31 Oct '16, 3pm

Bitcoin Update Brings Scaling Solution Closer to Activation

Bitcoin Update Brings Scaling Solution Closer to Activation

An update to the bitcoin software that features code that could potentially activate a long-anticipated scaling solution has been released. Issued on Thursday and dedicated solely to code called Segregated Witness (SegWit), version 0.13.1 allows miners to signal support for the scaling solution after 15th November. If activated, the code also instructs nodes on how to validate the new type of transactions that will result from the patch. (SegWit boosts the bitcoin block size by a factor of about 1.8x by moving transaction signatures to another data structure). But there are still a series of steps left before the software will be triggered through a process known as a soft fork. For one, the update requires near-universal support from miners. The code will be 'locked-in' once 95% of a series of 2,016 blocks (roughly two weeks worth of blocks) are broadcast by those running...

Full article: http://www.coindesk.com/bitcoin-software-version-0-13-1-r...

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