Is SegWit Signaling Support Becoming Too Centralized?


Support for Segregated Witness is seemingly dwindling, which has quite a few bitcoin community members concerned right now. In fact, it appears integrating Segregated Witness into Litecoin is going through some similar struggles right now. The ones who do support SegWit signaling for Bitcoin Core are limited in number, leading to signs of centralizing. Not the kind of development the bitcoin world needs right now, that much is certain.

BitFury Is Responsible For Most SegWit Signalling Support

It will hardly come as a surprise to find out there is still a threat of centralization in the bitcoin world. Once signaling for SegWit began, initial support came in fast and furious. However, since reaching the 22% threshold, things have stagnated over the past few weeks, with little improvement in sight for the time being.

What is even more disconcerting is how most of the SegWit signaling support seems to originate from one source. BitFury, the company known for its mining, hardware and mining pool, is the largest supporter of SegWit so far. This has quite a few people concerned, as this indicates supporting this proposal is a centralized effort right now. With close to half of all SegWit signals coming from BitFury, it is evidently something will need to change sooner rather than later.

Mining pools, on the other hand, are not attracting too many individual miners right now. Nor are the miners supporting Bitcoin Unlimited, mind you, as a lot of people are simply not interested in picking a side. That is an even bigger concern for the future scalability of bitcoin moving forward, although the mining community has not been overly outspoken on which direction they want to head in.

On the Litecoin front, SegWit signaling has been somewhat of a disaster so far. With only 3% of the last blocks signaling for this activation, it would appear the Litecoin miners don’t care much about Segregated Witness. That is not good news for the Bitcoin Core team either, as their solution falls short of achieving the desired result. For the time being, this situation will be closely monitored by everyone in the cryptocurrency world, that much is certain.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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