The code upgrade called Segregated Witness (SegWit) is expected to lock in on the main network later today. This is a huge deal, as it is the last hurdle before activation, and a big Milestone for Bitcoin.
Once SegWit is locked-in, bitcoin services have two weeks to upgrade their software before the change goes live around August 21st.
Once everything is up and running, bitcoin blocks will be able to handle more transactions and should mean speedier transaction than at present, adding functionality to the network.
There are still some unknowns, such as how long it will take for the new code to propagate through the system and how much exactly SegWit will boost capacity, but all shall be revealed very soon.
Apart from showing that bitcoin can evolve, the milestone is likely to herald new innovations and a broader market.
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