Miners, the development community and businesses have finally agreed on a scaling solution. Over 63 percent of bitcoin’s hash power is now signaling for the activation of Bitcoin Improvement Proposal (BIP) 91 or Segwit.
Since the beginning of July, traders and investors have been panicked due to the potential hard fork execution and the possibility of division of the series, a program in which bitocoine blockchain is divided into two and makes two bitcoins.
However, since then, significant progress has been made in the scaling debate, mainly due to the pressure of the Community's Active Hell Fork (UASF) proposal and the Segwit 2x proposal of the digital currency group led by Barry Silart.
Regarding the Codebase of Segwit2x there was a consensus among the community and industry that it was not ready for activation, production and implementation. There was a lack of testing and the timeline was extremely unrealistic. As a result, the mining community has agreed to activate BIP 91, a solution created by James Hillierd.
Bip, also known as "Low Threshold Sedgebut MASF", is similar to the original Segwit Bitcoin Improvement Proposal. The difference is that it allows miners to activate Sagivat with the majority threshold, which is less than 95 percent.
Inspiration of BIP 91 was that critical revision in the revival of Sigivit would be required and eventually there would be delay in the activation of Segivit, which is a viable and practical solution to existing problems.
"This BIP provides a route to coordinate the activation of existing segregation deployment for a simple majority, in which it will be difficult to completely deploy segwit for up to 95% of Hashpowers's existing deployment expired Is, "The BIP 91 proposal has read.
Like Segwit2x, BIP 91 allows miners to activate Segwit by 80% majority limit. At present, hash power signaling is at Bip 91 63.2 percent.
However, the more important aspect of hash power signaling BIP 91 is that Betamen's Antipul, Bitcoin.com and BTC.com, who were against Subgivat, were making a signal for the Sigivat. The miners are now motivated to work in the direction of a new scaling solution in the future, with enough time to activate and save Segewit as a short-term scaling solution and to test new software and codebase.
Experts, including Blockstack co-founder Ryan Shiya, also stressed that Sengwit is like a "Swiss Army knife" of a solution because it solves most problems of Bitcoin and Bitcoin-based platform, currently struggling to deal with it Has been doing.
"However, in the case of" separate witness "or" Sagebug "profit, the Swiss Army knife leads to improvement on many levels, it's really amazing. It really is really good, so good it is so good It is worth to list all the benefits, it solves the problem of adequate transaction loss once and for all, which enables second-level scaling solutions such as lightning, it's 1.7x to # blocks per single- The signature is multi-signing transaction of transaction and up to 3.7x per block #. "
Betman and other mining pool first intends to crush Bitcoin network and build a new stable block channel. However, it has become clear that a hard fork will not be executed and a new block channel will not be created because Batman and the rest of the mining community have agreed to activate the Sigivat via BIP 91.
Unlike Bip 141, there is no fixed date for establishment of original from Gift Proposition, BIP 91. Therefore, Sagvit can be activated very soon because the strength of the majority hash comes to 80 percent. Support of hip power increased from zero to 63 percent in BIP 91 days. This week, the possibility of an increase of hash power signaling BIP-91 increase is not possible by 80 percent.
The market has already started reacting on the move of the mining community to BP 91. Bitcoin has been priced from $ 1850 to $ 2230 within 2 days.