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Friday, June 16, 2017

Bitcoin Scaling: Which is The Most Viable Option?

Bitcoin Scaling: Which is The Most Viable Option?

With the continuing issue of scaling Bitcoin’s transaction capacity, the Digital Currency Group decided to step in and announced an agreement on May 23 between a group of Bitcoin representatives to run Segregated Witness (SegWit) operated by the development team of Bitcoin Core.

A crucial part of the agreement is the proposed 2 MB hard fork to be implemented after six months. The implementation of the hard fork is for the expansion of the current block size to 2 MB in order to accommodate the increasing user base and the daily transaction volume. This was the outcome of the agreement between the Bitcoin industry and the mining corporations last February 21 in Hong Kong.

Unfortunately, a conflict has emerged between two parties – the Bitcoin Scaling Agreement companies (57 companies) and developers. Mining communities, particularly the Chinese operated companies, believe that the Bitcoin Core development team focuses all its time and resources on the operation of SegWit, stating that the Hong Kong agreement was ignored.

In order to avoid the conflict, the DCG has decided to give up SegWit activation in favor of the 2 MB hard fork implementation that focuses on the expansion of the capacity of the Bitcoin Blockchain. The recent agreement was in accordance with the Hong Kong agreement which only allows the operation of the consensus system congruent to Bitcoin Core. Basically, the 2017 Bitcoin Scaling Agreement embodies the mining community’s appeal of increasing the on-chain capacity and, in return, they will support Bitcoin Core’s developmental solution which includes SegWit.

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