Major Bitcoin mining hardware producer Bitmain today announced that it may launch a “hard fork” in August. Labeled a “contingency plan,” the announcement is a response to the upcoming user activated soft fork (UASF), as defined by Bitcoin Improvement Proposal 148 (BIP148) — and the wipe-out risk that comes along with it.
After an initial 8 megabyte proposal, Bitcoin Classic, the Hong Kong roundtable consensus, Bitcoin Unlimited, and SegWit2x, this marks the sixth time the Chinese mining giant has announced support for a hard fork in the space of two years.
Here’s what their latest proposal looks like.
Hard Forks, Coin-Splits and Altcoins
On August 1st, a segment of the Bitcoin community will activate the BIP148 UASF. These users and miners will only accept Bitcoin blocks that signal support for Segregated Witness (SegWit), the protocol upgrade proposed by the Bitcoin Core development team. If, at that point, a majority of miners (by hash power) does not signal support for SegWit through BIP148, Bitcoin’s blockchain and currency could split in two: a coin-split.
Now, with Bitmain’s hard fork announcement, it seems there could be a third part to the split … sort of.
Bitmain refers …read more