Segwit2x Bitcoin hard fork canceled
Bitgo CEO Mike Belsh posted a post announcing the cancellation of the Segwit2x Bitcoin hard fork planned for this month due to lack of community support.
Belsh writes, “The Segwit2x initiative was formed in May with a simple goal of increasing block size and improving Bitcoin scalability. At that time, the Bitcoin community was in crisis after 3 years of heated discussions, and the Segwit consensus seemed like a distant mirage with the support of 30% of miners “.
“Our goal has always been a smooth bitcoin update. While we strongly believe in the need to increase block sizes, there is something we think is more important: preserving the integrity of the community. “.
“Obviously, we were not able to reach enough consensus to increase the block sizes this time. Continuing on this path, we could divide the community and hurt the development of Bitcoin, which was never the goal of Segwit2x “.
“As commissions grow, it will become apparent that increasing intra-blockchain bandwidth is a must. When this happens, hopefully the community will unite and find a solution, perhaps increasing the block size. Until this moment, we are suspending the development of the plan to increase the block size “.
The message was also signed by the organizers of the New York Agreement, which met in May, namely CEO Xapo Venses Casares, Co-founder of Bitmain mining pool Jihan Wu, CEO Bloq Jeff Garzik, CEO Blockchain Peter Smith and CEO Shapeshift Eric Voorhees.
The market responded to this news with a rapid growth, and the bitcoin rate moved to new highs. Immediately after the publication of the announcement, the bitcoin rate jumped by about $ 300, reaching the level of $ 7,800, but by the time of publication, it dropped to $ 7,550..
As a reminder, the first part of the update – Segregated Witness (SegWit) – was activated on the Bitcoin blockchain in August this year. SegWit, unlike SegWit2x, is an upgrade compatible with the previous version of the blockchain. It was activated through a soft fork and changed the method of storing information in blocks. Thanks to this, the throughput of the blockchain has increased, as well as the possibility of implementing new functions, for example, the Lightning Network side chain, which allows you to move transactions outside the main blockchain..
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