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SegWit2x gains support from Chinese Bitcoin Miners

SegWit, What is SegWit, Is SegWit activated, segwit activation, activation of segwit, segregated witness

Activation of SegWit

In a meeting held on Thursday, last week in Chengdu, the main contributors of Bitcoin in China, including Antwerp, F2pool, Bixin, 1hash, OKCoin and ViaBTC, unanimously signed a commitment to the New York agreement. The signatories also indicated that they would signal their support by mentioning “NYA” (New York Agreement) in mined blocks starting Monday, June 19 and they will start testing immediately in order to be able to activate SegWit2x before on the 31st of July.

“The Chinese miners, who represent more than 80% of the hashing power of the Bitcoin network, have confirmed their support for SegWit2x . And if people have not yet fully understood what this means: Segwit (and the rise of Bitcoin) we are here! “– says Barry Silbert.

On the other hand, if we believe the table published on Bitcoin.it, the developers of Bitcoin Core reject the solution SegWit2x massively. They are largely in favor of the BIP 149 (Segregated Witness second deployment), an alternative UASF(User Activated Soft Fork) that will not deploy that on 15 November 2017 in the event of the failure of the BIP 9( Bitcoin Improvement Proposal).

SegWit is a process of making Bitcoin transactions lighter and faster, by removing the Witness( Signature) from the transaction.

The Witness which is removed from the transaction, is stored in another block, called Extended Block.

Segregated Witness was explained earlier on KryptoMoney.com in detail. Read the article.

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This article was contributed by author Bhargavi Sayee.

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