BIP91 Accepted

BIP91, which we shared in our previous articles, was accepted by the majority of miners.. However, it has not been activated yet.. So what does this mean for Bitcoin?

Miners securing the Bitcoin blockchain have signaled that they will update 269 blocks in the same voting process.. This move has brought the process of making the software’s structure more computable.

Going back a bit, we see that this move was made to pave the way for SegWit2x, which is planned to arrive soon.

To this discussion. the explicit motion is to change Bitcoin’s transaction structure using Segregated Witness and to increase the carrying capacity of blocks carrying transactions in Bitcoin next fall.

As a result of the August 1 decision, Bitcoin’s The BIP91 proposal, which was put forward to prevent it from splitting into two, was almost unanimously accepted by the miners.

As a result, yesterday, Thursday, as you know, Bitcoin experienced a sharp price increase. lived. Some call this new era, which started with the adoption of BIP91, a “new era” for Bitcoin.

However, the fact that BIP91 was accepted does not change everything.. For SegWit to be active, there are still stages that need to happen, and these stages are a bit more complex.

To put it in a nutshell, for SegWit to be activated, the following must be present:

• Miners , there will be a respite of 336 blocks—about 2 days—to prepare for activation.
• BIP91, 477,120. will be active in the block. Theoretically, mining pools will reject blocks that don’t upvote for SegWit (BIP141). Thus, the BIP91 will be a kind of “adaptive mechanism”. This means that a mining pool will either fit the majority, or be unable to receive the rewards from mining.
• SegWit may be approved during the 2016 blockchain adoption process.. This process takes about two weeks.

The last item can only happen if SegWit is now open.

That’s when the SegWit update will become official and after that a user-activated soft-fork proposal will replace it.

Potential Problems

Respectable Bitcoin Some community members, including developers and some mining pool operators, have expressed concerns that there may be some missteps in the process between BIP91’s launch and SegWit’s adoption. These concerns are as follows:

• Miners not using the software they voted for. If enough mining pools—more than 50%—are not using the software, this may affect whether SegWit will be activated.
• Miners using the right software for a certain period of time and stopping before SegWit is accepted

It sounds complicated when you put it like that. Here’s the brief: Some Bitcoin users cannot trust others to keep their word.

Bitcoin Core supporter Bryan Bishop seems to be among them.. As he wrote on Twitter, one possible scenario is SegWit never activates despite success of some proposals

WeChat Can Save the Job

From BitmainWarranty James Hilliard, on the other hand, disagrees with those who think like Bryan Bishop and thinks that “So many things have to be done wrong” to fail.

According to Hilliard, your job is to fail. there is no status because currently the acceptance status of the motions is the priority of the mining pools. He and other pool operators like him have been working relentlessly lately to BIP91 goes according to plan and Bitcoin transactions comply with the new rules.

Bitcoin, on the other hand, which is generally opposed to SegWit2x Core supporters help make this transition seamless.. Bitcoin Core supporter Matt Corallo is constantly updating FIBRE, a network of block-passes used by miners.. According to Hilliard, this is what “holds together” the whole process.

It seems like a lot of people want BIP91 to be successful, some people want it more like BIP148. may initiate an aggressive process. While Hilliard agrees with the idea of ​​UASF, he thinks that BIP148 may be riskier than BIP91.

And finally, since the transition to the new BIP91 rules is entirely the responsibility of the miners, Hilliard:

“Centralized mining works here. Because right now, if a mining pool needs help, I can instantly send a message on WeChat and help.”

The Rothschild Family Invested In Bitcoin