Fork supporters and developers are preparing to implement the SegWit2x fork by Nov. 16.
The new fork is considered as the largest and least understood software to the top-dog virtual currency so far.
Under the SegWit2x software protocol, several changes to Bitcoin’s rules will be implemented. The new protocol will specifically change the size of the blocks that are passed regularly around the network and stored in the Blockchain from one megabyte (1 MB) to 2 MB.
Previous changes to the Bitcoin platform
Bitcoin is just warming up from its recent split that led to the launching of the new token called Bitcoin Cash. The split, however, has limited impact on the leading virtual currency as users were able to receive and exchange both their Bitcoin Gold and Bitcoin Cash holdings on certain exchanges and wallets.
Brief explanation of SegWit2x and some views on the proposed protocol
SegWit2x is similar to the previous forks that were implemented on Bitcoin. It is an alternative software that will be run by network participants and will implement the protocol rules. SegWit2x will be using the code BTC1.
If the SegWit2x will be successfully implemented, any user who will not upgrade to the new software will no longer be considered a member of the network. The Bitcoin community is deeply divided over the scheduled implementation of the SegWit2x protocol.
Several industry players think that the new protocol will complicate matters in complex and unexpected ways. Among those who are against the new software are the developers and node operators.
— Charlie Lee [NO2X] (@SatoshiLite) November 5, 2017
They claim that SegWit2x is risky and will provide miners and businesses too much power.
I just published “Segwit2x Game Theory Scenarios Part 1” https://t.co/klpkfVnBKq
— Jimmy Song (@jimmysong) November 7, 2017
However, the new software is supported by Bitcoin miners and startup companies. They claim that Bitcoin is a digital currency and should compete against the US dollar and other fiat currencies.
They also argue that Bitcoin should be upgraded to be able to compete against other cryptocurrencies that are being used as a method of payment. It is, therefore, interesting to see if this new software will be implemented in the near future.
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Author: Lisa Froelings