Blockchain Revolution Series: India’s Leading IT Giant TCS Launches Quartz Smart Solution For Cryptocurrency Trading
Digital Currency Revolution Series: Bitcoin Reclaims $10k Mark, FxWirePro’s Long Hedges On Its Functionality
Spotlight on Bakkt & CME BTC Futures With Mounting Institutional Interests As Bitcoin Bulls Halt $11k
Regulatory Series on Cryptocurrencies: BIS Sheds Some Light on Evolution of CBDC Amid Pandemic Covid-19
Blockchain Revolution Series: Ernst & Young Features In Top-3 Enterprises Blockchain Solution Provider
Cryptocurrency Derivatives Series: Bitcoin Price Dynamics And Hedging Strategy Ahead of Options Expiry Season
Lambda256 joins South Korea project to develop technology that could track illegal dark web transactions
Digital Currency Revolution Series: Bitcoin Bulls Drift In Sideways After Bullish Engulfing – Uphold Long Hedges
Digital Currency Revolution Series: ETH/USD Bulls Uproar Ahead Of Ethereum 2.0 Testnet, Uphold Long Hedges
Leading bitcoin ecosystem participants reach consensus on scaling issue
Digital Currency Group (DCG) this week announced via a blog post on Medium that a proposal addressing bitcoin’s scaling issue has received support from 83.28% of the network’s miners.
According to the blog post, the two parallel upgrades to the bitcoin protocol will be deployed simultaneously and based on the original Segwit2Mb proposal. These include – activating Segregated Witness at an 80% threshold, signaling at bit 4; and activating a 2 MB hard fork within six months.
As of May 24, the proposal is backed by a group comprising of 56 companies located in 21 countries, 83.28% of hashing power, 5.1 billion USD monthly on chain transaction volume, and 20.5 million bitcoin wallets. Supporters include:
1Hash, Abra, ANX, Bitangel.com /Chandler Guo, BitClub Network, Bitcoin.com (St. Kitts & Nevis), Bitex, bitFlyer, Bitfury, Bitmain, BitPay, BitPesa, BitOasis, Bitso, Bitwala, Bixin.com, Blockchain, Bloq, btc.com, BTCC, BTC.TOP, BTER.com, Circle, Civic, Coinbase, Coins.ph, CryptoFacilities, Decentral, Digital Currency Group, F2Pool, Filament, Gavin Andresen, Genesis Global Trading, Genesis Mining, GoCoin, Grayscale Investments, Guy Corem, Jaxx, Korbit, Luno, MONI, Netki, OB1, Purse, Ripio, Safello, SFOX, ShapeShift, surBTC, Unocoin, Vaultoro, Veem, ViaBTC, Wayniloans, Xapo, Yours
Abra, BitClub Network, Bitcoin.com, BitFury, BitGo, Bitmain, BitPay, Blockchain, Bloq, BTCC, Circle, Ledger, RSK Labs, and Xapo have committed to provide technical and engineering support to prepare for the upgrades.
“We are also committed to the research and development of technical mechanisms to improve signaling in the bitcoin community, as well as to put in place communication tools, in order to more closely coordinate with ecosystem participants in the design, integration, and deployment of safe solutions that increase bitcoin capacity”, the DCG wrote.
There has been mixed reactions to the scaling agreement. Speaking with CoinDesk, ShapeShift CEO Erik Voorhees said:
"I'm almost of the opinion that I don’t care what path is chosen for bitcoin. I just want something to happen. Bitcoin's been in this deadlock for two years. I'm a supporter of SegWit. I’m a supporter of a hard fork to a larger block size."
However, some consider the six month timeframe for the hard fork to be unrealistic. Bitcoin enthusiast Stefan Jespers pointed out that it took developers six months to develop SegWit, adding that it takes a long time for nodes to upgrade.
"I don’t think it’s very realistic. Six months is not long enough. Let’s put it like that," he said.
Bitcoin core developer Matt Corallo tweeted his response to the DCG agreement: