Hong Kong Agreement Bitcoin

Over the past year and a half, we have entered into several “agreements” to make a bitcoin scale. Two of the agreements that have been noted are the Hong Kong Agreement and the recent agreement in New York. These two proposals highlight some interesting aspects of the Bitcoin scale. It also shows how some things have changed, while others remain virtually the same. “You know the phrase “honey badger doesn`t care” in Bitcoin?” says Jespers. “People are going to oppose it because it looks like they`re being forced to. Even if 80% of the miners support it, what do the other 20% want to do? Yifu Guo, the founder of Avalon (now Canaan), the Bitcoin mining company, said with skepticism that the timeline would be maintained. “I`ll believe it when I see it,” he said. “It`s too fast, they don`t have enough acceptance.” Detailed in a media outlet published by the investment firm Digital Currency Group today, the proposal was seen as an agreement that was billed two changes in the direction of this stated goal. This proposal has been signed by more than 50 companies, and it claims to have the support of 83% of the network`s miners — companies that operate computers, secure the blockchain and add new transactions. It is obvious that a lot can change in 15 months. The new Bitcoin Scaling Agreement, concluded this year in New York, concerns the activation of SegWit at a threshold of 80%. In addition, the 2MB hard range will follow within six months of successful segregated Witness activation.

On paper, this agreement followed exactly the same path as the Hong Kong agreement a year earlier. The agreement is to implement a software upgrade that makes the network more efficient as soon as 80% of the network reports support for this upgrade (previously, developers had set a 95% threshold to trigger it). It also proposes the implementation of a new upgrade that could split the Bitcoin network in two in six months, creating two coins. “SegWit can be activated immediately and the same bit will say in the future, on date X is happening a hardfork of 2MB that signals two events with a bit,” said Jeff Garzik, founder of the Bitcoin start-up and Bloq proposal signature.