Bitpay CEO on Safe Bitcoin Scaling: Soft Fork First, Hard Fork Next
Over the past few months, Bitpay co-founder and CEO Stephen Pair has been advocating for a safe and non-contentious method to scale the Bitcoin network. In an informative blog post, Pair revealed his perception of a cautious approach to bitcoin scaling. Basically, Pair believes that a soft fork-based scalability solution is the most beneficial for the network and community. It eliminates the possibility of a hard fork, which will inevitably lead to a chain split at this phase of bitcoin development. While some hard forks such as the Ethereum forks executed in late 2016 allowed the network....
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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....
Ethereum’s hard fork will officially occur Wednesday at approximately 7am EST, despite 65% of miners voting against the measures. Pools ‘Supposed Not to Support’ Fork. The countdown to block 1,920,000, determined to be the opportune point for the action to recover funds lost during the DAO hack, is set to expire shortly. Following creator Vitalik....
“It’s not about the economics,” says Alex Petrov of bitcoin cloud miner, Bitfury, in riposte to comments by Bitcoiner Roger Ver on changes to the bitcoin protocol. “You can have a different economical opinion or you can have a different economical theory, but it’s all about the software. This soft-fork and hard-fork. It’s the only way you are trying to offer the new solution for the whole community. In a soft-fork, it’s a restriction on allowed behavior. And then if people agree, they can activate the feature. If you are creating a hard-fork, it’s more complex. You are updating the....
With $250 million on the line, Ethereum is moving at lightspeed as the latest unsybilable miner voting shows they almost unanimously back the fork, with more than 90% in favor. Gavin Wood, founder of Ethcore, the company that develops Parity, one of Ethereum’s clients, confirmed the soft-fork has been merged stating: “[T]he development branch of the Parity codebase now includes some functionality to allow miners to block certain transactions.” The softfork is still waiting to be merged in Go, the Ethereum client used by most users. Jeffrey Wilcke, an ethereum founder and lead developer of....
As opposing sides in Bitcoin's long-lasting scaling dispute seem to be inching closer, one of the remaining sources of contention is not whether, but how to achieve a small block size bump. TheBitcoin Core development team wants to increase the maximum block capacity through a Segregated Witness soft fork, which has since been embraced by a large part of Bitcoin’s development community and a significant segment of the Bitcoin industry. Others, like CEO of major payment processor BitPay Stephen Pair, believe the perceived benefits of soft forks over hard forks are being overstated. Speaking....