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Mark your calendars! Bitcoin Independence Day is August 1st ...
Bitcoin, Featured

Mark your calendars! Bitcoin Independence Day is August 1st 2017.

This is a guest post by Moneytrigz re-posted from cointimes.tech

How To Protect And Profit From Upcoming Bitcoin BIP 148 reffered to as “bitcoin’s independence day” Soft-Fork to activate segwit.

What is a UASF?

UASF stands for User Activated Soft Fork. It’s a mechanism where the activation time of a soft fork occurs on a specified date enforced by full nodes, a concept sometimes referred to as the economic majority. A UASF requires a lot of industry support and coordination, which is good practice for eventual hard forks which requires even more industry coordination. In the past, a UASF was successfully carried out to activate the P2SH soft fork (BIP16). The UASF concept was combined with SegWit activation in the BIP148 proposal which can be found here: github.com/bitcoin/bips/blob/master/bip-0148.mediawiki. (source: UASF.co)

How To Protect And Profit From Upcoming Bitcoin BIP 148 Fork with Trace Mayer of Bitcoin Knowledge

 

What is BIP148?

BIP148 is a UASF that is designed to cause the existing SegWit MASF deployment to cause activation in all existing SegWit capable node software (which currently is 80% of the network nodes). How does BIP148 Work? From August 1st, 2017, miners are required to signal readiness for SegWit by creating blocks with the version bit 1. This will cause all SegWit ready nodes, which make up over 80% of the network, to activate and begin enforcement. Link for reference: luke.dashjr.org/programs/bitcoin/files/charts/segwit.html. Miners must also check blocks prior to their own and ensure that they also signal for SegWit, and only build on those blocks.

 

What are companies saying about BIP148?

Company

Category

Support Type

ANN.

Abra

Worldwide payments

Support

proof

Bitcoin Embassy

Education

Support

proof

Bitcoin India

Miner

Support

proof

BitCoinReminder

Tool

Support

proof

Bitfury

Miner

Support

proof

BitKong

Casino

Support

proof

BitPay

Payment processor

No support

proof

Bitrated

Identity & consumer protection

Support

proof

Bitrefill

Exchange

Support

proof

Bittylicious

Exchange

Support

proof

Bitvest

Gambling

Support

proof

Blockchain Academy

Education

Support

proof

Blockonomics

Explorer

Support

proof

Bustabit

Casino

Interest

proof

Bylls

Service

Support

proof

CoinGate

Payment Processor

Support

proof

Coinkite

Hardware/Software

Support

proof

Coinomi

Multi-currency Wallet

Support

proof

Darknet Heroes League

Dark Net Marketplace

Support

proof

Electrum

Wallet

Ready

proof

Freedom Node

Education

Support

proof

JoinMarket

Mixer

Support

proof

LightningASIC

Miner

Support

proof

Microsoft

Decentralized Identity dpt.

Support

proof

MojBitcoin

ATM Operator

Support

proof

Prasos

Bitcoin broker

Support

proof

Samourai Wallet

Wallet

Support

proof

Satoshi Counter

Broker

Support

proof

Satoshi Portal

Financial services

Support

proof

Stampery Inc.

Timestamping

Support

proof

Trezor

Hardware Wallet

Ready

proof

Vaultoro

Bitcoin & gold exchange

Support

proof

Walltime

Tool

Support

proof

Yogh

Explorer

Support

proof

Want more information on the topic, please visit uasf.co

AUTHOR

MoneyTrigz

bitcoin / hacker / webdev / infosec

coinmag

Writer, Bitcoin investor

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