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Saturday, August 12, 2017

SegWit Locked-in, but Questions Remain About Bitcoin's Level of Decentralization

SegWit Locked-in, but Questions Remain About Bitcoins Level of Decentralization

Now that SegWit has locked-in, Bitcoin’s three-year civil war appears to be nearing an end. While we aren’t completely out of the woods yet - questions remain about the pending blocksize increase this fall, and about the long-term viability of Bitcoin Cash - the conflict does appear to be nearly resolved.


The next step is SegWit activation, which will come in about two weeks after the Bitcoin mining difficulty retargets again. Once SegWit is activated, more transactions will be able to fit into each 1 MB block, and congestion on the network will drop. Further enhancements such as the lightning network will be able to move forward, perhaps revolutionizing the digital currency.


From what is hopefully the end, let’s look back to the beginning. It’s easy to get caught up in the politics and espouse your side’s point-of-view, but it’s much harder to look back objectively and seek the actual causes of the infamous “blocksize debate.”


By early 2014, it was obvious that there would have to be changes to Bitcoin’s code in order to allow the network to scale. The Bitcoin network was only able to process about four transactions per second, and interest in Bitcoin was growing. While there was not yet a transaction backlog, it was clear that unless action was taken, there eventually would be.


Full story at http://bit.ly/2hQXnTh


Source: CoinTelegraph


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