As Bitcoin hovers around the historic $7’000 mark, talk of retraces is growing, with one analyst predicting an inevitable fall back to $5,000. Despite prices growing at an unprecedented rate this week, the fallout over Read more…
The implementation of Segregated Witness in August 2017 was the first half of the so-called “New York Agreement” in which those who wanted to increase effective block size by SegWit compromised with those who wanted to increase block size by a hard fork to a larger block size. The second half of SegWit2X involves a hard fork in November 2017 to increase the blocksize to 2 megabytes. Some companies that originally supported the New York Agreement backed-out, including F2Pool, Bitwala and Wayniloans.
The stated reason for the cancellation of the hardfork was “lack of consensus”. The fork was planned to occur at block height 494,784, however, the actual code stalled waiting for block height 494,783 due to a coding error. The hash rate of miners signaling in favor of Segwit2x dropped to below 10% and all nodes running the SegWit2x software permanently stalled on block 494’782.
Segwit2x – Bitcoin Wiki. (n.d.). Retrieved from https://en.bitcoinwiki.org/wiki/SegWit2x