With Segwit2X Called Off, Crypto Developers Get Back to Work

Over the past few weeks, a fog of
uncertainty over bitcoin’s direction has
forced a number of crypto projects to grind
to a halt. Everything from blockchain
development to token generation events
has been on ice while the machinations
surrounding the Segwit2X hard fork played
out. Following yesterday’s news that the
proposal had been abandoned, developers
have wasted no time in getting back to
business.
Also read: Closing the Curtains On Segwit2x
and the Following Aftermath
Bitcoin: Open for Business
Once More
Within minutes of news breaking that
Segwit2X had been kicked into the long
grass, likely never to return, developers
were swift to launch into projects that had
been temporarily on hiatus. Digibyte and
Radium were among a host of teams
pressing ahead with development plans.
While there was nothing stopping such
projects from proceeding, as the hard fork
penciled in for block 494,784 loomed closer,
all eyes were fixed on more immediate
concerns.
It was the same story in the ICO world, with
blockchain companies such as Remme
deferring their November token sale to
account for Segwit2X. With many token
sales accepting funds in bitcoin as well as
ether, what happens to bitcoin has
repercussions for the entire crypto
economy.
Crisis Averted
In the run-up to the birth of bitcoin cash,
back in August, bitcoin holders battened
down the hatches and held on tightly to
their coins. This was largely in expectation
of receiving free BCH, but there were also
practical reasons why it would have been
unwise to send bitcoin on the verge of a
chain split.
Moments after the plug was pulled on
Segwit2X on November 8th, a string of
announcements indicated that developers
are getting back to doing what they do best:
building a better decentralized future
instead of squabbling over block sizes.
Brian Hoffman, project lead at Openbazaar ,
expressed relief at the averted fork,
tweeting :
It would be stretching the truth to say that
the acrimony caused by the Segwit debacle
has entirely subsided, with Ciphrex CTO Eric
Lombrozo and pro-B2Xer Erik Voorhees of
Shapeshift exchanging pleasantries as the
fallout from the aborted split rumbles on. In
the aftermath of yesterday’s Segwit2X
announcement, the wave of relief that swept
through the bitcoin community was
palpable.