Author: Michael Folkson 2021-02-05 12:43:57
Published on: 2021-02-05T12:43:57+00:00
The Taproot activation meeting took place on February 3rd, and a follow-up meeting has been scheduled for Tuesday, February 16th. The main topic of discussion is whether to set lockinontimeout (LOT) to true or false in a Bitcoin Core release. Arguments for LOT=true include completely eradicating the possibility of Taproot failing to activate within a year, avoiding edge case scenarios where different proportions of users change to LOT=true at different times, and not putting users in a position where they feel they need to change LOT. Arguments for LOT=false include the probability of Taproot not being activated by miners being small, even in the worst-case scenario, and if miners fail to activate Taproot despite pledging support and there being overwhelming community consensus for it, it would set a precedent that miners cannot be relied upon to activate soft forks. Additional arguments for LOT=false include that it is more similar to what was done previously, and that it is more important that no rules that harm users are deployed. Other parameters such as activation threshold and start time will also be discussed during the meeting. It is emphasized that the discussion on LOT should not derail the overwhelming consensus that Taproot will be activated this year.
Updated on: 2023-05-21T00:46:03.372775+00:00