Bitcoin SegWit2x Cancelled

There was shocking news in the bitcoin community today as SegWit2x supporters suddenly canceled plans for a bitcoin hard fork later this month.

The Segwit2x hard fork was scheduled to launch in mid-November. However, after receiving divisive support from the community, Segwit2x supporters have called off the proposed upgrade.

The news was announced by Mike Belshe and other members of the Segwit2x development team on the Linux Foundation website. Belshe is the CEO of BitGo, Inc.

The Segwit2x team has been working on the bitcoin upgrade since May. The upgrade was proposed as a way to increase blocksize on the bitcoin blockchain, leading to improved bitcoin scalability.

Segwit – or segregated witness – was launched as a bitcoin blockchain upgrade in August. After Segwit was successfully activated, the team shifted to the second phase of the project: a 2MB blocksize increase – or Segwit2x.

The proposal was contentious. Some believed it was unnecessary. Others believed it exposed bitcoin to security vulnerabilities. Many people wanted to avoid the confusion over the August 1 hard fork that led to the creation of Bitcoin Cash. If Segwit2x had gone through, it may have led to the creation of four different versions of bitcoin in the last 6 months, including Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BCG), and Bitcoin Segwit 2x (B2X).

Ultimately, the Segwit2x developers wanted to avoid more disruption to the community:

“Our goal has always been a smooth upgrade for Bitcoin. 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. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x.”

The developers still believe in the importance of Segwit2x. They maintain that on-chain capacity increases will eventually be required. However, they also believe in the importance of maintaining a stable community. Segwit2x or a similar upgrade will likely take place in the future – but based on the contentious support from the community right now, it’s not the time to launch a hard fork upgrade.

The post was signed by the Segwit2x core development team, including Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith, and Erik Voorhees.

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