Bitcoin miners representing roughly 91% of the network’s hashpower have demonstrated support for Bitcoin’s biggest upgrade in years, Taproot.
These activation methods vary the length of time required and whether or not to include a measure that would force the upgrade through full nodes with a “user activated soft fork.”
Given miner support, Bitcoin developers believe the upgrade should activate without issue, regardless of the specific proposal chosen.
Now that most all major mining pools have pledged support for Bitcoin’s Taproot upgrade, all that’s left is the actual activation – but the members of Bitcoin’s open-source community have to pick the method first.
There are currently a handful of proposals vying for attention among Bitcoin’s stakeholders. Summing up the differences between them, some of these allot longer activation times than others, and some would allow the upgrade to be “forced” through full node activation if miners don’t put their hashrate where their mouth is when the time comes.
Bitcoin upgrade: multiple paths to one destination
Bitcoin’s biggest upgrade in half a decade, Taproot will enrich Bitcoin’s smart contract scripts, making it easier to execute highly complex transactions on the Bitcoin blockchain. Among other things, this will improve multi-signature software and privacy for the network.
Bitcoin developers have proposed multiple ways to bootstrap the upgrade, but they all rely on some version of Bitcoin Improvement Proposal 8 or Bitcoin Improvement Proposal 9 (BIP8 and BIP9, for short). Each proposal is similar but offers slightly differing approaches to activating the upgrade, which will require cooperation from both Bitcoin miners and node operators to go smoothly.
There are two primary versions of BIP8 vying for attention: one version, called BIP8 (true) includes a “flag day,” at which point the update will be forced via full node activation, even if miners fail to adopt it; and one version, called BIP8 (false), wherein the upgrade simply fails if miners don’t adopt it. “True” designates that the BIP includes forced activation, whereas “false” designates a version of the BIP that doesn’t have forced activation.
Why the addition of the forced activation, you might be wondering? One apprehension going into activation discussions has been whether or not mining pools would adopt the upgrade, considering miner reluctance stymied SegWit’s activation in 2016 and 2017.
Mining pools that represent roughly 91% of Bitcoin’s hashrate, though, have announced their support for the upgrade as part of an initiative spearheaded by Alejandro De La Torre, a VP at bitcoin mining firm Poolin. Torre said Poolin’s takeaway from the survey is that “BIP9 is the most favorable choice” for activation.
Bitcoin cannot tell time, so BIP9 allots a signaling period that is gauged by Bitcoin’s block time (whereby a pre-defined period of time is measured via Bitcoin’s block schedule, which can be erratic). If enough miners adopt the upgrade during this timeframe, it is locked in and considered successful; if this threshold is not reached, then the upgrade fails.
Bitcoin miner support could mean easier activation
With miners behind the upgrade, BIP9 could provide the quickest and easiest route to activation, Ben Carman, a Bitcoin developer who has helped review Taproot’s code, told CoinDesk.
“In the beginning I was in favor of BIP8 because I was worried about miners being able to block the upgrade. However, with things like taprootactivation.com I have moved to being in favor of BIP9. It seems we have basically everyone on board to do the upgrade and BIP9 would be the simplest, as well as only require a couple lines of code to be started. Other methods would require larger code changes to implement new activation logic.”
The other activation methods Carman mentions, BIP8’s differing versions, are similar to BIP9 sans a crucial tweak: BIP8 includes an option to force the update through a “flag day” if miner signaling fails (this option would be employed with the BIP8 [true] activation method). Additionally, a smaller change measures activation time by block height instead of BIP9’s use of block times.
This change means that if miners don’t adopt Taproot, the update can be forced through full node activation at a certain date with BIP8 (true), or the upgrade can be paused per BIP8 (false) and resumed later.
If enough miners don’t adopt the upgrade during the signaling period for BIP9, though, the process fails and must be started over from the beginning.
‘BIP9-style activation’ could come from BIP8
BIP9 has been used in the past for Bitcoin soft forks (upgrades that are compatible with previous software versions). It was originally used to activate the SegWit upgrade, but not enough miners signaled for the update so other means were required. Under this scheme, if not enough miners support an upgrade the signaling period for it merely expires and the process can be repeated.
Jonas Nick, a Bitcoin Core developer who has been one of the leads on Taproot, told CoinDesk that “BIP9 style activation is the least disruptive path and therefore a reasonable choice,” but that it would most likely come from BIP8, hence why this route is called the “BIP9 equivalent.”
