Author: Vincent Truong 2021-03-03 16:19:42
Published on: 2021-03-03T16:19:42+00:00
The bitcoin community is divided on the activation of taproot, with no agreement on how to proceed. The proposed solution of BIP8 has resulted in gridlock due to concerns over different parts of the ecosystem running different consensus rules. Social media attacks and brinksmanship could lead to a damaging chain split and put the $1 trillion value of the Bitcoin network at risk. The solution proposed by Chris Belcher is flag day activation, which works by choosing a block height after which the new taproot rules become enforced. This method removes miners from activation and derisks conservative supporters by setting the flag day far in the future or getting mining pools, businesses, and users to look at the code and ask if it's neutral or good for their business or use case. Flag day activation creates an environment where there can be no brinksmanship or game of chicken that puts the Bitcoin network at risk. If a group of people did adopt alternative node software with a shorter flag day, they actually have a risk of slow blocks. Changing the activation date requires all users to run different node software, making it less vulnerable to social media attacks. Bitcoin's rules are enforced by wallets backed by full nodes, so you will always know if your own full node is enforcing the new rules. The Bitcoin economy and users will decide whether flag day activation is the way forward. It should answer all objections and risks, which make other methods too controversial and bring taproot to Bitcoin.
Updated on: 2023-06-14T18:57:18.299161+00:00