At around 6PM (UTC) on December 28th when Bitcoin block 501451 was mined, Bitcoin was forked yet again and Segwit2x was created.
Segwit2x was initially a hardfork which was supposed to occur on November 16th, 2017. The proposed fork was first announced on May 2017 as a result of the ‘New York Agreement’. This agreement included the signatures of over 50 of the largest names in Bitcoin. Segwit2x was designed to be the second part of a two-step process. Segwit (segregated witness) created a second layer solution, this was added to the Bitcoin protocol on August 24th, 2017. This was then to be followed by an increase in the Block size from 1MB to 2MB.
But just before the increase in Block size was to occur and thus resulting in the Hard fork the agreement was cancelled. The cancellation occurred due to the lack of faith in Segwit2x by the Bitcoin community. As the code for the fork was being unveiled it was quickly picked apart by the community and a #No2x campaign began on Twitter.
Segwit2x Revival
But in a World of open source did we really expect the Segwit2x fork not to be resurrected from the dead?
Well, that’s exactly what has happened. An unknown group of developers has continued the development of Segwit2x and forked the Bitcoin protocol causing yet another Bitcoin offshoot.
The original team behind the project have clearly stated they have nothing to do with this revival and many are concerned over the development of this project. With a the development team clearly intending to premine the fork to give them a massive 28% of the total supply in coins we would have a severely monopolised coin. With well over a quarter of the total supply in one hand the valuation can be manipulated at will.
The Great Satoshi Heist
Along with this massive premine the development team have promised to divide up “a proportional number of Satoshi Nakamoto’s Bitcoins” to all Bitcoin holders. How this would be achieved is not mentioned and to be honest the proposal is ridiculous:
This article originally appeared on our website and has been adapted for Steemit.