Bitcoin miners at large stimulate got missed the offset BIP 148 “deadline” to forestall a “split” inward Bitcoin’s blockchain.
As Bitcoin’s scaling dispute appears to live on heading for a climax, the side past times side couplet of weeks could show pivotal. One scaling solution inward particular, Bitcoin Improvement Proposal 148 (“BIP 148”), is scheduled to trigger activation of Segregated Witness (SegWit) on August 1, 00:00 UTC. As a User Activated Soft Fork (UASF), all users that run a BIP 148 node volition thence laid out rejecting whatever in addition to all blocks that produce non signal back upwards for SegWit past times the “deadline” — or, mayhap to a greater extent than accurately, “ultimatum” — ready past times BIP 148 users.
BIP 148 in addition to SegWit are backward-compatible protocol upgrades, which agency that non-upgraded nodes volition nonetheless convey SegWit-signaling in addition to SegWit-utilizing blocks. Therefore, if a bulk of hash ability inward ane mode or merely about other adopts SegWit earlier August 1, all electrical flow Bitcoin nodes would follow the same blockchain.
However, if alone a minority of miners activates SegWit through BIP 148, Bitcoin’s blockchain in addition to currency would “split” inward two. This would consequence inward 2 types of “Bitcoin”: ane that activated BIP 148 in addition to ane that did not, while even more types of “Bitcoin” could emerge every bit a result. A divide split betwixt BIP148-nodes in addition to non-BIP148 nodes would in conclusion at to the lowest degree until a bulk of hash ability joins the BIP 148 chain, or until the BIP 148 chain is abandoned past times all users in addition to miners for good.
Miners essentially stimulate got iii options to avoid such a split. This offset pick was to lock inward SegWit earlier August 1 through the activation machinery proposed past times Bitcoin Core in addition to implemented inward many nodes on the network. This required 95 pct of hash ability to signal back upwards for the upgrade inside a two-week difficulty period. Specifically, such a difficulty menstruum consists of 2,016 of these sequential blocks, which agency that a minimum of 1,916 blocks must signal support. Or, inward other words, if to a greater extent than than 100 blocks — at to the lowest degree 101 of them — produce non signal back upwards for SegWit inside a unmarried difficulty menstruum that ends earlier August 1, this BIP 148 deadline is missed.
Ignoring extreme statistical deviations or other unexpected events, the in conclusion difficulty menstruum to cease earlier August 1 started on Fri (UTC). And out of the offset 24-hour interval in addition to a one-half worth of blocks inside this difficulty period, alone nigh one-half of them signaled back upwards for Segregated Witness. This agency that the threshold of 101 blocks non signaling back upwards has at ane time been reached.
With 2 to a greater extent than BIP 148 deadlines ahead, the offset ane was in all probability also the most probable to live on missed. Its threshold was the hardest of the iii to attain every bit it required the highest flat of hash charge per unit of measurement to succeed. Additionally, a large bulk of miners (by hash power) indicates that they volition activate SegWit through BIP 91 instead. This is the side past times side BIP 148 deadline.
This side past times side deadline volition live on on July 29. This is the in conclusion 24-hour interval that BIP 91 tin give the sack activate inward fourth dimension to live on compatible alongside BIP 148. In venture to produce so, eighty pct of hash ability must stimulate got signaled back upwards for SegWit2x inside 2 1/3 days. As such, miners should at the real latest laid out signaling back upwards for BIP 91 on the 26th of July. Though similar the now-missed BIP141 deadline, which is technically non until August 31, the BIP 91 deadline could truly live on either missed or met earlier July 29 every bit well.
If this side past times side BIP 91 deadline is missed too, miners volition stimulate got ane to a greater extent than conduct chances to avoid a “split.” H5N1 bulk of hash ability would stimulate got to activate SegWit through BIP 148 itself past times August 1, 00:00 UTC. Alternatively, a bulk of hash ability could switch to the BIP 148 chain fifty-fifty subsequently August 1 to reunite both chains, but this volition probable travail meaning disruption on the Bitcoin network(s), in addition to potentially a loss of funds for users non aware of the risks.
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