Set to offer an effective block size limit increase, a transaction malleability fix and more, Segregated Witness (SegWit) could soon go live on the Bitcoin network. Starting tonight, miners can signal support for the proposed centerpiece of Bitcoin Core’s scalability roadmap. The soft fork will activate if 95 percent of hash power agrees.
But Chinese mining pool ViaBTC, currently representing some 8 percent of hash power on the Bitcoin network, has indicated it will not support SegWit activation. Instead, the mining pool favors a hard fork to remove the one megabyte block size limit, as proposed by Bitcoin Core fork Bitcoin Unlimited.
To learn more about ViaBTC’s motivation, Bitcoin Magazine reached out to CEO Haipo Yang.
Haipo, you’ve made it clear you want a hard fork to increase the block size limit. Why do you consider this necessary?
The past seven-year history of Bitcoin has proven that on-chain transactions are successful and needed by users. I think a hard fork to increase the block size limit is the only way for Bitcoin to develop moving forward, and the only way to preserve the bitcoin mining business model. I support a hard fork to stop