Assuming the upgrade will be adopted during the signaling period, the upgrade would be adopted as outlined in BIP9 (i.e., via complete miner support), but using BIP8’s activation logic, which measures the activation window through block times and which can easily be tried again if the upgrade fails.
That’s why, while “no one can say for sure,” Nick believes that fellow Taproot development lead AJ Townes’ proposal (a slight modification of the so-called “gently discourage apathy” route), could win out.
Taproot ‘flag day’
Under this scheme, miners would have a year to signal for the upgrade. If miners representing 95% of Bitcoin’s hash power signals for the upgrade during this period, Taproot activates without further action. If not, the update undergoes a reviewal period during which developers and miners cooperate to iron out the kinks.
After this period ends, a “flag day” would be coded into the update to force the upgrade through mandatory signalling, whereby node operators would only accept blocks from miners who support Taproot. This would effectively be a “user-activated soft fork” (UASF), the same method proposed to activate SegWit, though the method proved unnecessary because miners adopted the update after the UASF proposal gained traction. This method is known as “forced activation.”
By giving miners plenty of time to upgrade but also maintaining a flag day just in case, the proposal is meant to discourage miners from “not updating out of laziness,” KoinKeep Bitcoin wallet developer Dustin Dettmer told CoinDesk.
Townes has sketched out what this proposal would look like, but the code for it has not been included into Bitcoin’s software. The method includes BIP8 (false), so this code would need to be reviewed and inserted into Bitcoin Core first, Nick said.
Taproot: Rooted in risk?
Even as Nick and Townes put their weight behind the modified BIP8 implementation, Matt Corallo, another reviewer of the Taproot code, believes the activation method is too risky, even if miners are largely on board.
“The forks in Bitcoin, for better or for worse, define the process and benchmark by which future changes are made and evaluated,” he told CoinDesk. The SegWit block size wars, he continued, set “an incredibly high standard” for how “on-its-face simple change[s]” are made to Bitcoin’s software – namely, with conservative deliberation that takes as few risks as possible.
Corallo believes the mandatory flag day activation method proposed in other methods is unnecessarily brazen and indicates too much influence from Bitcoin’s developer community, unless all other activation methods have been exhausted.
“Some of the proposed activation methods being discussed throw [the lessons learned from SegWit] away, setting a visible precedent that Bitcoin can be changed with almost only developer buy-in and with coercive and marginally riskier activation, opening the door to re-litigating years-settled debates.”
Corallo “doubts activation [will] be an issue,” but he concluded by saying, “I see no reason to take that risk unless all other options have been tried.”
Offering his alternative, Corallo’s own Modern Activated Soft Fork (MASF) takes bits and pieces of both BIP8s. This activation path involves a year-long signaling period for miners. If enough miners do not update during this timeframe, then the upgrade would pause per BIP8 (false) to be subject to a six-month review to make changes (if any) to the proposal.
If, after this point, Taproot still doesn’t have enough support, then a two-year period begins wherein node operators can push the update through an opt-in, non-mandatory flag day. As opposed to a mandatory option, which would force activate Taproot on all nodes running the latest version of Bitcoin on the flag day, this opt-in flag day would get Taproot up and running only on nodes whose operators chose to upgrade, not the entire network.
Opponents of the MASF proposal say the long activation timeline could result in apathy among users, where the time-lapse has them losing interest in the upgrade so they don’t adopt the code. Still others say that it’s an unnecessarily lengthy process, especially for an upgrade that would benefit multi-signature and privacy technologies waiting for Taproot to bring their projects to fruition.
Bitcoin miners’ preferences
Only one of the respondents to Poolin’s miner poll, BTC.com, favors Corallo’s method. Slush Pool and Ant Pool both responded in favor of the original BIP 8. Poolin itself and NovaBlock want the BIP9 equivalent wherein BIP8 (false) is used sans the flag day, while Luxor is putting its chips on BIP9.
Regardless of which proposal wins out, Jonas Nick conservatively estimates that Taproot’s activation will kick off sometime this year. Given that the upgrade is non-controversial and miners support it, the actual difference between each activation method could be of little consequence, Nick said.
“In my perception, because Taproot has overwhelming support many developers would be fine with any reasonable proposal,” he concluded.
Thank you to Dustin Dettmer for review and feedback.
