Peace in Our Time – Perhaps

Blockchain, News | July 21, 2017 By:

A supermajority of bitcoin miners have agreed to implement BIP91 as of early today, indicating that the dreaded hard fork and split into two warring camps of bitcoin may be averted.

A web site monitoring miner broadcasts of support for the proposal indicates BIP91 as “locked in,” with 95% of hashing power committed. The threshhold for activation and acceptance was generally agreed in the BIP91 block proposal as 80% of processing power.

The BIP91 proposal offers a slightly larger transaction capability, but does not completely alter the limits on capacities. Instead, the change will likely ease the transaction bottlenecks that have made confirmations sluggish.

The move indicates the bitcoin community may avoid the more radical Bitcoin Improvement Proposal 148 (BIP 148), activation of which would likely lead to a split into separate coin camps on Aug. 1 if implemented.

The move to support BIP91 can still be reversed. Although miners have indicated support for the proposal, they must now run the software in the next two-and-a-half days to implement the proposal. If a majority do not, it would throw things back into chaos and speculation about a hard fork split on August 1.

Bitcoin’s single-coin price has boomed in the last few days as more support developed for BIP91.