BIP : Bitcoin Improvement Proposal

Hello Steemians,

As August the 1st is in few days, i think that it could be a good thing to write this post for those who want to understand what happens in Bitcoin's world.

Different kind of BIP exist:

BIP109: a hard fork in order to increase block size limit to 2MB given a 75% activation threshold as of 2016. Removes the static block size limit and hands the decision to miners and “free market” as of 2017.

BIP100: proposed by Jeff Garzik, delivers to the “free market” the control of blocks’ capacity. It is the very first proposal that aimed to change the block size limit.
The size is voted for by miners (should not be less than 1MB nor bigger than 32MB), and would have activated if a threshold of 90% of mining power accepted the proposal.

BIP101: proposed by Gavin Andresen, aimed to increase block size limit by 100% every 2 years, based on Nielson’s law (consumer bandwidth increasing about 50%/years).
Also starts from 8 MB, for whatever reason.

BIP102:submitted by Jeff Garzik, aimed to double the block size limit (from 1MB to 2MB) in order to gain time and open the path to a more stable solution to come into fruition.

BIP103:Proposed by Pieter Wuille, increases the block size limit by 17.7% each year. Counting from 2017 to 2063.

Bitcoin XT: implemented BIP101 and was proposed by Gavin Andresen along with Mike Hearn as a solution to the block size problem.
Put simply, BTC XT amplifies the block size to 8MB. Blocks’ capacity would have doubled every two years until a size of 8GB is reached.

BIP141 aka SegWit: suggested by Eric Lombrozo, Johnson Lau and Pieter Wuille.
Although not technically a capacity increase, it allows for a new type of transaction that, if used, would result in more capacity.
It’s also a fix to the malleability problem.
It does that by creating a new data structure called ‘witness’ which contains the scripts and signatures of transactions.
Therefore each tx will have two id’s: witness data and base data.

BIP141 is a Soft Fork, unlike the other proposals.

BIP9: activation method adopted for

BIP141. Requires that 95% of new blocks signal miners’ readiness for SegWit so it can be activated.

BIP148 aka UASF: this user activated soft fork is suggested as a (forced) trigger to bit141(segwit). It hands segwit support to the ‘economic majority’, in this case full nodes, instead of miners.

BIP149: suggested by the same author as

BIP148, Shaolin Fry, it would be deployed in case of failure to lock-in/activate

BIP148 before the 15 November 2017. It uses version bit 1 for signaling.

BIP8: activation method adopted for

BIP149 which is also an extension of BIP9 and doesn’t require miners’ signaling to activate.

SegWit2x: a proposal that activates segregated witness given 80% of miners’ support, it uses bit4 for signaling and increases the block size up to 2MB(BIP102)

BIP91:proposed to prevent from a hard fork by making sure both segwit2x and

BIP148(UASF) are compatible. (version bit1)

BU or Bitcoin Unlimited: relies on a decentralized decision making aka “emergent consensus” to define a block size limit. It enables nodes to adjust the block size they accept as valid and miners too can change the size of blocks their nodes produce.

You can also have more information on github if you follow this link :
https://github.com/bitcoin/bips/blob/master/README.mediawiki
sources:
medium.com/@chainsmiths_/status-quo-dfa01ce4c88
Pictures:
cointelegraph.com & The Dollar Vigilante

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