How can Segwit help relieve Mempool congestion?

Explaining how Segwit changes block accounting.

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[wolfgang]

One of the only programmer explains from technical point of view to gerneral public the mechnaism of Segwit  👍

[danielchandler]

Taking the high road with your brain where your mouth is. Love it! Thanks for the lesson

[prazertv]

#BoycottCoinbase until Segwit is activated. Let's get this trending. Coinbase is part of the problem.

[HowardARoark]

Jimmy I do not know if people would find this helpful - but I think the following "equation" can be very useful in considering Segwit block sizes :-

S = (1 + k)/(4 + k) * W

where, W = block weight, S = block size in bytes, k = "witness ratio" ie the ratio of total Witness size in bytes (of the block) divided by the base (ie ex-Witness) block size in bytes.

This is very interesting because it allows us to see how the bigger k is, ie the more Witness data there is, the greater S is for a given weight W. The function (1 + k)/(4 + k) is strictly increasing in k, starting at k = zero where it is 1/4, so that then S = (1/4)W.

When W goes to its maximum we obtain the maximal S - but the k-factor ie the "witness ratio" affects S too - the bigger k is the bigger is S.

eg take k = 1, ie equal amount of Witness data as base data in the block. Then S = 0.4W.
So then max of 4MB for W means max 1.8MB for S.

eg take k = 2, ie twice as much Witness data as base data in the block. Then S= 0.5W.
So then max of 4MB for W means max 2MB for S.

What if k gets quite large? Then the expression (1 + k)/(4 + k) gets closer and closer to 1, but always being less than 1, and never actually quite reaching 1. This means S is ALMOST equal to W, ie a Segwit block size of just under 4MB - of course in practice this would require a fairly massive amount of witness data in the block as compared with the block's base size.

The more Segwit transactions there are in the mempool to go into blocks the bigger k will be for the block, and so the bigger will be its size in bytes, meaning more transactions can go into it, and the more transactions are mined per 10 minute interval (thus reducing fees due to the reduced competition). Somebody using an old style pre-Segwit address will thus also get a lower fee - but they are not contributing to the adoption of Segwit type transactions.

Presently with about 15% of transactions being Segwit transactions, k is still fairly low, so that S is only a little bit above 1MB. We require k getting towards 1 to get a 1.8x increase in the Segwit block size, and this will come in time as more and more transactions are of the Segwit type rather than the legacy type.

[Charliechorizo]

What's the website address to see the mempool chart?

[BluecoreG]

Will you make a video addressing Decentralized Thought's view on Lightning?

[CK-qccn]

Jimmy, Is a LN payment channel similar to POS, that settles back to BTC when it is closed?

[mycatalanhomestead]

#Boycottcoinbase untill segwit integration.

[blackrhino]

I'm on segwit now but do I get forks when I'm on segwit the same as legacy on nano s

[williammckeever]

Does the Financial Media get on Banks for their use of service fees, low balance fees, exceeded permissible transactions fees, over limit fees, late fees followed by permanent fees, ATM fees, Credit and Debit Card fees? NO

Does the Financial Media look out for your interests as a saver or investor? NO

FDiC 2016 study found that 76% of Earnings were from fees by Big Banks

[yair]

Please explain when and how transactions with low fees are getting kicked out of the mempool

[MariaMartinez-jmbc]

Still, why do miners have to charge high fees ? Please explain, it makes no sense for them to do so, so I think.

[ILYOtao]

I saw a youtube clip which said that segwit is less secure. Is there any truth in that, or is that bcash spin?

[williammckeever]

Really just how many owners of Bitcoin BTC use the coin in transaction?

Close to Zero would be a good guess.

At this early stage of the game segwit, lightning is just noise created by the haters of Bitcoin BTC.

Just Think this in buying Bitcoin: The Reward is so much greater than the risk.

$500 could get one $2000. in a year's time or it could get you nothing to zero.

[williammckeever]

Since when did the Financial media ever really care about your money health?

Now the banks and economic experts are all out to protect you from Bitcoin BTC.

hahahaha

Way Too Funny