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What is Segwit2x?

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What is SEgwit2x, and what consequences it can entail? Let’s understand. To begin with, for the first time a plan for a significant increase in transaction performance became known in May 2017, and the mining pools, as well as a large part of investors, supported it. However, not everything turned out as smoothly as it wanted, because in even, at first glance, the ideal plan has its own shortcomings, and SEgwit2x was no exception. The main stumbling block was the issues of technical implementation of this plan, as well as some of its features.

 

 

If we go back a few years ago, when bitcoin only became known, and he was not so much interested in serious investors, even 640 KB was enough. However, from year to year the popularity of the crypto currency increased, as a result, there was a need for the appearance of a new block, allowing transactions of 1 MB in 10 minutes. But this was not enough with time, and the sharp influx of people interested in bitcoins required an increase in the speed of transactions.

The load on the system increased so much that most transactions began to hang, and the SEgwit2x technology was designed to solve this problem. At the same time, it would not only increase the number of transactions processed per unit of time, but also protect against certain types of attacks, increase the overall efficiency of calculations and make the currency not only attractive from a financial point of view, but also very convenient.

Unlike the previous SegWit technology, which kept the size of the base unit unchanged, while moving a certain amount of information into a special additional block, the SegWit2x technology also provides for the growth of the size of the main unit. Supporters of the latest technology proposed to gradually increase the limits, and if in August 2017 it was supposed to be 2 MB, in September it would grow twice – up to 4.19 MB, then, as of August 2019, it should already be almost 16.8 MB.

Who supports SEgwit2x, and who is against its implementation? It is worth saying that all the supporters and opponents of the new technology, first of all, are guided by their own interests, and not by the interests of the crypto community as a whole. So, for the early introduction of SEgwit2x, large pools for mining, well-known start-ups (Blockchain, BitPay and Coinbase), and developer Gavin Andresen from Bitcoin Core, who currently does not work in the company, already spoke. Among the opponents of this plan are exchangers of crypto currency, some operators of nodes and developers Bitcoin Core, whose duties include technical support for software.

 

 It is also worth noting that SEgwit2x is by far not the only scalable plan that attracts the attention of users of crypto currency. An alternative to it is the BIP 148 plan, and if the SEgwit2x plan is not supported, this may lead to a split of the network, which the bitcoin users themselves so fear. After all, if you are upgrading to SEgwit2x and sufficient support from the bitcoin community, users are unlikely to experience any disruptions and operational difficulties, then without this support there may be a split into 2 crypto active, the bitcoin course will start to fall, and users may lose their bitcoins.

Another important difficulty that can wait for users is the need to update the software to support 2 MB of the SegWit2x component. So, the new plan has not only some pluses, but also quite palpable shortcomings. However, judging by rumors, they do not frighten SegWit2x devotees, since 79.9% of users have already managed to support this plan, with the necessary 80%.

What is the future of bitcoin after the introduction of SEgwit2x, which will be held on November 14? It’s hard to say unequivocally, because some market participants who support the introduction of this technology argue that this will further stimulate an already considerable bitcoin course that has already managed to overcome the mark of 7000 dollars for one cue ball, while other experts say that the introduction technology can create serious pressure on bitcoin quotes and lead to solid problems, up to the total split of the crypto community. Time will show how things work in reality.

As for market experts, they do not recommend users to rush with the sale of bitcoins. So, Michael Vogel predicted the “long and bright future” for the crypto currency, saying that he will continue to be a supporter of the bitcoins. With his opinion is solidary, and expert Alexander Matanovic, calling the owners of the bitcoins not to panic and keep the bitcoins on offline purses

Source: 24xbtc.com


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