On February 21, 2016, key representatives from the Bitcoin industry and development community convened at Hong Kong’s Cyberport to establish a collaborative roadmap for Bitcoin’s scaling solutions. Below is the consensus reached during the Bitcoin Roundtable:
Key Agreed Points
SegWit Development Timeline
- SegWit will proceed as a soft-fork, with an expected release within two months (targeting April 2016).
- Participants committed to running SegWit in production once released.
Hard-Fork Proposal
- A safe hard-fork based on SegWit improvements will be developed publicly, with code expected within three months post-SegWit release (July 2016).
Features may include:
- Non-witness data increase to ~2 MB.
- Total block size cap of 4 MB.
- Activation requires broad community support, targeting July 2017.
Compatibility Commitment
- Participants will exclusively run Bitcoin Core-compatible systems integrating SegWit and the hard-fork.
- Emphasis on scaling technologies like Schnorr multisig for efficient block space use.
Timeline Summary
👉 Explore Bitcoin scaling milestones
| Phase | Estimated Date |
|---|---|
| SegWit Release | April 2016 |
| Hard-Fork Code Ready | July 2016 |
| Hard-Fork Activation | July 2017 (if supported) |
Supporting Organizations & Signatories
The agreement was endorsed by leaders from:
- AntPool, Bitmain, BitFury, BTCC, Huobi, Genesis Mining, and others.
- Bitcoin Core Contributors: Luke Dashjr, Peter Todd, Johnson Lau, et al.
FAQ Section
Q: Why was SegWit prioritized as a soft-fork?
A: To ensure backward compatibility while addressing transaction malleability and laying groundwork for future upgrades.
Q: What determines hard-fork activation?
A: Requires overwhelming community consensus to avoid chain splits.
Q: How does Schnorr multisig improve scalability?
A: It reduces transaction sizes, enabling more efficient block space utilization.
👉 Learn more about Bitcoin’s evolution
This consensus reflects a unified effort to balance innovation with network stability. For further details, refer to the original discussions.
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