What is Segwit2x? I explain Bitcoin Segwit2x supported by 95% of Bitcoin miners!

in news •  6 months ago

Logomakr_7TGkrt.png

I want to explain Segwit2x, because over 95% of Bitcoin exchanges and mining companies have reconfirmed their support for SegWit2x!

Segwit2x is the project to merge into Bitcoin a minimal patch that aims to untangle the current conflict between different political positions regarding segwit activation vs. an increase of the on-chain blockchain
space through a standard block size increase.

It is not a new solution, but it should be seen more as a least common denominator.

Segwit2x combines segwit as it is today in Bitcoin 0.14+ with a 2MB block size hard-fork activated ONLY if segwit activates (95% of miners signaling), but at a fixed future date.

The sole objective of this proposal is to re-unite the Bitcoin community and avoid a cryptocurrency split. Segwit2x does not aim to be best possible technical solution to solve Bitcoin technical limitations.

However, this proposal does not imply a compromise to the future scalability or decentralization of Bitcoin, as a small increase in block size has been proven by several core and non-core developers not to affect Bitcoin value propositions.

In the worst case, a 2X block size increase has much lower economic impact than the last bitcoin halving (<10%), which succeeded without problem.

On the other side, Segwit2x primary goal is to be minimalistic: in this patch some choices have been made to reduce the number of lines modified in the current Bitcoin Core state (master branch), instead of implementing the most elegant solution. This is because I want to reduce the time it takes for core programmers and reviewers to check the correctness of the code,
and to report and correct bugs.

The patch was built by forking the master branch of Bitcoin Core, mixing a few lines of code from Jeff Garzik's BIP102, and defining a second versionbits activation bit (bit 2) for the combined activation.

This means that segwit would be activated before 2Mb: this is inevitable, as versionbits have been designed to have fixed activation periods and thresholds for all bits. Making segwit and 2Mb fork activate together at a delayed date would have required a major re-write of this code, which would contradict the premise of creating a minimalistic patch. However, once
segwit is activated, the hard-fork is unavoidable.

Timetable:

Bit 2 signaling StartTime = April 29th, 2017

Bit 2 signaling Timeout = August 29th, 2017

HardForkTime = Thu, 14 Dec 2017 00:00:00 GMT

Source https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-March/013921.html

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  trending

Great post

Segwit2x team could learn from the Bitcoin Cash implementation such as providing more time and PR, coding emergency difficult adjustments, inform and coordinate with exchanges. There is not much update for close to three weeks now. Only some posts by supporters.

·

I know nothing about the bitcoin technology but I had stringent training in some aspects of system design, a long time ago. You are better off with more patience to develop the most elegant solution.

This literally says:

"Segwit2x does not aim to be best possible technical solution to solve Bitcoin technical limitations."

Why would you NOT aim to be the best possible solution? Wtf?

·

Although the technical discussion is not something I am qualified to voice an opinion on the ethical, or even philosophical, discussion should be open to anyone with an opinion. From what I've read about the blocksize disagreement, I believe it is important to understand that the greater the degree to which small miners cannot profitably mine, the more the overarching thrust of the blockchain evolution will in fact be away from the stated goal of decentralization.

·
·

Whatever fork happens , it is already too late for the smaller miners.

Informative thanks