SEGWIT: Less Than 600 Blocks to Start the Period of Potential Activation

Since Friday began the first period of activation of the SegWit code and mining groups or independent miners who have not updated their nodes with BIP141 will be rejected by the nodes that have implemented the update.

Once the first period ends - during which blocks that do not signal BIP141 could be rejected - a second period to achieve the required signaling will begin. From then on, the miners who have not updated their nodes to BIP141 could end up with orphaned blocks. SegWit allows signatures to be separated from the rest of the data, leaving 65% of space available in each block and also prevents malleability attacks.

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In fact, given the progress of signaling mining groups, at the time of writing this note, at least 60% of the signaling required to activate SegWit through BIP141 has already been reached. The activation mechanism requires that 1916 blocks be marked, during a period of difficulty of 2016 blocks, a period that began last year and that is near to culminate.

Last July 21, the most influential mining groups took the first step towards activating the SegWit scalability proposal. Specifically, through the Bitcoin consensus system, they identified more than 80% of hash required for the approval of BIP91 (BIP91 is in state lock-in from block 476768), a proposal to improve Bitcoin that from That moment demands the mining community of Bitcoin to start pointing out BIP141. This procedure avoids a strong bifurcation that divides the Bitcoin blockchain and hence the creation of cryptoactive ones that compete with each other.

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It is estimated that the remaining 581 blocks to start the SegWit activation process will be identified in a difficult period not to exceed July 31, a period of time during which SegWit can not be approved yet. Thereafter, both mining groups and independent miners should report BIP141 within approximately two weeks, with the goal of achieving 95% of the processing power (hashrate) required to activate SegWit. If SegWit is not approved during this time period it will no longer be eligible.

Between the middle and late August, the event called SegWit Lock-in will be the culminating period for those miners who fully conform to the security measures incorporated by the protocol. Otherwise, they may be rejected by the nodes that signal SegWit and therefore those Bitcoin merchants and independent miners who do not have the updated code will be able to lose money.

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An important trial period will last between August and September if the Bitcoin blockchain is not divided.

For the time being, the merchants of Bitcoin and the independent miners are advised to follow the advice of the main exchange offices to avoid losses of bitcoins or the devaluation of their assets in the event of a strong fork, which for the moment It is unlikely.

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