There have been some very important BIPs (Bitcoin Improvement Proposals) over the last year and a half. The most notorious one is Segregated Witness or SegWit as it is called today. Segregated Witness is a way to scale the protocol by removing signatures from Bitcoin transactions: with less space used within blocks, there’s the capacity to add more transactions to the blockchain. SegWit is the update required to kick start the so-called Lighting Network, one of the future implementations to speed up transactions and enabling cryptocurrencies micropayments and fast payment channels.
SegWit has been correctly activated on Litecoin while it never reached the 95% hashing power voting super majority for being activated on the main Bitcoin network.
A new scaling agreement known as SegWit2x was developed in May when a meeting of bitcoin companies and miners has resulted in the publication of a proposal for how the open-source project should be upgraded to support additional transaction capacity. From that meeting SegWit2x came to light. This scaling proposal, that goes under the official name of BIP91, will make two changes to the protocol:
1. Implement Segregated Witness;
2. Increase the bitcoin block size to 2MB (today 1MB) by the next three months.
At least 80% of the blocks need to be signaled by Bitcoin miners over a 336 blocks generation timeframe for BIP91 to be correctly activated. As we write 83.3% of blocks signal for BIP91 and still 66 blocks needed for a lock-in
To be updated about the current scaling process go to https://www.xbt.eu/