Segregated Witness explained...other input welcomed


#1

So after not being able to find a single simple explanation of segregated witness for every day use other than explaining complex fixes and stiff like that…i decided to male this post in hopes of a greater understanding by the community…

Segregated witness in a nutshell for every day use gives someone the ability to send the same coin to two separate address where it is spendable by both but only once…lets say alice and bob both own a litecoin wallet together and both want access to the same finds but at separate locations…this allows for this and multisig can also be added as a secondary feature to this which would be equivalent to an electronic peer to peer check…

Other input welcome please…


#2

You are completely wrong. You cannot spend a coin twice, that would be a double spend and is illegal on the blockchain.


#3

I did not say one time in that that you can spend coin twice…bitcoin only exists because it solves the double spend problem…I said it is sent once to two wallets and spendable once by either wallet…read again please before jumping to conclusions


#4

open qt and send a transaction to a new address…there is an option to add a second address to the send along with the change address as well…so I can send 1 LTC to 2 separate wallets and it is spendable by either one only one time…like I said with my Alice and Bob Example…and then if I want my change from that address to go to a new address I can enter a different change address…otherwise the change is sent back to the initial send address

the segregated witness basically allows for a transaction to be signed off by the second address used…which is the segregated witness…so if Alice and Bob have a wallet together and Alice wants to pay for some thing and Bob is not around she can send the transaction and it still gets confirmed ( I think I don’t know about that part) and then Bob being the segregated witness wallet holder can sign the transaction using his wallet in his location when he is able to sync his wallet…
kinda like multisig only after the fact where multi sig requires 2 of 3 or 3 of 5 etc key to unlock a transaction the segwit only requires one signature…
this is why I say Segregated Witness is like writing a virtual check because the third party can track down Bobo for the signature or Alice can call Bob for the signature…


#5

You’re talking about multisig.

Segwit doesn’t provide the functionality you describe, it patches a bug that prevented the safe implementation of multisig.


#6

please read again.already said the difference and I know all about multisig…multisig requires 2 of 3 keys or 3 of 5 etc…segwit requires both parties (or wallets being used) to sign the transaction


#7

No it doesn’t, that’s what I’m trying to explain. Segwit was a transaction malleability fix which allows multisig.

Segwit itself is not the same as multisig it ALLOWS mutlisig but it IS NOT MULTISIG

How can I make that any clearer


#8

allows multisig? dude multisig has been useable for years…I really don’t know where your getting your info from…

open the version 12 wallet…it has multisig and does not allow you to add a second recipient for a transaction…now version 13 does…so that is the everyday usable part of segwit part of the wallet…I know about the malleability fix…and it fix a whole lot more than that…blocks are also over 100MB now…

multisig has been out for years and segwit has absolutely nothing to do with it at all…

you couldn’t add a second recipient for a transaction before segwit…I tried many times ot do double spends and send to multiple wallets…now I can send the same coin to two separate wallets and spend it once with either one…and when I spend it with one then I sign it with the other then it gets confirmed…
I been following this closely since signal date of jan 28th… that’s why I made this post…


#9

Every Bitcoin transaction has 3 parts – who sent it, who receives it, and a digital signature that verifies the sender has the right to send the coins. The signature is considered to be “the witness” for the transaction.


#10

Dude, You can’t do multisig with transaction malleability bug, sewgit fixes that and allows multisig.


#12

Multisig has been aloud for years and has been used for a very long time…segwit just activated…multisig has been usable in many previous wallets
Segwit fixed malicious transactions from being mined I to empty blocks…that’s also how it aloud for larger blocks…
Before u could broadcast an empty transaction to a solo node and it would be mined as a full block…now that doesn’t happen as part of the new fix
It also did this for Multisig transactions as well…which again have been being used for years


#13

https://en.bitcoin.it/wiki/Multisignature

notice nothing here about segwit at all and I specifically remember using multisig last year…before segwit…so your input is invalid…sorry

also you cant use multisignature with only 2 address like u can segwit…multisig requires 3 at least and can be unlocked by any 2 of the 3 keys


#14

If I’m so wrong then explain to me the difference between a segwit transaction, multisig, and regular transaction then…since they are all three different options…