Barry Silbert-led Digital Currency Group (DCG), arguably the most prominent investment firm in the bitcoin and blockchain industries, revealed that miners and businesses came to a consensus to solve bitcoin’s underlying scaling issue.
The planned execution of a 2MB hard fork is a crucial compromise that needs to considered and acknowledged in this agreement. Initially, On February 21, at the Hong Kong Bitcoin Roundtable event, the mining community and bitcoin industry agreed upon the execution of a hard fork to expand the bitcoin block size to 2MB and address the network’s growing user base and daily transaction volume.On May 23, DCG announced that a group of companies representing the bitcoin industry and community with 83.3 percent of hashing power, 20.5 million bitcoin wallets and 5.1 billion on-chain transaction volume, agreed to the activation of the Bitcoin Core development team’s transaction malleability fix Segregated Witness (Segwit) and a 2MB hard fork within six months thereafter.
