BitPay’s Bold Move Towards Bitcoin Upgrade
In a world where Bitcoin updates often lead to more heated debates than family gatherings at Thanksgiving, BitPay’s CEO, Stephen Pair, is cautiously optimistic about enhancing the Bitcoin network. Having hinted at the company’s commitment towards a Bitcoin upgrade, he’s raising the flag for extension blocks – or as he likes to call them, “secondary blocks”. Yes, nobody wants a hard fork, especially when the term resembles a rejected dinner invite.
Testing the Waters: What Are Extension Blocks?
While many in the crypto sphere are still wrapped up in the semantics of blockchain terminologies, Pair has been busy behind the scenes. Reports suggest that BitPay isn’t just testing the waters; they’re diving deep into exploration! Though extension blocks can stir heated conversations, Pair acknowledges their potential to upgrade Bitcoin without causing a scene reminiscent of a political rally.
- Unlike auxiliary blocks, which only lead to more eye rolls, secondary blocks could advance Bitcoin’s capability while maintaining network harmony.
Hard Forks: The Foe We Avoid
In Pair’s eyes, hard forks are like bad relationships; they’re best avoided. While it’s crucial to consider alternatives and encourage innovations, he firmly believes that Bitcoin Unlimited has stumbled on a few technical limbs. As he puts it, “A hard fork opens a can of worms no one wants to touch!” Pair wants both developers and users to understand the added value of extension blocks to eliminate the drama of contentious hard forks altogether.
Specifications and Public Testing: What You Need to Know
If you’re a fan of being on the cutting edge of technology (or simply want to impress at your next crypto meetup), you can hop onto BitPay’s public testnet. Pair emphasizes how easy it is to join: “You can be running a bcoin node on this extension block testnet in just a few minutes!” Just think about it – you could soon be the cool kid who knows what a secondary block is at cocktail parties.
The Road Ahead: Step-by-Step Upgrades
BitPay has outlined a roadmap to make this upgrade smoother than a cold brew on a hot day. Here’s a quick breakdown:
- Phase 1: Soft fork adoption of new rules, welcome mat rolled out for network and miner adoption.
- Phase 2: Depreciation, not to be confused with a bad movie sequel.
- Phase 3: Hard fork – but only if we absolutely have to.
Bitcoin vs. Litecoin: The Drama Unfolds
Meanwhile, as the Bitcoin community whispers sweet nothings about Litecoin’s SegWit activation, some are left wondering how this might impact Bitcoin’s future. If Litecoin’s SegWit sails smoothly, will Bitcoin hop onboard, or will it take the scenic route? As always, in the world of cryptocurrency, only time will tell.
