In an announcement today, the largest bitcoin mining pools and that represent over 70% of the cryptocurrency network’s hashing rate have, in a common consensus with major bitcoin exchanges and service providers, agreed with 90 percent of the Bitcoin Core contributors over the proposed roadmap for scaling bitcoin.
In an announcement today, members of the Bitcoin Core team and representatives of the cryptocurrency’s mining pools in China have reached an agreement on the roadmap to scaling Bitcoin with a Bitcoin Core approved hard fork. The consensus was achieved at the Scaling Bitcoin Hong Kong conference. Consensus reached. The common consensus will see the proposed timeline have five Bitcoin Core contributors in Cory Fields, Johnson Lau, Luke Dashjr, Matt Corallo and Peter Todd develop the implementation of the hard-fork that will be available as a recommendation to the bitcoin core network.
This hard-fork will include the feature of a block size increase to around 2 MB and the code is expected to be available in July 2016, within three months of the release of the Segregated Witness (SegWit) soft work.
The statement read: This hard-fork is expected to include features which are currently being discussed within technical communities, including an increase in the non-witness data to be around 2 MB, with the total size more than 4 MB, and will only be adopted with broad support across the entire Bitcoin community. SegWit is currently in active development will be released over the next two months as a solution to have more space for transactional data by removing signatures from a transaction, leading to compressed transactions within blocks. The five largest mining pools (Antpool, F2Pool, BTCC Pool, BW.com and Bitfury) were represented at the meeting and have collectively agreed to support SegWit when it is released in April, as per the schedule.
“We will […]
