Construct 2017: Life After SegWit? Bitcoin Gridlock Takes the Stage
"It's contingent upon SegWit." Lightning Labs developer Joseph Poon is talking about bitcoin's Lightning Network, the top-layer network that could potentially boost bitcoin's transaction capacity to millions of transactions per second, but the same can be said of most of the other technical improvements for the network presented at Construct 2017, CoinDesk's inaugural San Francisco developer conference. In many presentations, it seemed as if moving forward with the project, a more than $15bn economic network that sprang from only open-source code, is wholly dependent on SegWit.....
Related News
The price of Bitcoin is difficult to predict as various factors impact the value of the digital currency. However, there are six major events that could lead to a surge in the price of Bitcoin in 2017. These include the activation of Segregated Witness, hereinafter Segwit, the release of Lightning Network and Tumblebit, approval of Bitcoin ETFs, the financial crash and economic instability. Segwit, Lightning, Tumblebit. Segwit, Lightning and Tumblebit are all scalability solutions initially introduced to facilitate larger amounts of transactions primarily to deal with the increasing user....
The Bitcoin price run to $2,200 could be a result of SegWit activation coming to Bitcoin sooner than September 2017. On May 21 in New York, Bitcoin miners have reached an agreement to go for SegWit, according to miners sources. It has marked a good start to the important Consensus conference that united important movers and shakers of the crypto industry. Charlie Shrem’s messages in the Whalepoolbtc Telegram chat states that there was “big news” coming from the Consensus conference, and that members should “Buy BTC.” “When I have all the details I will tell you, it's still all being....
SegWit is short for Segregated Witness. It was perhaps the biggest Bitcoin protocol upgrade to date, which wrapped several improvements and fixes into one. Further Reading: What Is Bitcoin? What Are the Benefits of SegWit?As probably its most notable fix, SegWit got rid of transaction malleability. ...
One thing people have to keep in mind is how Segregated Witness has an actual expiration date. Now that SegWit activation signalling has begun, it will be interesting to see which pools support Bitcoin Core. On the first day, support is quite lacklustre, with only three pools in favor. The vast majority of pools have not expressed their preference yet, and there is still a long way to go. But it goes to show reaching 95% consensus is not only doubtful, it is highly unrealistic Whether or not one favors SegWit over anything else, a block size solution has to be formed. So far, BTCC,....
Core developer Greg Maxwell has deflated hopes of imminent SegWit activation, saying any redeployment “can’t happen” until the current one expires. Responding to an alleged agreement led by Barry Silbert at the Consensus conference to activate SegWit by September, Maxwell explained this was due to technical reasons of “simplicity and safety.” “So in 0.13.1+ almost all of SegWit is already active, including all the P2P components... the new network service flag, the witness-tx and block messages, compact blocks v2, etc. A redeployment of SegWit will need to redefine all these things,” he....