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Bitcoin August 1st Prediction – Split Flow Chart

In the next few weeks, the Bitcoin network and its participants may see some scaling proposals implemented to the protocol and the subject can be confusing. 

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Scrolling down you will find a detailed flow chart graphic that concludes the possible outroductions of the upcoming scaling proposals that could be applied in the near future.


A Visual Flow Chart presentation of the Possible Outcomes of Bitcoin Proposal that might be implemented

 

In the next few weeks, the Bitcoin network and its participants may see some scaling proposals implemented to the protocol and the subject can be confusing.

For now, there a couple of cases that could take scene in the middle of the three possible plans:

  1. User-activated soft fork (UASF)
  2. Segwit2x
  3. User-activated hard fork (UAHF)

Here you have shown a visual representation of the possible outroductions that will be shown to the community by Segwit2x, UASF, UAHF, all the Bitcoin Improvement Proposals (BIP) involved, signaling periods, and a timeline of dates and requirements.

Source: Bitcoin.com

Lots of Support Directed at the ‘New York Agreement’

At the moment there is a lot of support showing for BIP91 with intentions to activate Segregated Witness (Segwit) as part of the “New York Agreement” (NYA) roadmap. As you can see from the chart below BIP91 support is approximately 80.5 percent and the proposal needs to maintain 80 percent to lock in Segwit over 336 blocks. Following a successful lock in period another 336 blocks has to pass to successfully activate Segwit. After the Segwit activation, NYA participants agreed to implement a 2MB hard fork which is proposed to take place ~3 months after the Segwit activation.

BIP91 support is 80.5 percent on July 19, 2017.

Source: Bitcoin.com


User-Activated Forks – Exchange Contingency Plan

Not to be neglected are the two user-activated forks, that may happen on August 1. In case that Segwit2x can not activate Segwit, then it could be a scenario when both user-activated forks will proceed with their plans on the exact date.

UASF participants will then try to activate Segwit using full nodes aimed at blocking non-segwit blocks and hoping hash power will follow this move. Further, the UAHF is a contingency plan against this effort and plans to utilize a bitcoin implementation called Bitcoin ABC. This plan will remove segwit from the bitcoin code and use an adjustable block size instead. Moreover, the company Viabtc has pledged to support Bitcoin ABC with its own mining pool and will call the token “Bitcoin Cash” if the protocol splits off from the main chain.

Additionally, there have been some exchanges that have announced how they will handle a possible Bitcoin network fork. So far multiple exchanges have issued contingency plans and warnings about the possible network changes planned. This includes exchanges such as Bity, GDAX and Coinbase, China’s top three trading platforms, and thirteen Japanese cryptocurrency exchanges have made statements concerning these events. On August 1 specifically, these exchanges say they will likely disable deposits and withdrawals, and possibly halt trading as well.

In addition to the announcements from nineteen global bitcoin exchanges on July 19, the firm Coinbase announced it would not support the user-activated hard fork and its associated token.

The San Francisco-based bitcoin company says it will not honor the UAHF blockchain because “it is incompatible with the current Bitcoin ruleset and will create a separate blockchain.” Coinbase users are advised to withdraw their bitcoins from Coinbase by July 31st if they desire access to UAHF coins. Nevertheless, the trading platform will monitor the UAHF situation but doesn’t plan on supporting any new blockchains anytime soon.


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                                             Original Author [source]: Jamie Redman

 

 

Source bcnews
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