Bitcoin has another hard fork coming up in November 2017. Here are some facts:
- Next bitcoin hard fork is coming up on November 16th 2017.
- New split chain is referred as – 2X, S2X, Segwit2X
- Bitcoin’s block limit (1MB) was imposed to avoid spam on the network.
- Segwit2X will double the size (2MB) of “block” within Bitcoin’s Blockchain.
- Original increase in block size was proposed during HongKong Agreement in February 2016.
- As number of Transactions are growing very fast – Most developers agree that speed is much needed to confirm transaction, but approach is different.
- Developer supporting believe that it will take more transactions per second and lower the cost per transaction.
- Cypherpunks – believe the efficient organization within block and maybe increase in block size later if needed.
- Coinbase will support Bitcoin Segwit2X and will call it as – Bitcoin2X
- Coinbase will credit Bitcoin2X to all its customers
- Layer 2 solutions, with Lighting Network are still in development and will not be delivered with Segwit2X.
- Segwit2X backers are – Coinbase (with approximately 30million users), Xapo (one of top five bitcoin storage company), Shapeshift (processes daily atleast 3% of bitcoin transactions), Circle .. etc
- Segwit2X fork believes that bitcoin must be decentralized, created and used by people and not dictated by large institutions with lot of mining power or government or central banks or centralized authority.
- Segwit2X might bring down the cost of transactions (fees) and make it easy for everyone to use bitcoin.
We will do another part to add some more information .. hopefully this will help common person to understand what’s happening in Bitcoin world and what’s coming up.
Battle between Segwit and Segwit2X is all about philosophy and political and who wants to control Bitcoin and scale it to mass. Its up to miners to choose for Segwit2X or original solution i.e. Cypherpunks. But if Cypherpunks win this battle then, you will find big Crypto startups including Coinbase will be putting more efforts on Etherum or other Altcoins.