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Last February, in the midst of Bitcoin’s long-lasting block size dispute, a group of Bitcoin Core developers, Bitcoin miners, and representatives from the Bitcoin industry met in Hong Kong. Sealing their position with a signed letter, the attendees agreed to run only Bitcoin Core-compatible consensus software for the “foreseeable future.” This avoided a potential hard fork as proposed by Bitcoin Classic or Bitcoin Unlimited — at least temporarily.
On their own behalf, the Bitcoin Core developers present at the meeting — Cory Fields, Johnson Lau, Luke Dashjr, Matt Corallo, and Peter Todd — agreed to propose a block size hard fork, with a deadline set three months after the release of Segregated Witness. If accepted by other Bitcoin Core developers and the broader Bitcoin community, the proposal could pave the way to a block size limit increase.
After months of testing and some delay, Bitcoin Core 0.13.1 became available to the public in the last week of October. With that, Segregated Witness was officially released.
Per the original agreement from February, this leaves the signatories to the agreement—who we’ll call the “Hong Kong developers”—with about 10 more weeks to propose a hard fork.
Soft-hardfork
A typical hard fork essentially creates a new protocol and network to which all users must migrate, abandoning the old protocol in the process. Unfortunately, this presents an inherent risk that not all users switch. The original protocol can live on, essentially creating two distinct networks and currencies: a coin-split. That’s exactly what happened on the Ethereum blockchain as a result of a contentious hard fork last summer, splitting into Ethereum and Ethereum Classic.
The Hong Kong developers, therefore, prefer a “soft-hardfork,” also known as a “forced soft fork” or a “firm fork,” and sometimes referred to as an “evil soft fork.” Like a typical hard fork, a soft-hardfork can change any protocol rule, including the block size limit.
As Peter Todd told Bitcoin Magazine, “Many prefer a soft-hardfork for the perceived reduction in the chance that the currency will split.”
Specifically, miners apply a soft-hardfork, through hash-power majority, by only mining “empty” blocks on the or…
The Status of the ‘Hong Kong Hard Fork’: An Update
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