Japan on BIP148 on 1 August 2017
Jul 24, 2017 Posted / 5485 Views
In order to prepare for this event, following the uncertainty looming over the future of SegWit, most Japanese companies have decided to temporarily suspend bitcoin transactions from August 1st to such a date when the issue is resolved. This includes some of the biggest companies in Japan, which regulate major trades in the bitcoin sector. The issue, which would have no effect if either of the first two scenarios occur, could last for a little over a month in case of a chain split, although optimistic economists claim that the issue should resolve itself by the 4th of August, with decagons being made one way or other.
In order to combat this largely looming problem, BIP91 was proposed by James Hillard, a protocol compatible with BIP148 but less strict in terms of its implementation as it only requires 80% of the users to signal readiness by using a “bit 4”. Once this was activated, the BIP91 already gathered the support of 88% of the nodes and was thus activated. At block 477120, BIP91 will be activated. SegWit will then provide a two week lockin period, where miners can either accept and continue transactions or reject and lose mining rewards. Thus, BIP91, if successful with supersede BIP148.
But, many Bitcoin Developers and miners believe that miners might either not be running the software they signal to be using, thus leading to very few actual compliances which would in the end impact the Segwit not going through. Or, the miners might use the new software for a while and later cave in to going back and thus again lead to a failure of Segwit. Thus, may believe that BIP91’s success might just be a superficial victory.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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