Bitcoin Scalability Problems Solved?! BIP91 Set To Lock-in, in 12 Hours! Hardfork Avoided!
There has been huge worry recently about the outcomes of the current Segwit signalling, will Bitcoin fork? How will it effect everyone?
Well thankfully it looks like (in my opinion) the best outcome is on the brink of being locked in!
BIP91, which miners started signalling for early does two things:
It makes it significantly easier for the network to adopt Segregated Witness (SegWit), a backward compatible upgrade that fixes transaction malleability and clears the path for off-chain solutions like Lightning Network.
If activated by July 31, BIP 91 supersedes BIP 148, a proposal that poses a risk of causing the network to split.
BitmainWarranty engineer James Hilliard introduced BIP 91 as a way to implement SegWit quickly and safely, without causing a fork in the network.
The the time of writing support for BIP91 has remained above the required level for the last 214 block, with only another 72 required to lock in BIP91.
At the current rate and time of writing this means if things stay as they are in just over 12 hours BIP91 will be locked in, including Segwit and avoiding the much dreaded bitcoin hard fork!
Want to keep track of this yourself! See my other blog article for all the info you need!…