Bitcoin today

in #cryptocurrency8 years ago

" Confirmations temporarily increased to 6 due to BIP-91" i was like what that means and looking across different ideas and interpretations :
"Through an online voting mechanism, miners representing 99% of the cryptocurrency’s computing power, backed a new piece of software, known as Segregated Witness, or SegWit, that would boost bitcoin’s processing power without altering the underlying software, The Wall Street Journal report.

Specifically, the following things need to happen for it to activate:

There will be a 336-block "grace period," taking about two and a half days, during which miners have time to prepare for activation.
BIP 91 will activate at block 477,120. Theoretically, mining pools will start rejecting blocks that do not signal support for SegWit (BIP 141). In this way, BIP 91 is a "coordination mechanism" that gets other mining pools to follow along or lose out on mining rewards.
SegWit could lock-in during the next difficulty adjustment period of 2016 blocks, which takes about two weeks.

The latter is when Segwit activation is "all in the clear," as BIP 91 creator James Hilliard put it.

That's when bitcoin's SegWit upgrade will be official, and an upcoming user-activated soft fork (UASF) proposal, BIP 148, superseded.

Sort:  

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://hardforum.com/threads/bitcoin-bip91-segwit-hard-fork-official-discussion-thread.1940185/