Popular NASCAR driver Landon Cassill will soon become the first auto racing driver to receive his salary in cryptocurrency via a new partnership with crypto brokerage firm Voyager Digital Ltd.
First Auto Racer To Receive Crypto Salary
In an official announcement today, the National Association for Stock Car Auto Racing, LLC (NASCAR), an American auto racing sanctioning and operating company best known for stock car racing, revealed that Cassill will be paid fully in cryptocurrencies, especially Litecoin (LTC) and the Voyager Token (VGX).
The partnership deal will see Cassil drive a purple No. 4 Chevrolet Camaro customized with a full Voyager-branded car wrap in 19 NASCAR Xfinity Series races this season across 16 states. The first race is due to start this Saturday at the Tennessee Lottery 250 at Nashville Superspeedway.
A Crypto Proponent
Cassil admitted, via a telephone interview, that he had been a long-term crypto user and had only been searching for the right agency to partner with. He noted that many of his fans of late are crypto users, and the crypto industry has been seeing a lot of mainstream attention from retail investors.
“I’m a crypto user, and I’ve been involved for several years. This is something I’ve wanted to do for a while, but it was about finding the right partner to do it. A lot of my fans are crypto users, and as of late, there’s been a lot of mainstream, retail attention on it. So from a community perspective and an athlete speaking for a space, timing was perfect this summer,” Cassil said.
The NASCAR driver had allegedly met Steve Ehrlich, Voyager’s CEO, at a Litecoin summit two years ago, and they instantly hit it off due to a shared interest in cryptocurrency.
Speaking on the partnership, Ehrlich said:
“Landon Cassill’s focus and determination on the race track translates across everything he does, which is why we’re honored to partner with him in this season’s Xfinity Series. Landon also shares our vision of widespread crypto adoption, and we’re proud to be the first company to secure a primary NASCAR sponsorship completely with crypto…I think it’s really important that the people you do business with have a crypto understanding.”
Litecoin founder Charlie Lee, who also admitted that Cassil has been a strong supporter of Litecoin and the crypto industry for several years, believes that the “landmark deal shows the growing reach of the Litecoin community into the professional sports world and eventually beyond.”
While Cassil will be the first auto racing driver to receive crypto payments, cryptocurrencies for salaries in the sports industry are not entirely new. In April, CryptoPotatoreported that employees and players of the NBA giant, the Sacramento Kings, would be able to receive a significant part of their salary in Bitcoin.
Featured image courtesy of The Podium FInisi
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
WAVES Technical Analysis: Price Can Move Either Ways
Rate this post Waves.tech is a blockchain-based ecosystem that supports the development of innovative applications for everyday-use practical implementation. It leverages the power of three robust blockchain protocols to provide user-friendly development infrastructure and easy-to-use tools. WAVES is the prime governance token of this open-source protocol. The technical analysis for WAVES is as below. Past Performance On Jun 11, 2021, WAVES opened at $14.04. On Jun 17, 2021, WAVES closed at $18.35. Thus, in the past week, the price has increased by roughly 31%. In the last 24 hours, WAVES has traded between $17.34-$18.95. https://platoblockchain.net/wp-content/uploads/2021/06/waves-technical-analysis-price-can-move-either-ways.png Day-Ahead and Tomorrow Currently, WAVES is trading at $17.76. The price has decreased from the day’s opening price of $18.35. Thus, the market seems bearish. The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Plus, both the lines are close to the zero line and may turn positive again. Hence, we can expect the price to start rising. Currently, the RSI indicator is at 48%. It faced rejection at 55% and fell to the current level. Hence, selling pressures are high. Heavy offloading of crypto will push WAVES prices further down. Besides, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the WAVES price. As of now, all three indicators have shown a bearish market momentum. However, the MACD oscillator has given indications of an impending trend reversal or temporary price correction amidst an overall bearish trend. WAVES Technical Analysis Currently, the price is below the Fibonacci pivot point of $18.21. It may soon fall below the first Fibonacci pivot support level of $17.60. Thereafter, we have to wait and watch if the price starts rising or continues to fall further. The price has tested and fallen below the 61.8% FIB retracement level of $17.95. The price may soon fall below the 76.4% FIB retracement level of $17.72 as well. Thus, by day end, if the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, the price may continue to increase tomorrow as well.
Waves.tech is a blockchain-based ecosystem that supports the development of innovative applications for everyday-use practical implementation. It leverages the power of three robust blockchain protocols to provide user-friendly development infrastructure and easy-to-use tools. WAVES is the prime governance token of this open-source protocol. The technical analysis for WAVES is as below.
