Author: Jorge Timón 2017-06-11 17:12:35
Published on: 2017-06-11T17:12:35+00:00
The email conversation discusses the prospects of avoiding a chain split in Bitcoin due to BIP91. The author notes that unless concrete progress on a plan starts taking shape, especially miner support, the split is indeed coming. There are several refinements noted that could get BIP 91 deployed faster, such as reducing the 80% threshold to 65%, and starting to signal bit 1 when bit 4 reaches lock-in. However, the author believes that changing these factors will not change miners' minds if they prefer to block SegWit. The email also notes that no one should underestimate the steps that would need to be completed by the deadline: coordinate on a solution, implement and test it, convince >50% of miners to run it, and upgrade to the new software and begin signaling. The author believes that convincing miners to stop blocking SegWit, upgrade to SegWit capable code if they haven't already, and signal bit 1 to activate it, is the best course of action. The email then goes into detail about how even with the refinements mentioned earlier, it is very unlikely that BIP91-type logic can activate SegWit in time to avoid a BIP148 chain split. The email notes that to avoid the split, either 95% of hashrate must start signaling bit 1 by ~June 30, or BIP91 must be deployed and >50% of hashrate is activated BIP91 miners by ~June 30. The email concludes that the BIP148 split is inevitable, but few parts of the ecosystem will join the fork, and disruption will be bearable.
Updated on: 2023-06-12T02:08:05.621776+00:00