As August 1 approaches,the Bitcoin war over dominance between developers,miners and stakeholders fiercely ranges on. Issues ranging from the delays in processing transactions-purchases takes an average of minutes to hours to confirm,the one megabyte size limit on blocks built into the system,etc.Thus a split ensues over how to respond to this hullabaloo.
Two camps emanated,pushing for different possible solutions: ”Bitcoin Unlimited” (henceforth refer to as BU),and Segregated Witness (SegWit).It must be noted that they can’t both coexist and their implementation will completely split the bitcoin network into two competing digital currencies.
BITCOIN UNLIMITED
Now let us see the different arguments from the two camps.Bitcoin Unlimited-BU is the miners favourite,BU would solve the megabyte size limit on blocks by allowing miners and nodes to vote on increasing the block size when required,giving them effective control of the bitcoin network
SEGREGATED WITNESS
SegWit is more favored by bitcoin developers and enthusiasts,keeping the cryptocurrency more decentralized,rather than handing additional control to miners.SegWit proposes redoubling the transaction capacity of bitcoin,moving some transactions off-chain which might not benefit the miners.
The decentralization factor proposed by SegWit may work for them,although critics see it as a temporal solution for network bandwith,while BU will allow miners to increase capacity with no upper limit
Fellow seemit your contribution will be appreciated on this intense war and debate on Hard fork,what is the way forward out of this current debacle?which of the camps do you support?Are you neutral?