SegWit2X Makes A Solid Comeback With A Scheduled Fork Date Of 28th December
Irrespective of its gigantic price rise, Bitcoin had been handicapped by certain inherent limitations, delay in transaction confirmation time being one of the biggest of such reasons which have been shunning the growth curve of Bitcoin into becoming the ultimate mode of payment. The massive transaction fee of approximately 660 satoshis/byte means that a trader has to spend about $25 or 150000 satoshis for bringing about a transaction belonging to 225 byte size.
For bitcoin to gain its optimum potential, these exorbitant rates need to be lowered and the same can be achieved only by ushering in scalability in its operations which the November hard fork termed as Segwit2x had proposed to achieve.
This fork which was originally scheduled to take place on 16 November, 2017 was suspended due to lack of consensus from the Bitcoin mining community at the very last moment. About one month hence, the developers who were behind this much-hyped fork have rekindled the fire by announcing that the Segwit2X will finally take shape on 28th December 2017 at a block size of 501451.
“The hardfork will be implemented at block 501451, the estimated date of this block generation is December 28, 2017. In addition, we guarantee that all BTC holders will receive reward for your commitment to progress, the proportional number of Bitcoin of Satoshi Nakamoto,” read the Twitter handle @Segwit_2X.
Bitcoin Segwit2x developers have revealed that production rate of the block shall be raised up to 2.5 minutes and the block size up to 4MB. A unique address format has been developed by the team for implementing the function of complexity and recalculation after each block. It shall also introduce the X11 encryption algorithm.
The project founder Jaap Terlouw has revealed that, “The Commission and the speed of transactions within Bitcoin network has reached incredible values. In the last month, the average commission of the network was 15-20 US dollars, and the confirmation rate could reach several days. It is simply impossible to use it as a means of payment. Our team will carry out the Bitcoin hard fork – Segwit2X, which was expected in mid-November. At the same time, its futures trading is conducted on some exchanges, including HitBTC. We promise that all BTC holders will receive, not only B2X in the ratio of 1:1, but also as a reward for your commitment to progress, the proportional number of Bitcoin of Satoshi Nakamoto who mined it in the first year of the network’s existence.”
It has also been promised by the project CEO that all BTC holders will receive a proportional number of the anonymous bitcoin founder Satoshi Nakamoto`s coins along with B2X in the ratio of 1 to 1 as a reward for their wholesome commitment to the progress of this budding project. It was evident until recently that many traders, investors, users and developers were on board with the SegWit2X proposal. However, its supporters feel that the same shall move the threshold for implementation to 70% or more. This became all the more heightened after Bitcoin Cash entered the scene as an alternative to both SegWit2X and Bitcoin. The efforts behind bringing about SegWit2x started back in May when its influential supporters proposed delaying the project till November given lack of support from the crypto community. The idea behind SegWit2x was then criticised by many who were apprehensive about a chain split just waiting to take off.
The core bitcoin community however considered this November scheduled fork to be an attack on the original Bitcoin blockchain. After a lot of twists and turns in the crypto saga, Bitgo CEO Mike Belshe posted a letter denouncing the hard fork. He added therein that, “Our goal has always been a smooth upgrade for Bitcoin. Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together. Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x.”
Things have changed significantly since back then and the new fork initiated by a group of professional developers hopes to imbibe SegWit2x back from the dead. The main motive behind this fork will be to refine and resume the suspended project for creating an instant and anonymous Bitcoin. The core goal of this project will be to bring about the effective coexistence of both the networks each having a different purpose rather than replacing the original network in its entirety.
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