litecoin protocol on May 10, 2017.
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Member SinceJul 08, 2021
Posts 324
Kihn
Jan 11, 2022 a 11:26Wuille suggested SegWit as a solution to a flaw in the Bitcoin protocol. In software development, fixes to flaws are called patches. The problem I wanted to solve is called the malleability of the transaction. Transaction malleability is a nerdy way of saying that Bitcoin can be stolen from users by changing small bits of transaction information. Don't worry, I'll cover all of this in more detail in the next section.
Wuille's SegWit proposal sparked a lot of debate in the Bitcoin community and it took almost two years before it went live. It was finally activated on August 23, 2017. The same patch was applied to the Litecoin protocol on May 10, 2017.