Bitcoin Scaling Agreement at Consensus 2017

Summary

A group of major bitcoin companies and developers reached a consensus in May 2017 to implement parallel upgrades to the bitcoin protocol, including the activation of Segregated Witness and a 2 MB hard fork, aiming to increase network capacity and prepare bitcoin for future scalability.

Abstract

The bitcoin community achieved a significant agreement at the Consensus 2017 event, committing to a dual protocol upgrade to address scalability issues. The agreement involved the immediate activation of Segregated Witness (SegWit) with an 80% threshold, along with the commitment to a 2 MB hard fork within six months. This initiative, known as the Segwit2Mb proposal, was supported by 58 companies from 22 countries, representing a substantial portion of the bitcoin ecosystem, including 83.28% of hashing power, $5.1 billion in monthly on-chain transaction volume, and over 20.5 million bitcoin wallets. The group also expressed a dedication to improving community signaling and coordination for the safe deployment of capacity increases. They invited broader ecosystem participation and provided a platform for companies to pledge technical and engineering support.

Opinions

The participants believe that these upgrades are crucial for preparing bitcoin for widespread adoption and ensuring its long-term success.
There is a strong emphasis on collective action and collaboration among various stakeholders in the bitcoin ecosystem to achieve a common goal of scalability.
The group values transparency and community involvement, as evidenced by the public call to action for support and technical assistance.
They acknowledge the importance of research and development in enhancing communication and signaling within the bitcoin community.
The inclusion of a wide range of global companies indicates a consensus that the agreed-upon protocol changes have broad support across different regions and sectors of the bitcoin industry.

Bitcoin Scaling Agreement at Consensus 2017

May 23, 2017

We agree to immediately support the following parallel upgrades to the bitcoin protocol, which will be deployed simultaneously and based on the original Segwit2Mb proposal:

Activate Segregated Witness at an 80% threshold, signaling at bit 4

Activate a 2 MB hard fork within six months

We are also committed to the research and development of technical mechanisms to improve signaling in the bitcoin community, as well as to put in place communication tools, in order to more closely coordinate with ecosystem participants in the design, integration, and deployment of safe solutions that increase bitcoin capacity.

We welcome all companies, miners, developers, and users to join us and help prepare bitcoin for the future.

The group of signed companies represents a critical mass of the bitcoin ecosystem. As of May 25, this group represents:

58 companies located in 22 countries

83.28% of hashing power

5.1 billion USD monthly on chain transaction volume

20.5 million bitcoin wallets

Separately, as of May 24, the following companies have committed to provide technical and engineering support to test and support the upgrade software, as well as to assist companies with preparing for the upgrades:

If you wish to dedicate technical and engineering support from your team, please let us know and we will include you in the list above.

Supporters as of May 25:

1Hash (China)

Abra (United States)

ANX (Hong Kong)

Bitangel.com /Chandler Guo (China)

BitClub Network (Hong Kong)

Bitcoin.com (St. Kitts & Nevis)

Bitex (Argentina)

bitFlyer (Japan)

Bitfury (United States)

Bitmain (China)

BitPay (United States)

BitPesa (Kenya)

BitOasis (United Arab Emirates)

Bitso (Mexico)

Bitwala (Germany)

Bixin.com (China)

Blockchain (UK)

Bloq (United States)

btc.com (China)

BTCC (China)

BTC.TOP (China)

BTER.com (China)

Circle (United States)

Civic (United States)

Coinbase (United States)

Coins.ph (Phillipines)

CryptoFacilities (UK)

Decentral (Canada)

Digital Currency Group (United States)

F2Pool (China)

Filament (United States)

Gavin Andresen (United States)

Genesis Global Trading (United States)

Genesis Mining (Hong Kong)

GoCoin (Isle of Man)

Grayscale Investments (United States)

Guy Corem (Israel)

Jaxx (Canada)

Korbit (South Korea)

Luno (Singapore)

MONI (Finland)

Netki (United States)

OB1 (United States)

Purse (United States)

Ripio (Argentina)

Safello (Sweden)

SFOX (United States)

ShapeShift (Switzerland)

surBTC (Chile)

Unocoin (India)

Vaultoro (Germany)

Veem (United States)

ViaBTC (China)

Wayniloans (Argentina)

Xapo (United States)

Yours (United States)

Note: BitGo was erroneously included in this initial published list. This has since been corrected.