Published on: 2017-06-03T21:05:23+00:00
Sergio Demian Lerner has proposed two solutions to address the ongoing conflict within the Bitcoin community regarding the activation of segwit and the block size increase. The first proposal, called Segwit2Mb, combines SegWit with a 2MB block size hard-fork that would be activated only if SegWit activates with 95% miner signaling. The objective is to reunite the Bitcoin community and prevent a cryptocurrency split. The second proposal, known as the COOP proposal, suggests gradually increasing the block size limit over a four-year period to 4MB, aiming to prevent sudden spikes in transaction fees and ensure efficient handling of increased network traffic.Both proposals aim to address scalability and efficiency issues in the Bitcoin network. The implementation of segwit has already increased transaction capacity, and further improvements have been made to boost the network's processing speed. However, the current 1MB block size limit has been criticized for limiting the network's capacity during periods of high demand.There are concerns about potential centralization and security risks associated with larger blocks, particularly with the COOP proposal. The COOP proposal has received mixed reactions from the Bitcoin community, while the Segwit2Mb proposal aims to find a middle ground solution.Sergio Demian Lerner emphasizes the importance of 95% miner signaling to prevent a potential Bitcoin fork. He explains that a fork with only 95% miner support would result in reduced transaction capacity and slower confirmation times, leading to higher fees and a growing mempool. He also highlights the need for consensus among nodes and miners to avoid a split similar to what happened with Ethereum HF and Ethereum Classic.The proposed implementation of SegWit, according to the conversation between Natanael and Jorge Timón, would replace the current 1MB block-size limit with a weight limit of 4MB. This implementation is considered a backward compatible soft fork.The Segwit2Mb proposal has received criticism from developers who argue that it ignores previous research and understanding of hardforks. However, Sergio Demian Lerner welcomes community feedback and contributions to improve the proposal.In response to suggestions for improvement, Sergio Demian Lerner considers delaying the hard-fork date and emphasizes the need for further comments from the community. He also suggests considering the impact of technological innovations like Lightning, TumbleBit, and RootStock. However, there are concerns about the potential risks and confusion that could arise from a sudden change in block size increase.The proposed solution, Segwit2Mb, requires all Bitcoin nodes to be updated to prevent them from being forked away in a chain with almost no hashing power before the hard-fork occurs. The proposal aims to see the Lightning Network in action, utilize the non-malleability features in segwit, and discuss other soft-forks in the scaling roadmap.Overall, Sergio Demian Lerner's proposal seeks to find a compromise solution to address the issue of halting innovation for years. While controversial, the proposal encourages community participation and feedback to unlock the current deadlock within the Bitcoin community.
Updated on: 2023-08-01T20:08:23.855216+00:00