56 companies dealing with Bitcoin agree to the 2Mb Segwit Combined fork plan
The increasing popularity of Bitcoin
Recently, it was identified that Bitcoin is one of the top 5 search queries that are initiated by people who live out there in the world. This fact clearly shows the popularity of Bitcoin among people who live out there in the world. The convenience associated with this cryptocurrency has contributed a lot towards the above mentioned fact. However, constant changes are being introduced for the cryptocurrency in order to make it even more popular among people. The introduction of Segwit 2Mb Combined fork plan can be considered as a perfect example to prove the above mentioned fact.
The hype about Barry Silbert scaling plan
For the past couple of days, Bitcoin enthusiasts have been waiting for the release of the Barry Silbert scaling plan. This scaling plan was supposed to introduce some prominent changes to the cryptocurrency. When it was hinted that the scaling plan is about to get released, people became much curious about it. In fact, they wanted to know what changes will be introduced to the cryptocurrency along with this plan.
It is important to have a clear understanding about the proposals that are brought forward by the Silbert’s statements as well. This will assist anyone to have a clear understanding about the changes that will be introduced in the future related to scaling. These changes were released at the Consensus 2017 conference, which was successfully held in the past. As soon as the conference came to an end, the venture capital of Silbert, DCG revealed that it is going to compromise the proposal.
56 Bitcoin companies have agreed to the changes
The official agreement has received the support of 56 companies that are dealing with the digital currency. These companies belong to 21 different countries out there in the world. As per the official letter, which was signed as a part of the agreement, it has received more than 83% of the total hash power that you can see in the network. In other words, the group that has shown the support for this cause represent a transaction amount of $5.1 billion per month on the chain. In addition, they account up to 20.5 million cryptocurrency wallets that exist in the economy. As you can see, this is not a small amount, which can be neglected.
As per the DCG announcement, the 56 companies have agreed to support the cause with immediate effect. This would create an ideal environment that is suitable for the parallel upgrades of the Bitcoin protocol. The protocol updates would be deployed simultaneously. These updates would entirely be based on the Segwit 2Mb proposal. All these facts have clearly been stated on the DCG announcement and there’s no need for people to keep any doubts in their minds.
A proposal to reduce the Segwit threshold up to 80%
Before DCG released the official announcement, there was a proposal that was brought forward in order to reduce the Segwit threshold up to 80%. This happened at the scaling panel at Consensus 2017. As per Eric Lombrozo, it was figured out that reducing the Segwit threshold up to 80% is something that can practically be done. However, he did not specify a clear amount and he just gave an idea that there is a possibility to reduce the threshold. After a discussion that took place on 22nd May, James Hilliard, who is one of the Bitcoin developers stated that he is planning to come up with a new proposal. This new proposal is all about activating the reduced signaling threshold.
As per Hilliard, he is proposing a new implementation, which is in a position to accomplish the first part of the proposal that was put forward by Barry Silbert. There would not be any dependency with it and the second part of Silbert’s proposal. The primary objective would be to activate Segwit at a threshold of 80%. This would be done along with signaling at bit 4. The primary objective of this proposal is to minimize the risk of having a split in the chain. In addition, it can minimize the network disruption as well. On the other hand, an ideal platform is created in order to maximize the backward compatibility. This is done while providing a rapid activation for Segwit at a threshold of 80% while using bit 4.
Companies that have shown positive responses to the consensus
As mentioned earlier, 56 companies have shown positive responses to the consensus. They include some of the leading company names in the industry as well. Guy Corem, Bitcoin.com, Gavin Anderson, BitPay, Yours, Xapo, Bitmain, Jaxx, Grayscale Investments and Decentral are to name a few. While going through the above list, you would also realize that there are some individual names. They are prominent figures who play a major role behind the cryptocurrency and they cannot be simply neglected.
According to an article that was published in Medium, the community is well prepared in order to take care of all the increasing pains, which can take place as a result of technical compromises. This would create an ideal environment for the survival at the most high risk environments. As per the article on Medium, the community is committed to engage with research and development activities related to the mechanisms, which can improve signaling within the Bitcoin community. In addition, they are looking forward to put all the communication tools at a one single place. This can create an ideal environment, where everyone can closely coordinate with each other in terms of integration, design and deployment of the safe solutions, which can contribute towards the capacity of Bitcoin.
Reducing the Segwit threshold up to 80% has the ability to create a tremendous impact on the capacity level of Bitcoin. Since this can create an ideal platform for the growth of the cryptocurrency, 56 companies from 21 different countries have shown their support towards the cause.