Digital Currency Group, the company owned by Barry Silbert, published an agreement dated May 23, signed by 56 companies. They consented to increase the blocks to 2MB. The announcement presented the 56 companies as an important part of the ecosystem, together with a hash power of 83.28%.
The proposal of Barry Silbert
For several days, some members of the community attended Barry Silbert's conference on Bitcoin Scalability Plan. According to Silbert's statements, the meeting took place within the Consensus 2017. In the end, the lead company Silbert communicated the proposal.
56 companies in the crypto industry, in 21 countries, agreed. They have cumulatively a hash power of 83% of the total network. The 56 compacts trade $ 5.1 billion per month and have 20.5 million wallets.
"We agree with the network upgrades, which will be deployed simultaneously, according to the initial plan," explains the Digital Currency Group announcement. "SegWit will turn on when 80% of the network will agree and increase block sizes to 2MB in 6 months."
The proposal to lower the threshold to 80%
Prior to DCG's release, Eric Lombrozo said the threshold for SegWit's deployment might be low. After the May 22 meeting, Bitcoin developer James Hilliard also proposed to lower this threshold:
"We want to implement the implementation of Barry Silber's proposals in two distinct parts. The first is activating SegWit at an 80% threshold and the second is bifurcation. For SegWit activation, we must consider minimizing risks and maximizing compatibility. Regarding bifurcation, if this happens independently of SegWit's activation, we can solve the scalability problem, and we can also bypass any risks and problems that may arise. "
The future of the bitcoin
Decentral, Grayscale Investments, Jaxx, Bitmain, Xapo, Yours, Bitpay, Gavin Andresen, Bitcoin.com and Guy Corem are a few companies and renowned people who have agreed to this compromise for SegWit.
The DCG communiqué further said that community members are prepared for the difficulties that will arise as a result of the technical compromise. The article ended with the following statement:
"We are very determined to further develop the mechanism to provide community improvements, and we also want to use communication tools to get closer to users. We want to discuss with them about design, integration methods, implementation of security solutions, so we can increase the capabilities of the bitcoin. "