Looking back: Hong kong Roundtable Consensus and Beijing Mining Pool Conference Declaration

When it comes to the discussion of Segregated Witness,  2 important announcements made by Chinese bitcoin community are always mentioned. For those who are not familiar with them, 8btc now looks back  the two documents for all reader’s reference.

 

1.2015 Beijing Pool Conference Declaration

On 12nd June 2015, five of China’s biggest mining pools — AntPool, F2Pool, BTCChina, BW Mining, and Huobi — have unanimously agreed block size should scale to no more than 8 MB.They collectively rejected Bitcoin core developer Gavin Andresen’s proposal to raise the limit from 1 MB to 20 MB, and instead presented a compromise.

After a symposium in National Conference Center in Beijing, the five, jointly accounting for some 55% to 60% of all hashing power on the Bitcoin network, posted an announcement with their stamps or signatures:

 

The announcement reads:

The five mining pools have agreed to scale the blocksize to no more than 8MB instead of  20MB. We have 3 concerns behind the decision.

 

First, Chinese(mainland) Internet bandwidth infrastructure is not built out to the same level as those of other Western countries.
Second, Chinese (mainland)outbound Internet bandwidth is limited, which causes communication delay when connecting to Europe and the United States is in process.
And finally,  Chinese mining pools structure still need more adjustment to adapt to blocksize bigger than 8MB.

Because of these reasons,we believe the to increase to large size could lead to a high rate of orphaned blocks, thus result in fork and a risk of bitcoin’s safety. Under current circumstances, we believe a 8MB size is a steady move, which will also lay a sound foundation for future’s further scale. Our five mining pool account for more than 60% of all hashing power on the Bitcoin network.

 

2.2016 Hong Kong Consensus

On February 21st, 2016, in Hong Kong’s Cyberport, representatives from the bitcoin industry and members of the development community have agreed on the following points:

  • We understand that SegWit continues to be developed actively as a soft-fork and is likely to proceed towards release over the next two months, as originally scheduled.
  • We will continue to work with the entire Bitcoin protocol development community to develop, in public, a safe hard-fork based on the improvements in SegWit. The Bitcoin Core contributors present at the Bitcoin Roundtable will have an implementation of such a hard-fork available as a recommendation to Bitcoin Core within three months after the release of SegWit.
  • This hard-fork is expected to include features which are currently being discussed within technical communities, including an increase in the non-witness data to be around 2 MB, with the total size no more than 4 MB, and will only be adopted with broad support across the entire Bitcoin community.
  • We will run a SegWit release in production by the time such a hard-fork is released in a version of Bitcoin Core.
  • We will only run Bitcoin Core-compatible consensus systems, eventually containing both SegWit and the hard-fork, in production, for the foreseeable future.
  • We are committed to scaling technologies which use block space more efficiently, such as Schnorr multisig.

Based on the above points, the timeline will likely follow the below dates.

  • SegWit is expected to be released in April 2016.
  • The code for the hard-fork will therefore be available by July 2016.
  • If there is strong community support, the hard-fork activation will likely happen around July 2017.

The undersigned support this roadmap.

Together, we are:

Kevin Pan
Manager
AntPool

Anatoly Legkodymov
CEO
A-XBT

Larry Salibra
Bitcoin Association Hong Kong

Leonhard Weese
Bitcoin Association Hong Kong

Cory Fields
Bitcoin Core Contributor

Johnson Lau
Bitcoin Core Contributor

Luke Dashjr
Bitcoin Core Contributor

Matt Corallo
Bitcoin Core Contributor

Peter Todd
Bitcoin Core Contributor

Kang Xie
Bitcoin Roundtable

Phil Potter
Chief Strategy Officer
Bitfinex

Valery Vavilov
CEO
BitFury

Alex Petrov
CIO
BitFury

Jihan Wu
Co-CEO
Bitmain

Micree Zhan
Co-CEO
Bitmain

James Hilliard
Pool/Farm Admin
BitmainWarranty

Yoshi Goto
CEO
BitmainWarranty

Alex Shultz
CEO
BIT-X Exchange

Han Solo
CEO
Blockcloud

Adam Back
President
Blockstream

Bobby Lee
CEO
BTCC

Samson Mow
COO
BTCC

Robin Yao
CTO
BW

Obi Nwosu
Managing Director
Coinfloor

Mark Lamb
Founder
Coinfloor

Wang Chun
Admin
F2Pool

Marco Streng
CEO
Genesis Mining

Marco Krohn
CFO
Genesis Mining

Oleksandr Lutskevych
CEO
GHash.IO & CEX.IO

Wu Gang
CEO
HaoBTC

Leon Li
CEO
Huobi

Zhang Jian
Vice President
Huobi

Eric Larchevêque
CEO
Ledger

Jack Liao
CEO
LIGHTNINGASIC & BitExchange

Star Xu
CEO
OKCoin

Jack Liu
Head of International
OKCoin

Guy Corem
CEO
Spondoolies-Tech

Pindar Wong
Sponsor

 

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