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BIP (Bitcoin Improvement Proposal) | by Wallex Trust & Custody | The Capital | Jan, 2021

The power of consensus displayed in decentralization

Wallex Trust & Custody

The introduction of Bitcoin as the world’s first cryptocurrency caught the imagination of the world in many countless ways as to how digital money could really work. Many other proponents came out with their own version of virtual coins and tokens with different purposes and uses. Those who remained loyal to Nakamoto’s brainchild have found it not that too perfect to be reluctant to change, or changes, for that matter.

And so came what was to be called the Bitcoin Improvement Proposal, or BIP, a set standard for those proposing alterations to the Bitcoin protocol, changes to the process, or source of information for the Bitcoin community. BIPs may contain soft fork or hard fork upgrade proposals, peer-to-peer layer changes, or new back-up mnemonic seed frameworks. Yet, not all proposals require a BIP, with simple changes such as a code run or changes in an interface.

Amir Taaki

Taaki’s BIP is known to the Bitcoin community as BIP 0001 submitted on August 19, 2011. The document put forth the standard of how a BIP process should be conducted. Taaki based it on the process used to improve a famed digital programming language called Python, as described in the Python Enhancement Proposal, or PEP 0.

The BIP

1. Standards Track BIPs

2. Informational BIPs

3. Process BIPs

1.Segwit or Segregated Witness

The upgrade came into effect through a soft fork that needed the vote of over 95% of Bitcoin miners for a fixed duration of 14 days. SegWit was a scaling solution to allow more transactions within a single block.

2.BIP 91

3.BIP 148 (UASF)

4.SegWit2X

5.The Lightning Network


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