BIP91 has now been officially logged in, but what does this mean for Bitcoin and why is the scaling not yet complete? The Bitcoin miners have signaled BIP91. This was preceded by months of debate over Bitcoin’s scaling, in which many mud battles were fought for and against SegWit. In the end, the miners were able to agree on the SegWit2x agreement, a first step towards SegWit and Bitcoin’s scaling.
SegWit, which stands for Segregated Witness, aims to make the Bitcoin network more efficient and increase transaction throughput by increasing data storage in the individual blocks. As the number of transactions increases, the network increasingly reaches its limits – resulting in slow transactions and rising transaction fees.
With BIP91 signaling, the miners voted almost unanimously for the scaling proposal, some of which was intended to prevent Bitcoin from splitting. With the increasing probability of a BIP91 login and the resulting confidence in the market, the Bitcoin price also experienced a leap up. With a plus of 15.6%, the price per Bitcoin currently stands at 2,346 Euros. But the BIP91 login is only the first step of a big plan. Further, somewhat more complex steps have to follow now.
For a final activation of SegWit in the news spy Bitcoin network everything must now run according to plan
There will be a 336 block „grace period“ which will last about 2.5 days. During this time the news spy miners will be able to prepare for activation. BIP91 is activated with block 477.120. In theory, all blocks that do not signal for SegWit (BIP141) should then be rejected by the mining pools. This BIP91 mechanism should also force other mining pools to follow the proposal. Otherwise they could lose their mining rewards. SegWit could then be logged in at the next adjustment of the news spy mining difficulty. That’s about 2 weeks. The latter would be the final activation of SegWit and thus the official launch. At the same time, the User Activated Soft Fork (UASF, BIP148), which is scheduled to come into force on August 1, would become superfluous.
However, some voices from the community, including well-known Bitcoin developers and mining pool operators, do not (yet) share the euphoria. They say there may be complications when BIP91 is enabled and SegWit logs in.
In summary, they see the following Bitcoin secret
Miners could not run the Bitcoin secret software they are signaling. If mining pools (i.e. 50 percent) are not sufficient to run the specified Bitcoin secret software, this could be decisive for whether SegWit goes through or not.
Mining pools could run the correct software, but then exit shortly before SegWit is activated.
Basically, we’re talking about a trust issue here that is being questioned by some.
However, some things would have to go wrong to prevent SegWit from being activated. Considering the effort the mining pools have taken on and the fact that some Bitcoin core developers like Matt Corallo, who were against SegWit in the past, are now working on a smooth process, one can probably look optimistically into the future.
It seems that the community wants to celebrate the success of BIP91 and avoid the more aggressive SegWit activation by BIP148.