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Countdown to SegWit2x

Countdown to SegWit2x

If you are not aware yet, we are glad to inform you about the upcoming of several forks.

Countdown to SegWit2x

In the middle of November the group plans to introduce SegWit2X fork, the change of the protocol which is built in the software of BTC1 aiming to increase the unit size to 2 MB in addition to the use of SegWit for the division of data of the sign-code signature.

SegWit2X is very disputable, to put it mildly. Originally, the project was brought about as the New York Agreement, which is a consensus between the struggling camps of the scale debate. The plan consisted in upgrading SegWit chain to double network transmission capacity from ~ 250 000 transactions a day to ~ 500 000 transactions a day during a 6-month period since May, 2017 when the compromise was agreed.

Only in a month before the doomed date, the gloves come off.

The new industry standards of nomenclature offered the branches of “Bitcoin” public blockchain for Bitcoin and Segwit.

With the appearing of changes and forks, media representatives reclassify the term used in the regard of cryptocurrency talking.

We believe that Bitcoin Cash (BCC) is the real remained Bitcoin as it was supposed in an original white paper of Satoshi, which was built permanently in the blockchain in 2009. The chain of SegWit could inherit the name “BTC” substantially because of the history, but Bitcoin Cash, which Bitcoin more that caused all digital money boom.

Branches, which we will not consider Bitcoin any more are SegWit1X (now BTC and probably SW1 after the division of SegWit2X), SegWit2X (scheduled BTC, but probably SW2 after the fork if it is not able to get support of the majority of miners) and Segwit Gold (SWG). SegWit1X and SegWit2X involve high transactional fees and the determination of their business models is useless though the chains of Segwit can still be applied as ineffective (in comparison with BCC) system of institutional cost.

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SWG, the project under the leadership of Jack Liao from mining Hong Kong Lightning ASIC tries to change an algorithm of checking of working capacity, and it means that it will lose a computer network which protect the network. SWG on the substance is the same as SegWit1X, but with reversible transactions (which are not so safe) and is not compatible to mine (difficultly to force miners to switch over).

At the same time, the SegWit Core group (which was earlier called Bitcoin Core before it worked only on Segwit technology), still resolutely opposes any increase in their own potential and promised to save SegWit1X in live though there is no warranty that they will get enough support of the miners for the chain to survive.

Bitcoin Cash is the Single Bitcoin

The successful hard fork of Bitcoin (BCC) is a proof that on the contrary to belief of SegWit Core that forks “are dangerous”, network splitting can be a viable method not only for elimination of distinctions, but also for experiments with new functions and also a means of competing with different models in the free market.

If you need extra information on reclassification of the naming read here.

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