Bitcoin independence day-the community marks THE third anniversary of uasf activation
SegWit is the largest upgrade in the bitcoin network to date. Its goal was to further scale, reduce transaction fees, and increase the block limit. The road to SegWit, however, proved extremely difficult, splitting the community into two irreconcilable camps. One of them later created his own cryptocurrency-which was born as a result of the Bitcoin Cash hard fork.
Prior to this, all significant modifications in the source code were usually activated via MASF (Miner Activated Soft Fork), a mechanism where most miners signal that they are ready to update. There was a situation when representatives of large companies and mining pools had a great influence on the final decision.
A significant part of the latter resisted activation of SegWit, but in the end the situation was resolved by the efforts of the wider community, which supported the uasf scenario.
The concept of UASF was to refuse to upgrade the network by signaling from the miners: instead, the soft fork is activated on a specified date, determined by full nodes. This model is also called the economic majority.
The idea was quickly picked up by the part of the community that adheres to the principles of network decentralization, and also received the support of bitcoin maximalists. Despite the fact that the UASF also faced certain difficulties, on August 1, 2017, the activation of the soft fork took place.
On August 8, SegWit was fixed and the "point of no return" was passed. After that, it was two weeks before the actual activation of the Protocol, and finally, on August 24, 2017 at 01: 57 UTC on the block 481,824, this historical event for bitcoin finally happened.
Following the "don't trust, check" rule, Bitrefill technical Director John Carvalho later asked a fair question about how to know for sure that the activation of the UASF was not the actions of any one organization that controls the nodes.
Blockstream CEO Adam Back responded by assuring Him that it was certainly a coordinated effort by the entire community. He also added that since then, many users have begun to understand the importance of launching their own economic nodes as a tool to counter the interests of centralized organizations.
#UASF was clearly grass roots, with many hodler economic nodes, a good selection of ethos aligned business, bitcoin embassies & community groups. Since then more people are taking seriously the need to run their own economic node to harden Bitcoin against centralised interests.
— Adam Back (@adam3us) October 23, 2018
Discussions about the importance of UASF continue to this day, and developers are already offering other ways to activate future softforks. However, August 1, 2017 has rightfully taken an important place in the history of cryptocurrency and is celebrated by the community as bitcoin's independence Day.
The community celebrates this day in different ways. For example, the organizers of the Munich bitcoin meetup are holding their second Satoshi freathlon this year, in which they will go to the mountains to overcome the distance of the Olympic triathlon (swimming 1.5 km in a lake, 40 km on a Bicycle and 10 km running).
Sportliche Bitcoiner in und um München, macht mit beim zweiten Satoshi Freeathlon zum #UASF Independence Day diesen Samstag! #teamsatoshi #satoshifreeathlon
Los geht's um 10 Uhr am Spitzingsee.https://t.co/CW0qTpQfT9
— Bitcoin Munich (@bitcoinmuc) July 30, 2020
The bitcoin meetup of Montreal will hold a webinar today, where the CEO of the leading canadian cryptocurrency exchange Bullbitcoin, Francis Pulio, will show a historical snapshot of the block where the UASF was activated.
Finally, Bitcoin Magazine has prepared its own program. This will be a special online meetup with the participation of many well-known representatives of the community.
COUNTDOWN TO #BITCOIN INDEPENDENCE DAY: 1 DAY!
Tomorrow is the big day!
We will all be #hashingitout for 6.15 hours of awesome Bitcoin content!
Tell your family and friends, because this is not an event to be missed!
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