Thursday , 19 April 2018

SegWit2x scheduled for December 28th

The controversial SegWit2x Bitcoin (BTC) hard fork will go ahead on Dec. 28, according to the project’s official website.It is planned at block 501451, due in around two days’ time.

Originally scheduled for November, the development team cancelled the fork amidst controversy and schisms in the community. In an official statement, the team recognized that they had “not built sufficient consensus for a clean blocksize upgrade at this time,” foregoing the fork in an effort to “keep the community together.”

The project’s updated roadmap now lists December 28th as the set date for the fork, and in his recent announcement, Terlouw confirmed these developments:

“Our team will carry out the Bitcoin hard fork, which was planned for mid-November,”

Arguing that “commission and transaction speed within the Bitcoin network has reached extraordinary values,” Terlouw believes that “ it is almost impossible to use it as a means of payment.”

The founder of the project Jaap Terlouw is doing everything possible to attract the miners into the ranks of the new crypto currency. He personally promised all BTC holders to give out a similar amount of B2X. Moreover, as an encouragement for “commitment” – in proportion to add coins that successfully mined Satoshi Nakamoto in the first year of the network’s existence. The total issue of B2X will reach 21 million coins. The block size will be increased to 4 MB, and the block extraction speed is 2.5 minutes. In addition, Segwit2X has protection against duplication of transactions and uses the X11 encryption algorithm.

Very impressive will be such future changes to the project as offline codes, support for Lightning Network, instant transactions, ZkSnark, Ethereum smart contracts, anonymous transactions, replay protection.

Forking season

Bitcoin already forked four times this year, giving us Bitcoin Cash in August, Bitcoin Gold in November, and Bitcoin Diamond and Super Bitcoin in December. All of these currencies marched into the scene with their own scalability, privacy, and mining centralization solutions.

Shockingly, this list doesn’t even begin to touch the unvetted forks rumored for the coming months, which includes Bitcoin God (yes, really), Bitcoin Silver, Bitcoin Uranium, Lightning Bitcoin, and Bitcoin Cash Plus.

Unlike these unconfirmed forks, however, it seems certain now that Segwit 2x will join the forked fold. For months, only “trading of [2x] futures has been carried out on some exchanges,” according to Terlouw, the most notable being HitBTC. Including HitBTC, Binance, GDax, and BTCC have confirmed their support of the fork.

Come forking day, Jaap Terlouw promises “that all BTC holders will receive not only B2X in the ratio of 1 to 1, but also a proportional number of Satoshi Nakamoto`s Bitcoins as a reward for their commitment to progress.”

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