Spearheaded by Barry Silbert’s Digital Currency Group (DCG), over 50 companies signed and published on Medium a “Bitcoin Scaling Agreement” this week. The agreement intends to put an end to Bitcoin’s long-lasting scaling debate. But whether it actually will is a different question.
Here’s what the agreement entails, how it compares to existing scaling proposals and what it requires to succeed …
What the Agreement Entails
The DCG agreement is based on the “SegWit2MB” proposal, originally floated by RSK Founder and Chief Scientist Sergio Demian Lerner. This proposal couples activation of Segregated Witness (SegWit), the centrepiece of Bitcoin Core’s scaling roadmap, with an added block-size-increase hard fork down the road. While SegWit itself offers an increase to two to four megabytes, the added hard fork should double this to a maximum of eight megabytes.
According to the Medium post, the soft fork will be activated “at an 80% threshold,” (presumably) referring to hash power. And the hard fork will be activated “within six months.”
However, it seems that different signatories have different interpretations of what this actually means. Some claim that SegWit will be activated as a soft fork first, followed by a separate block-size-increase hard fork later.
Read more ... source: Bitcoin Magazine
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