SegWit2x: Are Things ‘Actually’ Looking Good?

SegWit2x: Are Things ‘Actually’ Looking Good?

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The executive chief and the leader of the SegWit2x project, Mike Belshe, recently announced that the issue of various disagreements inside the bitcoin sphere regarding block size did not have a lasting effect on the hard fork of SegWit2k. In his public announcement, he states how this is just a minor setback, and that the community will prevail to bring this project to life, as we approach its November implementation date.

Root of the issue

SegWit2k, a polarizing hard fork, which was made to make the blocksize larger, was also meant to be used as a tool for various improvements regarding the scalability of networks. The issues began when the New York Agreement (NYA) started a wave of scepticism towards SegWit2x, with the lack of support coming from Bitcoin developers and the absence of community consensus being the primary reasons for concern about this feature. It is believed that these circumstances placed the scheduled release date for SegWit2x at risk.

Mike Belshe, however, did not lose his optimism as his supporters pinpointed the fact that an overwhelming majority of miners signaled for the hard fork. He also wrote a blog post called “Keeping the Community Together,” citing that the everlasting debate in the community does not necessarily mean the end of SegWit2x. He also mentioned that he was still quite excited about the possibility of the blockchain following the fork.

Details of the criticism

Despite of this, not everyone supported SegWit2x, as F2Pool became the first mining pool to publicly withdraw their support for SegWit2x. BitMEX also decided not to support SegWit2x as this proposal of increasing blocksize does not seem to be compatible with bitcoin, which would mean that a new coin had to be created. The proposal was also met with criticism from the entire bitcoin ecosystem as Bitcoin.org claimed that they will immediately discontinue their support from companies working with SegWit2x. The overwhelming criticism led to a 10% dent in the hashrate consensus.

The scrutiny of SegWit2x has gone as far as to make some analysts claim that the recent spike in bitcoin price is due to the amount of criticism that SegWit2x blockchain received from various traders, and the fact that they believe that the blockchain will not gain enough support, even as miners persist in their efforts to show support. Another issue arose from the fact that Belshe’s attempt to hold the community together does not appear to have much leverage, as the majority of the bitcoin world did not fully support the implementation of SegWit2x and chose to stay on the incumbent blockchain. Nevertheless, Mr. Belshe stays optimistic about the November release date, adding that “things are looking good” and that this is a minor change from which everyone in the bitcoin community stands to gain something.

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