SegWit2x Hard Fork officially canceled

An agreement that split the community: with the New York Agreement (NYA), bitcoin greats, such as miners and exchanges, should pave the way for SegWit2x. The targeted Hard Fork should bring in mid-November, the last part of the agreement, the increase in block-size. With the spin-off of Bitcoin Cash SegWit2X but stumbled – and now officially came to an end.

From the mailing list on Linuxfoundation, it can be seen that Mike Belshe, CEO of BitGo, officially launches the development of SegWit2x with immediate effect.

He explains that SegWit2x was credited only as a scaling solution for the crisis of the last three years and SegWit alone only reached 30% approval of the miners. The two-step approach should first reduce the hurdle for SegWit and then bring a block size increase from 1MB to 2MB.

As the smooth transition from SegWit1x to SegWit2x can not be guaranteed, Belshe and other large representatives of SegWit2x are retreating. Next to him are Wences Casares, Jihan Wu (Bitmain), Jeff Garzik, Peter Smith and Erik Voorhees.

Belshe explained:

“It has always been our goal to create a smooth upgrade for Bitcoin. Although we firmly believe that a larger block size is needed, we believe that one thing is more important: keeping the community together.

Unfortunately, we did not build enough confidence in the community for a smooth increase in block size. Following this path further could split the community and reverse Bitcoin’s development. That was never the goal of SegWit2x. “

Belshe said that with rising fees, on-chain solutions must be found and hopes the community will come together for such solutions.

With this step, the community could be effectively united. With a current price of $ 7,360, this move could send a signal to the entire crypto community, and we look forward to the Bitcoin award.

The Bitcoin News

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