In an email, Mike Belshe, CEO of BITGO and one of the main organizers behind Segwit2x, explained that the project was suspended due to lack of consensus to proceed:
Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together. Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time.
The Beginnings of Segwit2x
Table of Contents
Segwit2X began as a project with a mission to increase the block size, thereby improving bitcoin’s scalability. In the simple sense, the Segwit2x can make transactions faster. (Read: What is Segwit2x)
But the supposed upgrade was not without shortcomings. As explained by Satoshi Citadel Industries, a pioneer blockchain company in the Philippines, Segwit2x has no overwhelming consensus from the community and there’s no confidence from its dev team. Lastly, the dev team could not make up its mind on replay protection, a key feature that will protect customers from losing their coins. (Read: The Company Behind Bitbit and BuyBitcoin.ph Announces Position on Segwit2x)
Reaction to Segwit2X Suspension
Reactions are of course mix. In the Philippines, key industry leaders seemed to welcome this news on Twitter. “No More Bitcoin Fork! Now We Can Spoon”, said Miguel Cuneta, founder of Satoshi Citadel Industries. Luis Buenaventura of Bloom Solutions welcomed the news with his NO2X fan arts. #NO2X was the hashtag used by users on Twitter to express their opposition to the project.
This is not going to be the last time that there will be talks of forks or splits. After all, bitcoin is decentralized. No single entity can control its value. If there’s one thing we learn here, it is that any changes to the underlying code behind bitcoin must at least have a consensus of a sizeable majority of the community. Or else it will never push true, unless its really really very critical.
- What is Bitcoin
- Why You Should Use Bitcoins
- How to not fall victim to this bitcoin text message scam
Notes and Disclaimer:
- If you like what you read here, please consider subscribing to our newsletter! Follow Bitpinas at Telegram.
- For press release, sponsored content, and other advertising options, click here.
- Invest in bitcoins (or in any altcoins) only the amount you can afford to lose!
- Don’t put all your eggs in one basket. Spread your bitcoin and cryptocurrency investment.
- Before investing in any cryptocurrency, check the people behind it, its mission, and other details to ensure that they are worth investing for. Don’t invest in something you don’t know.
- This article is for informational purposes only and does not constitute an investment advice. Your actions are solely your own responsibility. There is no substitute for doing your own research. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.