Below is a detailed flow chart graphic that depicts the possible outcomes to the
upcoming scaling proposals that may be implemented in the near future.
The majority of bitcoin developers have opposed hard fork
scaling proposals in favor of a more conservative approach that assures the continuity of a single bitcoin blockchain.
But fascinating as the real - time market creation of Bitcoin Cash has been, for those who have closely watched developments, August 1 marked another lesser - acknowledged milestone - the passing of the deadline for a
controversial scaling proposal Bitcoin Improvement Proposal (BIP) 148.
Bitcoin miners are now actively showing their support for a network
scaling proposal by flagging signaling directly on the blockchain.
Two of the most
popular scaling proposals available today — BIP148 and SegWit2x — both intend to trigger Segregated Witness («SegWit») activation within a month, which means that the protocol upgrade could be live within two.
Jimmy Nguyen of nChain provides an opinion on possible legal issues with the
SegWit scaling proposal should it activate on bitcoin's network.
Two of the most popular
scaling proposals available today — BIP148 and SegWit2x — both intend to trigger Segregated Witness («SegWit») activation within a month, which means that the protocol upgrade could be live within two.
«Everyone in this space should be putting the pedal to the metal on experimentation,» said Joseph Poon, who co-authored the
ethereum scaling proposal Plasma (as well as Lightning, a proposal for bitcoin).
«Everyone in this space should be putting the pedal to the metal on experimentation,» said Joseph Poon, co-author of the ethereum
scaling proposal Plasma (as well as bitcoin's Lightning proposal).
Another proposed benefit to segregated witness was that it would allow for
other scaling proposals to be more effectively implemented.
Some even argue miscommunication between various stakeholders has contributed to bitcoin's current state, with users supporting
competing scaling proposals that could lead to a split of the network.
A group of miners unhappy
with scaling proposal Segwit2x have created Bitcoin Cash, an alternative that could fork the bitcoin network on Aug. 1.
But the school board and teachers union objected and
UNO scaled the proposal down to managing just 1 charter school.
With the new law in place, a committee of district, union and community members last spring invited proposals for new schools, eventually awarding grant funds from the state to four groups to allow them to work up full -
scale proposals over the summer.
The idea is that two of the better -
known scaling proposals, SegWit2x and BIP 148, might be equipped to work together given that both are attempting to upgrade the network with Segregated Witness (SegWit), a network optimization first proposed by developers in 2015.
While
current scaling proposals near collision, Paul Sztorc details a vision of bitcoin's future, including Lightning Network and Drivechain.
As
various scaling proposal deadlines loom, bitcoin is either on the verge of the biggest change in its history, or its biggest political failure.
Mining pool ViaBTC has been particularly outspoken about its support for
alternative scaling proposals, arguing that bigger blocks should still be considered as a scaling mechanism.
And more to the point, its success acted as an instruction for Bitcoin when it came time for BTC to adopt some
serious scaling proposals.
A controversial
scaling proposal drafted by a group of miners and bitcoin businesses, Segwit2x looked to increase the bitcoin block size from 1 MB to 2 MB by way of a hard fork.
Buterin went to state that the next phase of the four -
stage scaling proposal will be completed in «a month and a bit,» adding that development work will likely circulate on stateless clients, a type of ethereum software that does not need to process the complete history of the platform.
When BTC1, the protocol implementation based on the New York Agreement, agreed to implement the BIP91 «kludge,» the two
main scaling proposals were potentially aligned in compatibility to activate SegWit — if miners would activate the soft fork in time.
In that way, Bitcoin Cash might attract more support in the future if the Segwit2x
scaling proposal fails to boost the block size parameter.
Such is the case with the Bitcoin
ABC scaling proposal, which may split the Bitcoin blockchain via a user activated hard fork (UAHF) on August 1.
The Segwit2x protocol emerged from the so - called New York Agreement, a
comprehensive scaling proposal that was signed back in May by a long list of market players.
Two rival factions have emerged with completely opposing views; Bitcoin Core (the developers) and Bitcoin Unlimited (the miners)-- both with
different scaling proposals, BIP 148 and Segwit2x respectively.
Community support for SegWit2x, the Bitcoin
scaling proposal spearheaded by Barry Silbert's Digital Currency Group, was virtually absent in Paris.
Unlike
other scaling proposals, Chainweb's parallel network model maintains security without using side channels or only using part of a blockchain to process a large number of transactions.
The controversial code underlying
bitcoin scaling proposal Segwit2x is moving toward production, according to project leaders.
The controversial
scaling proposal Segwit2x may have been officially called off this August, but that doesn't mean its former lead developer is giving up on plans to keep its codebase alive.