Supporters of Bitcoin’s controversial SegWit2X hard fork have just announced that the split will be revived, according to a statement published today on the project’s website.
Bitcoin Segwit2x (AKA NYA agreement) calls for a specific change in the rules of the Bitcoin blockchain which is now scheduled for block 501451, which will be produced on 28 December 2017 (approximately).
As stated on b2x-segwit.io, influential developers of the SegWit2X hard fork have shifted their efforts to phase two of the project after achieving several milestones. The advancements include raising the block size up to 4 MB and the production rate of the block to 2.5 minutes. The team has also developed a unique address format and implemented the function of recalculation of complexity after each block, as well as introducing the X11 encryption algorithm.
According to Jaap Terlouw, founder of the project: “The Commission and the speed of transactions within Bitcoin network has reached incredible values. Last month, the average Commission of the network is 15-20 US dollars, and the rate of confirmation can be up to several days. Bitcoin is simply impossible to use as a means of payment.”
Interestingly, the project CEO promised that all BTC holders will receive not only B2X in the ratio of 1 to 1, but also a proportional number of Bitcoin founder Satoshi Nakamoto`s coins as a reward for their commitment to progress.
Until the dust settles
Until recently, it looked like many investors, traders, developers and users were on board with SegWit2x, a proposal that its supporters claim will move the threshold for implementation down to 70 percent or more. That was heightened after Bitcoin Cash, an alternative to both Bitcoin and the SegWit2x version, entered the picture.
The hardfork will be implemented at block 501451, the estimated date of this block generation is December 28, 2017. In addition, we guarantee that all BTC holders will receive reward for your commitment to progress, the proportional number of Bitcoin of Satoshi Nakamoto pic.twitter.com/qpVXa7ImKU
— Segwit2X (@Segwit_2X) December 19, 2017
The Segwit2x effort began in May with the purpose of increasing the blocksize and improving Bitcoin scalability. Key influential supporters of the SegWit2X proposed delaying the process in early November as the third fork of Bitcoin proving to be a very contentious proposal in the cryptocurrency community. They preferred to wait until the dust settled, citing the seeming lack of community support as of the particular threshold at which the hard fork was scheduled, around mid-November.
Many in the Bitcoin community were quick to criticize the idea and disagreed with the process by which the decision to hard fork was made. The initiative divided the Bitcoin community as many had concerns that it would result in a chain split.