Developers of the Segwit2X hard fork have announced they will resume work on the bitcoin split that was suspended last month. According to the project’s website, the hard fork will happen on block 501451, which will be mined approximately on December 28, 2017.
The hard fork was initially planned for November 16, but was cancelled because of the lack of consensus between the members of the community. Meantime, trading of its futures, B2X, has been available for purchase on some bitcoin exchanges. One of them is HitBTC platform, which is offering the futures at a price of about 0.01 BTC.
The SegWit2X hard fork was planned at block 494,784 and if completed, a block between 1MB and 2MB in size would have been produced, increasing the network capacity and creating a separate SegWit2x blockchain and a new B2X currency.
However, the btc1 nodes failed to make it past block 494782. This is because the first block on the new chain had to have a size larger than 1 MB in order to divert from the original protocol. But the SegWit2X block began to reject smaller than 1 MB too soon – at block 494783 instead of 494784. Furthermore, there was another btc1 bug that didn’t allow miners to produce a large enough block.
The SegWit2x team continues its work on the project and is going to bring a number of new changes next year, such as offline codes, zkSnark, anonymous transactions, ethereum smart contracts, support for Lightning Network and instant transactions.
According to the project’s website, the developers have already introduced new features that will be available as early as January 15, 2018. The changes include the X11 encryption algorithm, a unique address format, protection against repeated transactions, and the function of recalculation of complexity after each block. Besides, the team has increased the production rate of the block to 2.5 minutes and raised its size up to 4 MB.
“Commission and transaction speed within the Bitcoin network reached inconceivable values. In the last month, the average commission of the network was 15 US dollars! While Bitcoin turns into a digital analog of gold, it is simply impossible to use it as a payment tool,” said the project’s CEO, Jaap Terlouw.
Instead of totally replacing the original standard, the developers will build an improved addition to the existing bitcoin network. The team is looking forward to this new fork to become better.
Once the project is implemented, all BTC owners will get B2X in the ratio of 1 to 1, as well as the proportional number of Bitcoin of Satoshi Nakamoto that was mined during the first year of the cryptocurrency’s existence as a reward for the their commitment.