Bitcoin expansion countdown: SegWit Event schedule!!!

In July, the long-awaited process of expansion of Bitcoin has entered a critical moment. The most concerned issue in the Bitcoin community is whether the expansion of bifurcation in August will lead to the division of Bitcoin and affect the long-term development of Bitcoin , And whether the currency will collapse.

At the Consensus 2017 conference in New York in May, the miners reached a new expansion consensus, with only the "BIP148" and "SegWit2x", both of which advocated the start of SegWit isolation witness in two months The content of the program is slightly different, which side to support more theoretical will become mainstream, but the more pessimistic view is that Bitcoin will be split.

In this article, will probably list some of the priorities need to pay attention to the events and dates for your reference.

SegWit Development Review

If you do not know what is SegWit, it is advisable to look at "SegWit".

SegWit was originally proposed by the Bitcoin Core development team, initially to improve the trade volume of Bitcoel, but because its function can solve the problem of Bitcoin expansion, the team gradually turned it into the core technology of expansion.

In May Consensus 2017, a number of miners-based organizations reached a new "New York Consensus" and agreed to resolve the expansion with the SegWit2x consensus at the end of July, but at the same time the BIP148, August 1, "UASF (User Activiated Soft Fork)" soft fork, so in the expansion schedule, there are two different bifurcation schedules, so that bitco expansion dispute appeared a major variable.

Originally Bitcoin Core's expansion agreement "BIP141" said that as long as there are 95% of the arithmetic support, Bitcoin will be bifurcated to solve the expansion problem, but has been only 40% -45% support, it failed to start.

So in order to promote the expansion, the BIP148 UASF soft bifurcation protocol, in August 1, 2017, the support of the node will refuse to deal with does not support BIP141 (original SegWit) node transaction information, if most of the nodes and Power support, it will be hard to become the main bifurcation.

And the New York Consensus proposed SegWit2x to support the BIP91 soft fork protocol, with the BIP148, they advocate refused to deal with the BIP141 does not support the node transaction information, the only difference is that BIP91 will only calculate the reliability of 80% will refuse to deal with Trading, and BIP148 is not the provision, but the New York consensus finally put forward to hard fork to enhance the block capacity (2MB), so a great opportunity to make bitter currency split.

Focus on event schedules

July 14: Install BTC1 client

In fact, BTC1 client has been released on June 30, but according to SegWit2x process table, July 14 is the node needs to install the new client date.

But for the average user or miner, this is not a must install the software, but probably can know the degree of support.

July 21: BIP91 starts

The SegWit2x team suggested to support this consensus miner, who started using the BTC1 client on the day and started BIP91, which had little impact on the average user, but the miners began to need support.

July 23 (fastest): BIP91 locked

According to BIP91, more than 80% of the force in the 336 blocks in the 269 use of the BIP91 agreement, about 2 and a half days, the agreement will take effect, if the July 21 for the start date, the fastest is 7 Month 23 BIP91 will be locked.

This has no effect on the average user, but if it is a miner, and BIP91 has more than 80% support, you must decide whether to support BIP91 and switch BTC1 client, or you may only dug an invalid block.

July 25 (fastest): BIP91 officially launched

After BIP91 is locked, and then another 336 block, if 80% of the power support is still maintained, the use of BTC1 client miners, will begin to refuse to deal with non-BIP141 block (does not support SegWit) transactions.

This has no effect on the average user, but if it is a miner, even if you do not support BIP91, you must also determine that you are digging support BIP141 (support SegWit) block.

July 29: BIP91 deadline

If the miners want to avoid bit currency split, this day is the last deadline, because if the BIP91 did not start the schedule as mentioned above, it would face the bifurcation effect of the BIP148 UASF on August 1, and the Bitcoin had the opportunity to support both Different blocks of consensus lead to division.

This has an impact on all those who hold Bitcoin, because your hands have a chance to split into two coins, how to prepare for the split, follow the article will be described later.

If the BIP91 did not start successfully on July 29, the miners would need to decide to support the BIP148 UASF before August 1, or go back to the existing original currency.

July 31: BIP141 (formerly SEGWIT) deadline

On that day, if BIP91 did not start successfully, or BIP141 (original SegWit) did not reach 95% of the support, then that bit will face BIP148 UASF and the original chain of split the crisis, the situation with the same as in July 29, but this really Is the last day.

August 1: BIP148 starts

BIP141 or BIP91 does not support the BIP141 (original SegWit) node transaction information; if BIP141 or BIP91 has been started in this day, Bitcoin will not split the crisis; the other hand, the miners will face the split choice.

If all of the expansion agreements, including BIP141, BIP91 and BIP148, were not widely supported on that day, the Bitcoin would continue to operate without any change.

But if the day BIP148 have a certain amount of computing support, that bitcoin have the opportunity to split into two coins, how to prepare for this split, follow-up article will be explained.

August 4, August 15: Opportunity to appear new Bitcoin

If the BIP148 has received an influential support, but not to make the bit coins community completely to BIP148, then these two days have the opportunity to split the new bit currency.

Mid-August to mid-September: SEGWIT start

If BIP148 and BIP91 are successfully launched, the original SegWit BIP141 will be scheduled to start during this period, bit long currency expansion dispute should come to an end. But if there is a split before, SegWit can start or unknown.