This week’s summary of various cryptocurrency news and developments:
Bitmain announced a UASF contingency plan, the User Activated Hard Fork (UAHF)
Bitcoin’s scaling debate is getting harder and harder to follow. A part of the Bitcoin community is to activate the BIP 148 User Activated Soft Fork (UASF) on August 1. The plan is to only accept blocks that support Segregated Witness (SegWit), so that the protocol can be changed without the mining majority. At that point, if the majority doesn’t signal support, however, there’s a chance the move could cause a chain split, dividing the Bitcoin blockchain and currency into two.
Now Bitmain, a major Bitcoin mining hardware producer, announced that it if users are successful on August 1, it would use its mining resources toward hard-forking the cryptocurrency to feature a larger block size, in what the company dubbed a “contingency plan”. Although the move was called a User Activated Hard Fork (UAHF), the term isn’t accurate. As Bitcoin Magazine puts it, the plan would be activated by Bitmain and Bitmain alone.
The move could also cause a chain split, and create what some have called Bitmain’s Bitcoin, or BitmainCoin. It would be created roughly 12 hours after the