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[source](https://images.app.goo.gl/3irURuE2adbn6mED6)
Thank you professor @gbenga for the lecture.It is really an eye opener to me.
**INTRODUCTION**
Bitcoin is a decentralized digital currency (Cryptocurrency).It is almost becoming a household name here in Nigeria as you will always hear people saying that they would buy or sell Bitcoin.
It is decentralized in the sense that,there is no central group or intermediary or company in control of Bitcoin.Therefore, sending and receiving of Bitcoin is done on a Peer-to-Peer (P2P)basis.
However, transactions on Bitcoin are recorded in a ledger called blockchain.
**THE HOMEWORK**
[source](https://images.app.goo.gl/TEoPyjVr2gMDcnzv7)
Permit me to define the two Networks:Legacy Bitcoin Network and Segregated Witness (SegWit) Network.
•**LEGACY BITCOIN NETWORK**
This Bitcoin network can also be referred to as Non-segregated(Non-SegWit) Bitcoin network.It is the original Bitcoin network dated as far as 2009.
Legacy Bitcoin Network was the first and foremost Bitcoin network and as such it is supported by all wallets and exchanges.
>Legacy Bitcoin Network requires a lot of unsaparated signatures and it had a large size.The large size consumes a lot of data and wastes time too.
Therefore the origin of Bitcoin network would be incomplete without mentioning the **'first-born network'** which is Legacy Bitcoin Network.
Interestingly,holders of the Legacy Bitcoin Address are still permitted to continue using it.They can still use to send and transfer Bitcoin,anyday, anytime.
**HOW DO I KNOW IF MY ADDRESS IS LEGACY BITCOIN ADDRESS**
To identify this is an simple as ABC.Simple to go your Bitcoin address.If the address started with the prefix 1.…...Then it is a Legacy Bitcoin address.
•**SEGREGATED BITCOIN NETWORK (SegWit)**
This is an innovation from the Legacy Bitcoin Network.From the name,It means separated(segregated) signatory (witness) network.
It would be correct to say that SegWit is a modification of the Legacy Bitcoin Network.It
is aimed at reducing the size needed to store transaction in a block and as such accelerate the time required for transactions.In order to achieve this feat,there would be a segregation of the digital signatures from the rest of the block.
>In another sense,we can say that SegWit segregates (separates) the signatures inorder to make the transaction to use less data on the Bitcoin network and as such it would save time and data at a go.
Furthermore,SegWit’s main idea is to reorganize block data so that signatures are no longer placed along with transaction data. In other words, the SegWit upgrade consists of segregating the witnesses (signatures) from transaction data. This allows for more transactions to be stored in a single block, increasing the transaction throughput of the network.[source](https://academy.binance.com/en/articles/a-beginners-guide-to-segretated-witness-segwit)
**HOW DO I KNOW IF MY ADDRESS IS SEGREGATED BITCOIN ADDRESS**
To know which address your bitcoins runs.Go to your Bitcoin address.If it starts with the prefix 3....
My own Bitcoin address started with the prefix 3,so it a Segregated Bitcoin Address.It means it has segregated signatures and consumes less data and as such would have high transaction speed.
*My SegWit Address*
**MY CHOICE BETWEEN THE TWO NETWORKS**
**I WILL CHOOSE SEGREGATED BITCOIN NETWORK (SegWit) over LEGACY BITCOIN NETWORK**
.jpeg)[source](https://images.app.goo.gl/BGW7XPn8ohQWVCfx5)
According to professor @gbenga he said we should choose between the two networks and state reasons for our answers.
>I will choose SegWit anyday anytime because of the following reasons:
•**LOWER TRANSACTION FEE**
SegWit offers lower transaction fees.Since it uses less data and as such it would save the user from high transaction fees.
•**INCREASED BLOCK CAPACITY**
SegWit increases the block capacity.This is
because signature data has been segregated from the transaction data and as such there would be capacity increase.
•**HIGH TRANSACTION SPEED**
SegWit offers high transaction speed.This is because a large amount of transaction is happening in the blockchain.
•**ELIMINATES CORRUPTION OF TRANSACTION**
SegWit eliminates the chances of transactions being corrupted in the event of alteration in signature.This is because the transaction signature data has been segregated from the transaction data.
•**REDUCES FRAUDULENT ATTACK**
SegWit reduces the fraudulent activities because of transaction malleability feature.
The following points above suggests why I will jettison Legacy Bitcoin Network and embrace Segregated Witness(SegWit) Network.
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Special thanks to professor @gbenga @steemcurator01 @steemcurator02