1. August celebrates the Bitcoin community on the Independence Day. Because today, two years ago, drug-resistant, decentralized currency gathered Bitcoiners get behind the idea of censorship and messengers together industry giants, such as Bitmain, the end. Why SegWit is one of the most important moments in bitcoin history.

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At the 1. August 2019BTC$10.384,00 3.77%part Facebook Twitter LinkedIn xing mail

Bitcoin is not owned by anyone. The decentralized structure makes it the most secure computer Protocol in the world. Decentralization brings not only advantages: A consensus on rule changes and Updates to the System, is in the case of distributed systems, such as Bitcoin, a difficult. Today, two years ago the dispute about such an Update took, namely, how to scale test Bitcoin on skill, its temporary end. The Bitcoin community is celebrating, therefore, the today’s 1. August the Bitcoin Independence Day. Time to take a look at bitcoin’s resilience against centralisation tendencies.

of The 1. August 2017 marks the most important and bullish day in the history of the crypto-currency no 1. As against the declared will of the Miner Bitcoiners have changed on this day, as a community, the consensus rules of the network and at the same time, an increase in the Blocksize limit is prevented. The Backgrounds.

That Bitcoin needs to scale, it should be clear; the debate is as old as the network itself. In 2017, the dispute over the best solution to again took journey and at the end of two irreconcilable camps faced each other: the majority of Bitcoiners to increase the block size to 2 MB, which were thrown from prominent industry representatives such as Roger Ver and Jihan Wu in the pan rejected. Instead, the operators of the Bitcoin network node to a scale-up solution, without the need of a Hard Fork. Instead of SegWit2x the users argued – by the way, with broad support for the Core Developer for the introduction of Segregated Witness (SegWit), a technology that solves Transaction Malleability, as well as the De-facto-transaction speed is increased. Transaction Malleability describes the change of unconfirmed transactions without the transaction, is invalid. More on this here.

Hard Fork or Soft Fork?

The big difference between the two proposals was only on the specific Changes to the consensus rules. Rather, both camps also chose a variety of operations to implement said Changes. While SegWit2x only by means of Hard Fork would have to implement, corresponded to the counter-proposal of a so-called User Activated Soft Fork (UASF). This means that even those Clients can verify the compliance with the consensus rules, which have not performed the Upgrade. In other words: Soft Forks are not backward compatible, Hard Forks. Actually, Soft Forks, so no Fork, because even after the Update there is only one Chain (in our Tutorial we explain this difference again separately).

scene evident already know how the debate turned out. Because instead of the Miner set at the end of the user. The New York Agreement, the wanted to reach a compromise between the two Camps, has been cancelled. And thus SegWit2x was off the table. Instead, the overwhelming majority of the Bitcoin Node operator decided to the inside and -operator for an Update on SegWit.

GDP-141 is Bitcoins second birth

In bitcoin history, there has been no comparable event. And so you can 1. August 2017 as a kind of Proof-of-Concept in terms of Bitcoins Governance. Because instead of the industry giants Bitmain those who have set for the Bitcoin is made: the Users.

During the debate, one must not forget that, Jihan Wu as CEO of the world’s largest manufacturer of Mining Hardware with a vested financial interest in that the block size is increased. Because Bitmain had in the run-up to a technology patent, which ASICS have made by a good 20 percent more efficient. The speech is from the so-called ASICBoost. With the introduction of the Bitcoin Improvement Proposal 141 (GDP-141) has become the technology useless.

on Twitter, the debate about the „correct“ scaling of BTC ensued, as between Bitcoin-Core-Developer Luke Dashjr and Jihan Wu. to collect

Instead of more Power in the case of the miners, strengthened SegWit Full-Node operators, lowered transaction fees, and without increasing the Block Size limit is an important step in the direction of scaling.

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