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- So many confusions about bitcoin segwit 2x
- Let's talk about it...
- To understand what is going on...let's take a step back.
What is the Bitcoin scaling debate?
- Bitcoin has scaling issues which led to slower transaction time and increase in transaction cost.
- The good news is there are many ways to fix the scaling issues. One of the ideas is to implement Segwit (segregated witness), the other ideas are to have larger block size. However, no one can agree on a solution, and the two sides are not getting along
- On May 23, 2017, the Bitcoin community got together to work on a solution, find a common ground to solve the scaling issues in New York city
- To end this debate, both sides to agree to:
- Activate SegWit first
- About 90 days after SegWit is activated, hard fork to increase the block size to 2MB (aka. Segwit 2X)
Both sides shook hands, everyone is happy. The Bitcoin scaling debate is finally over
The agreement was called the New York Agreement
However, not every is happy. A smaller group of the Bitcoin community refuses to sign the New York Agreement
According to the Digital Currency Group, SegWit2x is supported by a large number of companies, miners, and wallets
Let fast forward to August 1st, 2017
SegWit is locked-in per the New York Agreement, but we also have Bitcoin Cash as the result of people who refuse to compromise and adhere to the New York Agreement
This left many to wonder, what was the point of the New York Agreement?
But... the drama does stop there:
- According to the New York Agreement, the next step is to implement SegWit2X after SegWit
- Since Segwit is locked-in, the Bitcoin Core developers are now happy since they got what they want. The Bitcoin Core developers can now move forward to implement the "lightning network."
- Some of the SegWit supporters (a.k.a Bitcoin Core) are now saying that larger block size will not be necessary
- Meanwhile, the larger block supporters (Segwit 2X) still waiting for their upgrade and they are scheduled for the upgrade in around November, 2017 - according to the New York Agreement
- SegWit2X supporters are not happy and is contemplating on splitting the chain once again, creating a third Bitcoin if the Bitcoin Core refuse to adhere to the New York Agreement and increase the block size
- ... The Bitcoin community is once again divided
In Summary:
- SegWit 2X means SegWit with 2mb block size
- Bitcoin original block size is hard coded at 1mb. So to increase the block size to 2mb (Segwit2x), it must be done through hard fork. -
- However, hard fork doesn't mean that it will result in a chain split
- There is still a lot of drama in the Bitcoin community
- Different parties are trying to gain control of the network
- Not everyone signed the New York Agreement (about 17% of the hash power didn't sign)
- If no agreement is reached by November, the hard fork may cause a chain split. This means that we may have a third Bitcoin.
This is an ongoing debate, and I will follow it closely
Let me know your thoughts in the comment section below
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