What is SegWit2x? | Token Spoken
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What is SegWit2x?

SegWit2x is the next step in Bitcoin update. In fact, this is known as the second part of the New York Treaty on May 23, 2017.

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The Segwit2X alias, the New York Agreement (NYA), is an update targeting both to double the size of the block to 2 MB with a hard fork, and to separate witness like in segwit. In fact, SegWit has fixed some mistakes and provided an infrastructure for the next improvements.

Still, the small block problem could not be solved completely.

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Every day, one MB is insufficient to meet the needs of the users, and the amount of data is also very large nowadays. There was a big impact on process validation and cost ratio.

But who likes to wait for high fees and block approval?

What do they think about SegWit2x?

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Despite being part of the New York Treaty, many nodes and mine pools changed their minds.

Six months ago, most of the participants agreed on hard fork. But at the same time, more and more companies refused to accept SegWit2x like TREZOR, Bittrex and others. They are worried about the possibility of a repeated attack and an ambiguous future for both chains. There is no union in the Bitcoin community at this point, so many companies do not want to take risks. Nick Szabo, a world-renowned expert on cryptography and smart contracts, is also not happy with the proposed update.

The founder of Litecoin, Charlie Lee, on the issue:


“And I realized. To me, even if Nick Szabo is not Satoshi, he is the closest person to Satoshi. Why are people with Nick and all the Bitcoin Core giants against Segwit2x still pushing this hard fork to break the chain?” is what he said.

There are also a lot of tweets on Twitter that are against hard fork with # NO2x hashtags.

What is expected about SegWit2x?

SegWit2x has been canceled, but it is possible to continue implementation in the near future.

Experts note that this update points out some weak spots. The main problem is replay protection. More precisely, the lack of re-protection.

The possibility of replaying allows fraudsters to access user private information, which undermines Bitcoin’s credibility.  This problem is too serious to ignore it.

Bitcoin scaling problem is still valid and needs to be solved. SegWit2x is a possible solution, but there are still some technical issues. Presumably, scaling will be available, but it will take time to consider and change the hard fork implementation.

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