Monday, December 5, 2022

56 Companies Sign on to Bitcoin Scaling Agreement

56 Companies Sign on to Bitcoin Scaling Agreement

Digital Currency Group’s Bitcoin Scaling Agreement is back on track, with a total 56 companies from around the world signing on.

Also read: Altcoins, ICOs Just Don’t Work: BnkToTheFuture CEO

83 Percent of Hashing Power, 20 Million Wallets

According to a DCG post on Medium, the signees represent “56 companies located in 21 countries, 83.28 percent of hashing power, 5.1 billion USD monthly on chain transaction volume, 20.5 million bitcoin wallets.”

BitcoinThe variety of miners, developers, companies and users is necessary to represent the broad spectrum of Bitcoin’s ecosystem. The companies pledged to “provide technical and engineering support to test and support the upgrade software, as well as to assist companies with preparing for the upgrades”.

Notably, BitGo clarified that it has not signed the agreement, despite being included on the initial list.

Sources from the meeting told Bitsonline that RSK Labs initially had some concerns over its contribution. RSK Labs’ Sergio Lerner had proposed the “SegWit2MB” concept, and the company was set to play a key role in writing the code, but they had some reservations about the workload and timeframe.

However the team agreed to stay onboard after the wording was changed to “within six months” after implementing SegWit to activate the hard fork.

Is the Community In Agreement?

Chandler Guo Bitangel
Chandler Guo

Bitcoin investor and CEO Chandler Guo said he signed the agreement in the hope some kind of action would finally occur on scaling.

“We’ll never have the best way but we can have a better way. Core, SegWit, BU or other plans — not every idea is the best idea. But because of this we kind of did nothing for a long time. So this time we believe doing something is better than doing nothing, right?”

“It’s been a long time, without doing something, so this time we started thinking about giving SegWit the opportunity. Maybe SegWit isn’t the best idea, but it’s kind of the same, it can work. It works in Litecoin.”

“We believe this is a chance, so we want to take the chance to do something. That’s why I agreed to this SegWit2MB. But we have time. We’re giving Core the opportunity, a chance to go to September 21. If this works, or doesn’t work, it doesn’t matter. BTC is still BTC and nothing changes … Someone will be happy, someone will be unhappy, it’s always like this.”

And some are unhappy — namely Core developer Luke Dashjr. In a post to the Linux Foundation bitcoin-dev list, he wrote a proposal for a new BIP to provoke a 2MB hard fork after the network activates SegWit.

Luke Dashjr

However he added that he did not recommend his BIP be adopted, “since frankly 1 MB blocks really are still too large, and this blunt-style hardfork (is) quite risky even with consensus.”

He claimed to make the proposal reluctantly only and would not put his name to the code, saying that if the community wished to proceed down this path, it was the best way to go.

However as Luke Dashjr acknowledged, it may now be out of the developers’ hands. Bitcoin is approaching a point of no return — in one way or other.

Do you approve of the scaling agreement? Let us know in the comments.

Images via Pixabay, Blockstream, WeChat

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