Exactly 02:00 GMT on Thursday, SegWit Locked-in with miners signalling that they will upgrade the code for 269 blocks. For some time now the Bitcoin ecosystem has been saddled with the acrimonious conflict of scaling that has been so debilitating.
Though the battle is not yet over, at least this feat is a step ahead which is very critical. What does the future look? Is the network now safe and the future bright?
Core Media decided to find out the sentiments of some community members over the new stage the Bitcoin Network has found itself. Speaking to Core a few minutes after the locked-in, Gotham Singh, an ICO expert indicated he is positive the debate is now progressing somewhere.
“Billions are at stake and the way the community was behaving in the last few days was damaging for Bitcoin as a whole comparing how ETH handled its investors I was dismayed but now again Bitcoin is positive,” he said.
On what the future holds for the space and the entire community, Gotham was not forthright. In fact, he intimated it depends on upcoming events and decisions.
Akin Fernandez, Software Engineer and the owner of the Bitcoin startup Azteco in an answer to his sentiments about Segwit Locked-in humorously started singing James Brown’s I’m feeling good track. The Bitcoin pundit says:
“Now instant confirmations are possible coupled with Bitcoin micropayments. It is an opportunity to improve security and the time for exponential price rise. Significantly, centralization of Bitcoin will be avoided and the likelihood of future corporate takeover greatly decreased. Also spamming the network is going to be two times expensive. I’m excited we have thwarted Americanization of Bitcoin with complete privacy. The enemies of Bitcoin are now in full retreat.”
All Is Not Yet Well
Vinny Lingham, CEO of Civic Keys, an entity using the Blockchain to provide identity verification begged to differ. Vinny thinks the threat to the ecosystem is still around and has not gone away yet. “I’m still wary of the hard fork risks,” Vinny noted.
JuicyG of Smartcash, a privacy-centric cryptocurrency seems to agree with Vinny Lingham. He thinks that while the Bitcoin community is jubilant due to SegWit being locked, the ideological divide won’t be cured anytime soon and many of the people currently holding hands will lock swords again on either August 1st if the BitcoinABC hard fork goes through, or later this year in November, before the 2MB hard fork is set to go into effect.
“I believe there’s still room for improvements when it comes to governance, privacy and merchant adoption without relying on 3rd parties that are controlling development to push their own agenda,” JuicyG maintained. “This is what new Cryptocurrencies like Smartcash are trying to do.”
Well, it might seem the community has made a step forward, but there is more to come before we will be able to conquer the obstacles. Core Media will definitely keep our numerous readers updated about developments in the ongoing scaling debate and schedules.