Many have been anticipating the results of the SegWit2X fork to see what would happen and what the results would be for bitcoin. It looks like they’ll have to wait for a future tomorrow.
Now, what was the proposed SegWit2X fork you ask? Let’s do quick recap.
At the moment, the pioneer bitcoin exists, think of this as the cryptocurrency that birthed or rather inspired the many that came after it. Anyway, this initial bitcoin has a limit of 1MB to the size of each of it’s blocks. This size limit was intended from the designer and creator Satoshi Nakamoto to protect the young bitcoin from potential harm and danger. The 1MB limit was chosen due to the fact, in general, many of the blocks were empty and reasoned size limits could be updated over time. As bitcoin and it’s fame grew, so did the problems that arise from fame. Many transactions occurred, yet, more were occurring and couldn’t be processed quickly enough, a line started to form for transactions to be processed. New blocks were being found, but this was only at a rate of about ten minutes, this was simply, not good enough. Within the time that a new block was being found a larger line of transactions to be processed grew, causing more delays. These delays caused more burden on the system, causing there to be increased transaction costs. This was something that wasn’t acceptable for the decentralized blockchain of bitcoin.
Something had to be done.
Segregated Witness or SegWit. This allowed for a separation of the data of the transaction from the data of the signature from the same transaction. By doing this much more transactions could be processed within one block! SegWit also provided other crucial changes (such as the lightning network which provides for further scalability)that were necessary to pave the way for future updates and constructs.
But aren’t we talking about SegWit2x ?
Yes, SegWit2x was proposed due to concerns among some in the community that simply improving the mechanism for transactions wouldn’t be a major improvement, they argued, one had to increase the size of the blocks as well. Yet, there was push back from the btc core developer community, they said, if this was to be done, they would have to conduct a hard fork and many calamitous things could occur. The problem with hard forks are many and doing upgrades quickly without a wider general agreement to cause much more significant harm to the community in various ways from a technical standpoint to a possible value degradation and dividing of the decentralized community.
Forward to present day
Hard fork plans are cancelled due to lack of community interest in making the proposed new SegWit2x bitcoin blockchain the accepted new one for all.
It seems that the fears of the many of the potential split has been heard and so, the plans to implement this hard fork are cancelled.
The general consensus is, btc works, we’ve just upgraded the infrastructure with SegWit, let’s let btc grow and we’ll resolve future problems as we face them.
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