New Formula in Bitcoin – What is BIP 91? What is waiting for us after that?

New Formula in Bitcoin - What is BIP 91?  What is waiting for us after that?

The long-awaited BIP 141 and BIP 148 bipolar on the head on the proposal, BIP 91 game after the game, including the flow of the flow changed.

BIP 91, which has been receiving a great deal of support for the past week, literally shook the market and the price of bitcoin from $ 1,800 to $ 2,800 go to caused. What does BIP 91 mean? What is bringing in and after 1 August and what is waiting for us as a crypto money community from now on?

BIP 141, the Bitcoin Core team’s bid, SegWit, was not accepted as the final objection of the Chinese miners. Significant names in the New York market, SegWit2x, admittedly left town. SegWit2x was adding to the original SegWit solution to BIP 141: the block size to 2 MB. First, SegWit will be activated and leave the signing process (in this scenario, the block size will drop to 75 percent and the transaction fees will decrease) and after 3 months the block size will be increased to divide the network into halves, which means that two different bitcoins will emerge. Although the idea of ​​dividing Bitcoin into 2 is quite dangerous, this offer has been accepted because it satisfies both Bitcoin Core team and miners ‘partly’. Spoke on possible scenarios on 1 August and expect a SegWit activation, and during the week we had a surprise development, the miners began to support the BIP 91 protocol. The BIP 91, which surpasses the required 80 percent threshold for acceptance, was blocked after a few days. BIP 91, 336 blocks later, 447120 blocks.

First of all, it should be noted that many sources in the market and the ” Scaling performed by activating BIP 91 “Perception is extremely false . BIP 91 can be considered as the middle way to both activate SegWit and avoid network division. Although it is part of SegWit miner-based BIP 91, it is still unclear whether SegWit activation (BIP 141) will go. The things that have yet to be done are not finished and all the ball miners are thereafter. In other words, the whole job is to try to increase the possibility of activation of BIP 141 protocol, SegWit indirectly.

New Formula in Bitcoin - What is BIP 91?  What is waiting for us after that?

Coindan by Percentage of SegWit support based on

When the miners pointed to BIP 91, they added “bit 1” (for BIP 141) to the blocks. In addition to bit 1, miners have also added bit 4 (for BIP 91) named data. With the completion of block 336, all BIP 91 compliant nodes from now on will reject all blocks for which bit 1 is not found. So those blocks will be invalid. If the majority of the Hash power (more than 50%) shows BIP 91, this majority power will control the longest valid chain for all bitcoin nodes. SegWit will be locked on all nodes ready for SegWit until mid-August, since this chain will only consist of blocks of 1s pointing to SegWit. After that, SegWit will wait for a couple of weeks to be activated on the bitcoin network. The miners are expected to complete their preparations for the activation in this period. If this happens, BIP 148 will embed the protocol.

The scenario we are talking about is the most likely scenario we will testify as a market if everything goes well. What does the other side of the medallion show? What could break the plans?

As the greatest risk, the miners may not be able to provide BIP 91 support during this period. If the proportion of unsupported miners is above 50 percent, this could seriously impact SegWit’s realization.

In other words, the support given by miners to BIP 91 does not guarantee anything at the moment. The miners pointing to bit 4 for BIP 91 may not point to bit 1 for BIP 141. According to Coindance, support for SegWit appears to be about 60 percent now. James Hilliard of Bitmain Warranty, creator of BIP 91, does not compromise his positive attitude and says he is in contact with miners when he explains what he does.

For now, we can reach the general situation as follows: The miners pointing out Bit 4, stated that they intend to activate SegWit in the coming days. Whether or not this intention is stated will be demonstrated in the coming days. Crypto money investors follow the developments in the sector, recommendations to they need to hang ear.

Utilized resources:

http://www.coindesk.com/bip-91-locks-means-bitcoin-not-scaled-yet/

https://www.coindesk.com/coindesk-explainer-bitcoin-bip-91-implements-segwit-avoiding-split/

https://bitcoinmagazine.com/articles/bip-91-has-activated-heres-what-means-and-what-it-does-not/

https://coin.dance/blocks

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