Social Media Sidebar

Announcement

Please sign up, comment on articles and bring your friends!

Current poll

PlanetTech is asking:

What do you think about our new web site?

Love it, indeed
Really good solution
Same as old one
The old one was better
This is a new option

Quote of the day

When seen through the lens of technology, few resources are truly scarce; they’re mainly inaccessible. 

 

Peter Diamandis

SegWit2x backers cancel plans for bitcoin hard fork

RATE THIS! +23
Posted in Software on 9th Nov, 2017 07:49 AM by Alex Muller

Advocates for a bitcoin hard fork have now decided to cancel plans for the so-called SegWit2x fork. The bitcoin blockchain was supposed to split into two blockchains in roughly 8 days. But it looks like SegWit2x backers couldn’t convince people in the community to make the SegWit2x blockchain the new bitcoin.

 
The SegWit2x fork should have increased the block size to 2 megabytes. This change could have helped when it comes to bitcoin scalability.
 
But it has always been a controversial change and many bitcoin companies have not actively supported the move. So many feared that this fork could have split the community into two branches.
 
“Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together,” the note says. “Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth.”
 
In other words, in order to keep the community together, SegWit2x backers have decided to call off the fork. The announcement has been signed by BitGo’s Mike Belshe, Xapo’s Wences Casares, Bitmain’s Jihan Wu, Bloq’s Jeff Garzik, Blockchain’s Peter Smith and Shapeshift’s Erik Voorhees.
 
They all met in person earlier this year in New York to agree on this two-part plan. The first part was a bitcoin update called Segregated Witness. This soft fork already happened back in August.
 
With SegWit, data is stored differently in each block — it leads to some nice bitcoin features. First, the SegWit updates improves the transaction capacity of the blockchain. It is also compatible with outdated versions of bitcoin software.
 
Lightning Network are now also possible thanks to SegWit. Lightning Network is a sidechain implementation that could solve many of bitcoin’s scalability issues. Instead of routing every transaction through the blockchain, transactions between two addresses could happen on a sidechain and you could settle those transactions every now and then with the main blockchain to ease the load.
 
The second part of this plan was the SegWit2x hard fork. While this fork won’t happen, SegWit is here to stay. So let’s see if companies and developers are going to take advantage of SegWit in the coming months.

Tags: bitcoinsoftwareblockchainonlineEthereum

Read original article » Back to category

Comments



 

Recent headlines

  • Posted in Science on 2017-11-20 00:42:21
    Small steps forward as UN climate talks end in Bonn..read more
    Posted in Hardware on 2017-11-20 00:37:56
    US gov should support SpaceX and develop moon bases..read more
    Posted in Business on 2017-11-18 21:15:58
    Companies are realising that renewable energy is good for.....read more
    Posted in Hardware on 2017-11-18 21:07:25
    California may reach 50% renewable power goal by 2020; 10.....read more
    Posted in Hardware on 2017-11-17 18:02:34
    Tesla unveils a truck and a roadster..read more
Posted in Business on 2013-10-10 01:33
China is working towards a manned lunar mission in about.....read more
Posted in Business on 2013-10-20 07:17
Spacex says China is their main competitor for commercial.....read more
Posted in Software on 2013-10-20 06:43
Pirate Bay Browser Clocks 1,000,000 Downloads..read more
Posted in Medicine on 2013-10-10 02:10
Google reportedly investing hundreds of millions into new.....read more
Posted in Medicine on 2013-10-14 03:13
Endothelial Cells Can Repair and Regenerate Organs,.....read more
Posted in Science on 01.01.2010
Spacex says China is their main competitor for commercial.....read more
Posted in Science on 01.01.2010
Staring at Your Phone Could Be Making You Short Sighted..read more
Posted in Science on 01.01.2010
Oculus Rift virtual reality headset coming to mobile, but.....read more
Posted in Science on 01.01.2010
China is working towards a manned lunar mission in about.....read more
Posted in Science on 01.01.2010
Delivering drugs via nanoparticles to target mitochondria..read more

Recent Blog Posts

  • Posted by AlexMuller
    Martian landscapes formed from sand 'levitating' on a little.....read more
    Posted by AlexMuller
    Scientists detect comets outside our solar system..read more
    Posted by AlexMuller
    Advanced artificial limbs mapped in the brain..read more
    Posted by AlexMuller
    Bacteria have a sense of touch..read more
    Posted by AlexMuller
    Recurrent brain cancer: New hope with phase 1 clinical trial.....read more

Login to your Account

Login to your PlanetTech Account here

Username:
Password:
Remember me
or

Create a New Account

You just need username and password

The following errors occured:
Username:
Email:
Password:
Verify password:
Remember me