Chinese Mining Pools Worried About Immature Segregated Witness Proposal
The dabbling about the Bitcoin block size debate has gone on for far too long, and the Chinese mining pool operators seem to agree with that sentiment. As more time progresses without a clear decision and plan for the future of Bitcoin, the popular digital currency is looking some of its legitimacy that took years to build up. As if the Bitcoin community was not sick and tired of the ongoing block size debate just yet, it looks like the Chinese miners have come to a consensus of their own. The plan is to reject any forking of Bitcoin that does not gain 90% consensus or more while still....
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For the first time, bitcoin miners have been able to signal support for Segregated Witness this past week. Developed as a soft fork, the proposed centerpiece of Bitcoin Core’s scalability roadmaprequires 95 percent of all blocks within a single two week difficulty period to signal readiness for the change. If the threshold is reached, the solution is activated two weeks later, realizing an effective block size limit increase, a malleability fix and more. Of all mining pools accounting for at least one percent of hash power on the network, four have been signaling support for Segregated....
Over the past few weeks, support for the Bitcoin Unlimited (BU) proposal has increased significantly. This is due to a bunch of smaller mining pools collectively running the alternative client that removes the current block size cap. Now its seems the proposal will get even more hash power as the Chinese miner, Chandler Guo, has announced that his new....
Future changes will be coming to Segregated Witness, but the solution will not act as a blocker for other network upgrades by any means. A new announcement was made by the Bitcoin Core developers, detailing how they are progressing with the Segregated Witness implementation. Some fundamental issues need to be addressed with the current proposal, and Jeff Garzik wrote a lengthy post on how the team is planning to discuss these topics. But the bigger question is: how will the Bitcoin community move forward from here on out? Even though soft forking Bitcoin to implement Segregated Witness is....
It is important to note these details are not officially confirmed by any of the Chinese mining pools right now. For those people who assumed the Bitcoin block size debate was settled once and for all, bust open the popcorn yet again. Chinese mining pools are colluding to hard fork and support 2MB blocks. In doing so, they would go against everything Bitcoin Core has been working on so far, and use Bitcoin Classic instead. The Bitcoin block size debacle has been a source of great controversy for nearly a year now. Many experts feel the Bitcoin block size needs to be increased, yet there....
If one proposal excited attendees at the recent Scaling Bitcoin workshop in Hong Kong, Bitcoin Core and Blockstream developer Dr. Pieter Wuille's Segregated Witness was it. Praised by many within the technical community, Segregated Witness is expected to improve Bitcoin's performance in a number of ways, while some even hope it might be the scaling solution that helps bring some peace back to the Bitcoin community. The first part of our three-part Segregated Witness series covered how it works. In this second part: What it does. Increasing the Effective Block Size Without Increasing the....