On Jun 11, 2021, WAVES opened at $14.04. On Jun 17, 2021, WAVES closed at $18.35. Thus, in the past week, the price has increased by roughly 31%. In the last 24 hours, WAVES has traded between $17.34-$18.95.
The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Plus, both the lines are close to the zero line and may turn positive again. Hence, we can expect the price to start rising.
Currently, the RSI indicator is at 48%. It faced rejection at 55% and fell to the current level. Hence, selling pressures are high. Heavy offloading of crypto will push WAVES prices further down.
Besides, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the WAVES price.
As of now, all three indicators have shown a bearish market momentum. However, the MACD oscillator has given indications of an impending trend reversal or temporary price correction amidst an overall bearish trend.
Currently, the price is below the Fibonacci pivot point of $18.21. It may soon fall below the first Fibonacci pivot support level of $17.60. Thereafter, we have to wait and watch if the price starts rising or continues to fall further.
The price has tested and fallen below the 61.8% FIB retracement level of $17.95. The price may soon fall below the 76.4% FIB retracement level of $17.72 as well. Thus, by day end, if the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, the price may continue to increase tomorrow as well.
MTI Co-Owner Repels Liquidation on Their 1600 Bitcoin (BTC) Scam
The co-owner of MTI, Clayton Marks owns about 50% of the Mirror Trading Investment (MTI). He reluctantly repels and is defensive on the latest liquidation put upon MTI for their Bitcoin (BTC) scam. The MTI BTC Scam The Mirror Trading Investment (MTI) based in South Africa, is a cryptocurrency trading investment firm. Their main trading …
The co-owner of MTI, Clayton Marks owns about 50% of the Mirror Trading Investment (MTI). He reluctantly repels and is defensive on the latest liquidation put upon MTI for their Bitcoin (BTC) scam.
The MTI BTC Scam
The Mirror Trading Investment (MTI) based in South Africa, is a cryptocurrency trading investment firm. Their main trading schemes are based mostly on Bitcoin (BTC).
Speculations rose massively upon their Bitcoin (BTC) scam between 2019 and 2020. The scam accounted for about 1600 Bitcoins. Besides, all these 1600 BTCs acquired by MTI are based on funds sourced by the investors. MTI started this scam scheme marketing it as extreme high returns of 0.5% on daily basis on the investment by the investors. Also, depicting yearly gains of almost 500%. In addition, they portrayed their scheme and justified it showcasing the use of artificial intelligence-powered algorithm trading software sourced from exile.
By the year 2020, MTI accumulated about 1600 BTCs and started to collapse before August 2020. By July 2020, the Texas State regulators officially announced that the MTI BTC scheme and overall MTI is a scam. Once branded a scam, the funds of the MTI platform of 1600 BTCs were transferred to a brand new FX trading platform. However, the MTI denies any such transfer of accounts. In Spite of this, complaints from the investors started to rise upon them being unable to withdraw their funds deposited. On the other hand, as soon as complaints started to flow in, the CEO of MTI, Johann Steynberg disappeared and went anonymous.
Nevertheless, citing all this, the MTI BTC scam has been ranked the biggest cryptocurrency scam of the year 2020.
The Liquidation and Clayton’s Disapproval
Meanwhile, by the end of 2020, investors started to protest cases for the complete liquidation of MTI and release whatever funds they could get back on their investments. Ever since then, the case is still going on for the final judgment for the judiciary. The court’s final judgment is yet to appear upon liquidation of MTI. Yet, many liquidators are fighting profusely for the court to grant it.
On the other hand, Clayton Marks who owns about 50% of MTI opposes the put forth of the liquidators. Adding to this, Marks propagates the liquidation process has not been carried out properly by the team of liquidators. Furthermore, Clayton insists, he and his wife, Cheri Marks, who is actually the head of communications of MTI, were not served the notice for it.
In addition, Marks exclaims by recovering the 1200 BTCs which is the actual presence in the FX platform account which is from MTI, would solve the entire liquidation.
However, Marks persists liquidating MTI wouldn’t help in pacifying the investors. Also, he remarks the best solution for this is to find Johann Steynberg and rightfully ask him to rectify his
As of now, the judgment has been reserved. Yet, the legal team of liquidators is confident in passing the final judgment for the liquidation of MTI.