24 May '17, 12am

Bitcoin's New Scaling 'Agreement': The Reaction

A meeting of bitcoin startup executives and miners held this weekend has resulted in the publication of a new proposal for how the open-source project should be upgraded to support additional transaction capacity. Detailed in a Medium post published by investment firm Digital Currency Group today, the proposal was billed as an agreement that would make two changes toward this stated goal. The proposal was signed by more than 50 companies, and claims to have support from 83% of the network's miners – businesses that operate computers that secure the blockchain and add new transactions to it. First, it lowered the barrier for the activation of Segregated Witness , the long-stalled proposal put forward by Bitcoin Core developers in December 2015, to 80% of the network's mining power. Second, it stated that the undersigned businesses would agree to activate software that would...

Full article: http://www.coindesk.com/bitcoins-new-scaling-agreement-re...

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