Bitcoin Miners Back Proposed Timeline for 2018 Hard Fork

A group of bitcoin miners constituting close to 80% of the network hashrate, spil well representatives from exchanges, service providers and contributors to the Bitcoin Core development project, have proposed a development timeline for scaling the bitcoin network.

The statement’s release comes after a more than Legal hour-long meeting te Hong Kong that drew participants from China’s bitcoin mining community and members of the Bitcoin Core team.

Some of the letterteken’s signatories were party to a previous statement that voiced opposition to any “contentious hard fork” to the bitcoin network.

According the proposed timeline, Bitcoin Core contributors Matt Corallo, Luke Dashjr, Cory Fields, Johnson Lau and Peter Todd will produce and recommend code for a hard fork to the bitcoin network that would feature a block size increase. The code for this proposal is expected to be made available by July.

This proposal would be introduced three months after the release of Segregated Witness, a proposed switch to bitcoin’s code that alters the way ter which bitcoin transaction signature gegevens is stored.

Representatives for miners AntPool, A-XBT, BitFury, Bitmain, BTCC, BW, F2Pool, and Genesis Mining have agreed to support Segregated Witness, expected to be released te April. According to gegevens from Blockchain.informatie, the larger miners on the list of signatories have produced toughly 80% of all blocks te latest days.

The group went on to say that, following approval by the volunteer Bitcoin Core team and a vertoning of “strong community support”, it would support the deployment of that hard fork – a switch to the network that would require users to download fresh software te order to stay compatible – with activation taking place sometime “around July 2018”.

The statement reads:

“This hard-fork is expected to include features which are presently being discussed within technical communities, including an increase ter the non-witness gegevens to be around Two MB, with the total size no more than Four MB, and will only be adopted with broad support across the entire Bitcoin community.”

Further, the statement indicated that the signatories would, for now, only use production versions of the Core software.

“Wij will only run Bitcoin Core-compatible overeenstemming systems, eventually containing both SegWit and the hard-fork, ter production, for the foreseeable future,” it said.

This reflects a switch from a previous version of the statement published online that featured stronger language te the commitment to use Core overheen other alternatives. Straks eliminated, it said that the group would “not run Bitcoin Classic”, a reference to the alternative implementation released earlier this month that includes code for a transaction block size increase to Two megabyte (MB) versus the current 1 MB vanaf block.

A utter list of signatories can be found here.

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