Bitcoin Miners and Core Developers Release SegWit, Hard Fork Agreement
On February 21, representatives of the Bitcoin mining industry as well as the Bitcoin Core team met in Hong Kong to discuss a solution to the Bitcoin block size scaling problem. After meeting for more than 18 hours, they released a statement with agreement on several points about the debate. The statement was agreed upon by the founding team of AntPool,....
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Last week, Bitcoin Core version 0.13.1 was released, officially bringing Segregated Witness (SegWit) to Bitcoin. 4 days in, 13.7% of Bitcoin nodes has already upgraded to Bitcoin Core 0.13.1, supporting the activation of SegWit. SegWit is an innovative scaling technology developed and introduced by the Bitcoin Core development team. Once it reaches a soft fork activation threshold, it will separate the transaction signatures from the initial transactional data, which immediately increases the capacity of blocks and eliminate transaction malleability. Like all soft forks, the SegWit release....
“Segregated Witness [Segwit] is the most radical and irresponsible protocol upgrade Bitcoin has faced in its eight year history,” wrote the pseudonymous author Jaqen Hash’ghar for Medium. “The push for the [Segwit] soft fork puts Bitcoin miners in a difficult and unfair position to the extent that they are pressured into enforcing a complicated and....
The Bitcoin network is in dire need of a scaling solution and Bobby Lee urges the developer community to decide upon a network hard fork. The Bitcoin scalability debate has been going on for over a year new. Each time the topic arises, it ends in a stalemate. The Bitcoin community is currently divided between whether to use a hard fork or soft fork. While the Bitcoin Core developers are hell-bent on SegWit, not everyone in the community agrees with it. Bobby Lee, the founder of BTCC — one of the largest Bitcoin exchanges in the world has expressed his support for a hard fork. Bobby Lee in....
Although there has been some serious, public drama over scaling in the Bitcoin community for over a year, it appears that the community is mostly unified behind a single plan going forward, which is based on the “Bitcoin Roundtable Consensus.” There are still high-profile individuals, such as former Bitcoin Core lead maintainer Gavin Andresen and longtime Bitcoin angel investor Roger Ver, who would like to see an increase in the block size limit as soon as possible. Support for Bitcoin Classic, which intends to deploy a block size limit increase to 2 megabytes via a hard fork, currently....
SegregatedWitness (SegWit) — the proposed upgrade to the Bitcoin protocol developed by the Bitcoin Core developers — is still far from activation. Requiring 95 percent of hash power to signal support for the solution, miner-adoption has seemingly stagnated at around 25 percent for now. But, of course, SegWit’s open source code is out there. As such, altcoins based on Bitcoin’s codebase can take the code and implement the solution. Indeed, at least two altcoins are adopting SegWit: Litecoin and Viacoin. And it looks as if SegWit may activate on one of these altcoins before it’s live on the....