The cost of the network has to be paid, but what if you don’t have to pay? With the launch of Bitcoin and Tariff, Bitcoin users (BTC) could save half a billion dollars on network costs if SegWit and its full approval were adopted.
Perry Verfi’s latest report “examined” nearly half a million blocks of transactions to calculate how much BTC and MB were saved thanks to these technologies.
As a brief reminder, SegWit (Segregated Witness) is an optional protocol upgrade for blockchain networks that was first activated in 2017 and basically means “separating transaction signatures.” It is useful for cost, speed and scalability. In the case of a scaling method called categorization, this indicates having more than three outputs in a transaction, so you have to pay once to two different parties.
In seven years, from January 2012 to March 2020, 205,941 BTCs were paid to miners – which could be categorized, the report explains. That’s $ 2 billion at current BTC prices.
The report claims that more than 20,620 BTCs were stored by Bitcoin users if everyone used Transaction Batching. Instead of BTC 205,941, users had to pay 185,321 BTC at a cost that is 10% off. This (not) stored amount of BTC through the category is currently worth $ 202 million.