Coin Dance Survey Finds 88% of Bitcoin Businesses “Definitely Support” or “Prepare to Support” Segregated Witness

Golden Finance News - Data shows that Segregated Witness has a total support rate of 88%, indicating that Bitcoin companies have gained a solid consensus after more than a year of confusion.

After more than a year of chaos, Bitcoin companies have gained a solid consensus. Image source: Golden Finance

According to data, 88% of major cryptocurrency companies have expressed "clear support" or are "prepared" to implement Segregated Witness (SegWit).

Bitcoin and Segwit: 46% “clearly support”

According to the latest tracking data of 146 well-known companies in the bitcoin space by monitoring website Coin Dance, 46% of the companies "explicitly support" Segregated Witness (SegWit), and as of last Sunday, another 42% were able to implement Segregated Witness (SegWit).

The data shows that SegWit has a total support rate of 88%, indicating that the bitcoin community has achieved a solid consensus after more than a year of confusion.

The data shows that the total support rate of Segregated Witness is 88%. Image source: Golden Finance

In contrast, only 6% of businesses surveyed by Coin Dance are “explicitly” opposed to SegWit, while another 6% take a “neutral” or “informal” stance towards it.

The list of companies supporting SegWit provided by Coin Dance also corresponds to the list of businesses previously provided on the Bitcoin Core website.

Among those in favor of SegWit are BitGo, BitFury, Bitpay, and Microsoft’s decentralized identity division, among others. Several of them have privately expressed their support, while the head of Microsoft’s decentralized identity division announced support for a user-activated soft fork (UASF) on Twitter earlier this month.

Opponents: 6 out of 146 companies opposed

In general, SegWit supporters come from different circles in the cryptocurrency space and span international markets.

The “ready to support” camp includes ATM manufacturer Lamassu and P2P exchange marketplace Localbitcoins, both of which operate globally.

SegWit supporters come from different circles in the cryptocurrency field and are spread across the international market. Image source: Golden Finance

According to Coin Dance, there are only eight companies opposing SegWit, the first of which is Roger Ver's Bitcoin.com. Mining pool ViaBTC is also on the list of companies opposing SegWit. In addition, ViaBTC recently announced that it will launch an international exchange this year and recently received financing from Bitmain, which also opposes SegWit.

Other solutions failed to gain support

Regardless, SegWit is a clear winner compared to the other two Bitcoin network scaling solutions. Both Emergent Consensus and UASF have a high percentage of undecided responses — 46% and 78% respectively.

The proposal that received the strongest opposition was emergency consensus, with about 31% of companies not supporting the idea.

How the corporate landscape in the Bitcoin ecosystem will change remains up for debate. In the event that the Litecoin community decided to support SegWit, Bitmain did a 180° turn on SegWit, claiming to have reached a “unanimous” consensus to allow SegWit to activate on Litecoin.