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Google Alert – bitcoin
The fastest path to on-chain scaling is miners signalling in favour of segwit via BIP9. But they are not doing this.
Segwit effectively creates roughly 2Mb blocks by removing the signatures from the block itself and putting them elsewhere.
These will activate the UASF on August 1st and thereafter reject any blocks mined that do not signal in favour of Segwit.
If we install and run these AND get enough miners to support it by the activation date, the length of this chain will be longer than the non-signalling chain and cause non-signalling blocks to also be rejected by all other nodes and miners (even the ones mining non-signalling nodes).
We have to "bootstrap" this by getting a movement going. August 1 is more than 70 days away, which is very long in bitcoin time. We have lots of time to advocate strongly for this. Opposition on reddit will be vehement (and I no longer care to speculate on the motives or identities of all the brand new reddit accounts suddenly appearing and warning against SegWit or slandering core developers).
SegWit has been extensively tested on the test network. There is no tested or stable version of any large block hard fork client in existence.
Therefore, the only way to quickly address the transaction backlog is to activate SegWit as soon as possible. And the only way to do that is to both run and advocate for miners and exchanges to run the UASF releases.
- edit – removed link to binaries due to subreddit policy.
submitted by /u/logical