BIP91 vs August 1st

BIP91 reaches 80.5% network support
19 July 2017   4261
Bitcoin

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen

Bitcoin community has lost sleep for a couple of months over SegWit2x and the Bitcoin User Activated Soft Fork (UASF) which is to be activated on August the 1st.

Now, while a significant part of users is concerned about a possible hardfork in the Bitcoin network, the miners begin to vote for BIP91 proposal as it is considered to have good chances to become an unexpected compromise solution in the debate on consensus.

In fact, it is the only proposal actively preventing a Bitcoin chain split right now. The bigger question is whether or not BIP91 can gain enough traction in the coming days.

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

The support for BIP91 is certainly on the rise. Various mining pools are actively signaling support for this solution right now: 80.5% of blocks mined over the past 24 hours support this solution. It goes without saying that scaling Bitcoin without a chain split should be in everybody’s best interest.

Bitcoin voting chart on xbt.eu Bitcoin voting chart on xbt.eu

Why BIP91?

The implementation of softfork in the Bitcoin network requires miners to include a special signal bit into the blocks, thereby showing their willingness to adopt the new rules. The original version of Segwit2x required the inclusion of the fourth signal bit (bit 4) in order to support BIP141, and that's when the conflict appeared, because the BIP141 code had been already written to respond to the first signal bit (bit 1).

To bypass this conflict, BIP91 uses an additional bit signaling the mandatory acceptance of the original first signal bit. Accordingly, there is no need to change the already existing SegWit activation logic.

Thus, if BIP91 to be activated before July 31th, it will replace BIP148, which also assumes the activation of SegWit, but carries the risk of splitting the Bitcoin network into several blockchains.

However, if one big mining pool stops signaling it, BIP91 will be back below 80% pretty quickly. Given that some pools like to play games with the rest of the Bitcoin community, BIP91 may never happen in the end. After all, there are less than two weeks to see it get locked in, which means time is of the essence.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   83

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.