Bitcoin Fork SegWit Lock Prediction : After August 9 Bitcoins Roadmap and What the Community Thinks
Segregated Witness - Or known as SegWit has successfully locked-in while pushing Bitcoin price as predicted to float around $3300
Segregated Witness – Or known as SegWit has successfully locked-in while pushing Bitcoin price as predicted to float around $3300. In the same industry in which many have foreseen that all-time highs could be reached throughout at least the top-cryptocurrencies, both Bitcoin and the new created Bitcoin Cash do have unclear future ahead.
Bitcoin Cash as a New Network
As it was much anticipated by the community – August 1st was when Bitcoins Hard Fork took place splitting it into 2 blockchain that have a common history. With five mining pools giving hashpower to this new and alternate blockchain, Bitcoin Cash has survived a whole week.
On August 8 with the following complete lock on August 9, Bitcoins mining difficulty will increase by 7% while Bitcoin cash (BCH) will as it is – be lowering compared to BTC.
So far there have been a total of 16 so considered ‘big blocks’ with over 1MB found on the BCH network with a few large ones being over 4MB. The other mining pools which are dedicating hashpower to the BCH chain include Suprnova, pool.Bitcoin.com, Viabtc, and the Bitclub. The pools which are mentioned above have just 16 percent of the 240 Bitcoin Cash Blocks mined.
Bitcoin Cash (BCH) Price, Market and Prediction
After all-time low where Bitcoin Cash price targeted below $200, on August 6 it recovered back while climbing its way as time per/writing at around $328 being traded against the dollar. This shows that its mining since the network formation has been profitable. Need to be mentioned that following that certain date, on August 7 both the domination cryptocurrency Bitcoin (BTC) and Bitcoin Cash have surged as Bitcoin did reach its highest price ever $3490 over night.
August 8 Segregated Witness Lock-in: Block 479707
There is a possibility that as it has been reported on news.Bitcoin.com about the Roadmap of Segwit2x of Bitcoin “transforming” into 3 networks. Since now a 3 month long Hard Fork Split timeline will start as the Segwit activation on the Bitcoin network will launch on August 9. The Hard Fork that would follow on November was supported as a compromise by many businesses and miners. On the other hand many Core developers vehemently disagree with the second half of the plan. Every single Core developer has stated that they will not support a hard fork in November, which means Core software will not be aligned with the Segwit2x plan.
Segwit2x Rodmap and plan – The War Inside
Now, software developer Matt Corallo (TheBlueMatt) and other Core developers have introduced a concept for the Core reference code. It seems the new idea will have Bitcoin Core 0.15.0 automatically disconnect nodes running Bitcoin-ABC and the Segwit2x fork.
“Immediately disconnect peers that use service bits 6 and 8 until August 1st, 2018,” explains Corallo’s proposal. “These bits have been used as a flag to indicate that a node is running incompatible consensus rules instead of changing the network magic, so we’re stuck disconnecting based on the service bits, at least for a while. Staying connected to nodes on other networks only prevents both sides from reaching consensus quickly, wastes network resources on both sides.”
Corallo explains that they updated to only disconnect bit 8 (Bitcoin-ABC), and the concept may be reviewed for other nodes in the near future. Segwit2x’s lead maintainer Jeff Garzik doesn’t like the idea and thinks it will create a “premature network split.”
“Deploying this change for NODE_SEGWIT2X – bit 7 – creates chain splits in the wild on an inconsistent basis” explains Garzik. “This creates chain splits even though Bitcoin Core and Segwit2x nodes are validating 100% the same rules today; it creates chain splits because of a presumed future rule deviation. The outcome is a bunch of non-deterministic islands.
This is a very hostile and unsafe change prior to Segwit2x fork deployment. It is safe and a convenient optimization for this codebase to make this change after a chain split, but not before.
Unclear, doubtful and Uncertain
Garzik is just showing “FUD” around and the community should evade and ignore his take on the matter – Matt Corallo continued:
“This obviously doesn’t create a split until their incompatible rules kick in, it will only make upgraded nodes more cleanly separated, it’s not like the network won’t still be well-connected,”
The Roadmap looks like its not going to workout at ease as to Core developers do not want any business with the second part of the plan. Many speculators wonder why Corallo and other Core developers didn’t mention this concept earlier, as Segwit implementation was just about to lock-in. The argument on Github has continued for quite some time, and many ‘Core’ developers agree (Ack) with the idea of blocking Segwit2x and Bitcoin-ABC (Bitcoin Cash) nodes.