Bitcoin Update Brings Scaling Solution Closer to Activation
An update to the bitcoin software that features code that could potentially activate a long-anticipated scaling solution has been released. Issued on Thursday and dedicated solely to code called Segregated Witness (SegWit), version 0.13.1 allows miners to signal support for the scaling solution after 15th November. If activated, the code also instructs nodes on how to validate the new type of transactions that will result from the patch. (SegWit boosts the bitcoin block size by a factor of about 1.8x by moving transaction signatures to another data structure). But there are still a series....
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The code for a long-in-development bitcoin scaling solution could be ready for activation as soon as 15th November. The new software – version 0.13.1 – will include more code for Segregated Witness (SegWit), enabling users (and, perhaps most notably, miners) to begin the upgrade process. The launch will kick off a process by which the extended stakeholders in the distributed network will be asked to signal whether they support SegWit. The news comes from an update on a mailing list for developers working on bitcoin's primary software, Bitcoin Core. There, developer Pieter Wuille posted new....
Brian Armstrong, CEO and co-founder of Coinbase, has called for the activation of segwit, a controversial protocol update of the bitcoin network which adds further transaction capacity while largely fixing transaction malleability to pave the way for the Lightning Network. Armstrong stated segwit is “prob[ably] the best path forward for bitcoin at this point,” before calling on everyone to “come together and move forward as an industry. Activating SegWit can help us get there and it has a number of good features.” His statement was in reply to Charlie Lee, Litecoin’s founder and Director....
The Segregated Witness (SegWit) update has received lukewarm support thus far since it was announced on Litecoin on January 28th. Beyond Bitcoin: ‘Testbed’ for SegWit. After Bitcoin, the SegWit scaling update has now been introduced to Litecoin along with some other cryptocurrencies including Vertcoin, Groestlcoin, and Viacoin. Right now, Litecoin miners are in the process of voting on the update. Currently at 3%, support is lower than it is in Bitcoin, which rapidly climbed up to 22% in its first two weeks. The vote has attracted the attention of the Bitcoin community. Litecoin (and other....