Bitcoin has undergone many changes and still evolving into a more and more robust and better system by addressing various weaknesses in the system. Especially, performance has been a topic of hot debate among Bitcoin experts and enthusiasts for many years. As such, various proposals have been made in the last few years to improve Bitcoin performance resulting in greater transaction speed, increased security, payment standardization and overall performance improvement at the protocol level.
These improvement proposals are usually made in the form of BIPs or fundamentally new versions of Bitcoin protocols resulting in a new network altogether. Some of the changes proposed are implementable via a soft fork but few need a hard fork and as a result, give birth to a new currency.
In the following sections, we will see what are the various BIPs that can be proposed...