BitPay’s Stephen Pair: Community Needs to Become Proficient at Managing Bitcoin Forks

BitPay’s Stephen Pair: Community Needs to Become Proficient at Managing Bitcoin Forks

As opposing sides in Bitcoin’s long-lasting scaling dispute seem to be inching closer, one of the remaining sources of contention is not whether, but how to achieve a small block size bump.

TheBitcoin Core development team wants to increase the maximum block capacity through a Segregated Witness soft fork, which has since been embraced by a large part of Bitcoin’s development community and a significant segment of the Bitcoin industry.

Others, like CEO of major payment processor BitPay Stephen Pair, believe the perceived benefits of soft forks over hard forks are being overstated.

Speaking to Bitcoin Magazine, Pair explained:

“I think soft forks aren’t the panacea that many people perceive them to be. It’s true that not all nodes on the network need to upgrade at the same time with a soft fork. But once the majority of hashing power has adopted new consensus rules, anyone running a full node should probably want to upgrade to validate the new transaction semantics. And this is especially true when you consider that SPV-nodes make the assumption that peers are performing full validation to keep miners in check.”

A centerpiece of Bitcoin Core’s scalability “road map,” Segregated Witness is

Read more ... source: TheBitcoinNews

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