Agreement between Miners and Companies on Bitcoin scaling

Agreement between Miners and Companies on Bitcoin scaling

SHARE

 

The Bitcoin scaling wars have been dragging for a long period of time and people came across the need to introduce a permanent solution to this issue. Finally, the scaling wars have come to an end. It was made possible due to the efforts of some of the Bitcoin miners and companies associated with the cryptocurrency. This gave an end of the wars that have been dragging for a period of more than one year.

As per one of the founding fathers of European Union, Aristide Briand, a compromise would only become perfectly when everyone is satisfied with it. If you take a look at what happened at the Bitcoin scaling war, you would realize that this politician was correct and he truly deserves the Nobel Prize. The consensus alliance that was brought forward by Barry Silbert had a perfect chance of calming down wars that took place about the block size. He was the lead of the Digital Currency Group, which is a consortium of capitalists that are engaged with the process of providing financial assistance to Bitcoin related startups. It is made out of a large number of Bitcoin companies as well as miners. The agreement of Silbert was published May 23rd at one of the biggest cryptocurrency conferences in New York.

As per the signers, two different upgrades were suggested to take place in parallel to each other. These upgrades are clearly mentioned within the SegWit-2MB proposal. First of all, SegWit would get activated along with a 80% threshold, with signaling on bit 4 version. On the other hand, a hard fork would take place to a size of 2MB. However, it would take up to 6 months for this change to happen.

Who has taken the initiative?

As you can see, these are some of the key changes, which can create an impact on the entire cryptocurrency community. Therefore, it is important to explore who initiated these changes. As per the original agreement, the signers of it come from 56 different companies that are located in 21 countries of the world. These companies are responsible for producing more than 83% of the global hash rate. They also process Bitcoins that are worth over $5.1 billion. In addition, they maintain Bitcoin wallets of the users, which have more than $20.5 million.

Some of the companies that are included in this list include BitClub, 1Hash, BTC.TOP, Genesis Mining, F2Pool, BitFury and Bitmain. They represent the backbone of Bitcoin economy. As a result, we can conclude that the negotiation power this community had contributed a lot towards the much needed change in the digital currency.

How would the tweaks look like?

If you take a look at the new agreement from a technical perspective, you will not be able to find anything extraordinary. However, the tweaks that would come out with it are pretty much interesting. The core developers that are involved with this initiative decided that the agreement is not in a position to bind them. That’s because the agreement brought forward by Barry Silbert is in a position to act as a stage for the combination of 2MB hard fork and Segwit.

Is this a political crackerjack?

Individuals attached to the cryptocurrency community question whether this is a political crackerjack or not. In order to get a clear understanding about this fact, it is important to deep dive into the political perspective of this. As per the political perspective, this proposal represents the agreement that was brought forward in Hong Kong. Some of the miners and core developers of Bitcoin have signed to that agreement back in 2016. However, none of the core developers got involved this time. It was only a collaborative effort of the Bitcoin related businesses and miners.

As per the agreement, it can be seen that special attention has been provided to highlight both Segwit and 2MB proposal. However, when attaching the proposal to the Bitcoin mailing list, one of the Bitcoin developers from Argentina has been removed. The agreement of Silbert ignores all of these facts. As per this agreement, the ecosystem is not waiting for the Core to be backed up, so that the capacity can be increased.

Some of the core developers didn’t stay away from the negotiation of agreement. However, they have been disinvited explicitly. This fact was proven by few words that were spoken by Gregory Maxwell, who is the CTO of Blockstream and one of the core developers of Bitcoin. That’s the main reason why this agreement looks more like a crackerjack, when it is viewed from a political eye.

The Echo

As per the new consensus, it is evident that the requirement of Briand can be fulfilled up to a perfect compromise. However, what would happen if all the associated parties are dissatisfied with the solution. Since the core developers are not invited, they must surely be dissatisfied with the new proposal. Some of the core developers have indicated that via Tweets.

It is not just the camp core, which is dissatisfied with the new agreement that was brought forward in order to make the long dragging debate come to an end. Some of the Bitcoin Unlimited fans are also not satisfied with the agreement. Most of them are disappointed. The 2MB increase took place after discussions that took place for years. We were able to see a lot of fights taking place during that time period as well. With all these fights, it could have been possible to see an increase of at least up to 8MB.

SHARE
Previous articleBitcoin Price Keeps Looming $2200 Levels Amid Volatility
Next articleBitcoin Price Rises Above $2300 in New Recovery
This is Lutpin, and I edit, review and publish articles for CryptoNews. Sometimes, I also write them myself. I started being interested in bitcoin and cryptocurrencies as far back as late 2012/early 2013. A year later I dropped out of the scene due to losing interest. Since 2015 I'm back in and involved deeper than ever. Besides writing articles, I'm a huge fan of gambling, preferrably combined with cryptocurrencies. Another big interest of mine are physical bitcoins, I know everything about them. Besides Crypto-News and Crypto-Games, you can find me mainly on bitcointalk.org

NO COMMENTS