2017 is year of Bitcoin and Cryptocurrencies. 2017 will also known for Bitcoin Forks. We had our 1st Bitcoin fork, Bitcoin Cash and then less popular Bitcoin Gold. However, today Mike Belshe, CEO of BitGo and few others cancelled the 3rd Bitcoin Fork, Segwit2X. Main reason behind cancellation is that it did not have full support or Consensus to proceed further.
So What is Bitcoin Consensus?
Consensus is common agreement or set of rules between Bitcoin Developers where most developers agree with certain plan for Bitcoin future. Basically everyone on same page and everyone including lead developers, supporters, miners, node operators etc. Segwit2X got cancelled today because Team did not have full support from most miners.
Following are some sample Bitcoin Consensus Rules:
- Each block may create certain number of Bitcoins.
- Data format for Transactions and Blocks must be correct.
- There should not be double spend within single blockchain.
- Bitcoin difficulty changes every 2016 blocks.
- new target = old target * time for 2016 blocks / 2 weeks.
- The block creation fee changes at every 210000 blocks.
- The Bitcoin block creation fee started with 50 BTC per Block, has fallen to 25 BTC at block 210000, will fall to 12.5 BTC at block 420000, and finally down to 0 satoshi with block 6930000.
- etc etc etc ..
There are plenty of rules that everyone needs to follow for integrity of bitcoin and also scaling it.
- Segwit or Segregated Witness, it was soft fork which changed the Bitcoin transaction format and it was also implemented by other Altcoin such as – Litecoin
Then today, Segwit2X, which wanted to double the block size to 2MB got called off because not enough Consensus or support from Bitcoin community, developers, miners etc.