Last few days we have noticed the turmoil in crypto currencies. One of the reason of this volatility or more precisely downward movement caused by the uncertainty of upcoming update of Bitcoin. Bitcoin is undoubtedly the master of crypto currencies. Any sort of uncertainity in bitcoin is a hit for all other coins.
In order to scalability of bitcoin, a proposal put forward by Bitmain engineer named James Hilliard. It is called Bitcoin Improvement Proposal 91 or BIP 91 in short got a high attention in bitcoin community.
BIP 91 proposes an alternative route to implement Segregated Witness (SegWit). BIP 91 also offers a way to implement BIP 141 without any sort of redeployment. BIP 91 follows the same process as BIP 141 with the following tweaks.
- Miners can signal for BIP 91 using ‘bit 4’ instead of bit 1.
- BIP 91 only needs 80% of hash power support as instead of 95% needed for BIP 141
- The activation block count is set to 336 instead of 2016 blocks .
Miners were signaling 97 percent locking in the BIP 91 solution, as well as Segregated Witness (SegWit). BIP 91 offers a working solution to the scaling issue. Due to the rumor on the high chance of coin split incident, the Bitcoin market showed some serious volatility.