Segwit2x Beta Review And Issues

The Segwit2x Beta was released yesterday and was heavily criticised by the well known Bitcoin Developer Luke Dash Jr. In his post, he described several issues with the implementation and how segwit2x is just a way to grab powers of the community and give them to miners.

Changes in the Segwit2x Beta

  1. A new testnet “Testnet5” has been introduced in the implementation which doesnt appear of any use for now.
  2. Transaction can now use 32k sigops instead of 16k sigops in core.
  3. It also increases the block size limit to 8MB which is what miners have been demanding.
  4. It includes BIP91 which reduces the Hashrate threshold needed to activate segwit to 80% which still allows Bitmain to block it if their demands are not met.
  5. The most important point is that it includes a HARDFORK that will be automatically activated after 90 days after the segwit activation,
  6. The Hardfork will consist of 8MB block limit, 160k max sigop limit and a 8M max block weight limit.

Issues with Segwit2x Beta

  1. The 4-8MB block sizes are insane.
  2. The only reason segwit2x is being accepted by everyone is to prevent the hardfork but it still hardforks the chain after 90 days.
  3. Bitmain may still block the whole thing as it holds more 20% of the hash power.

 

Conclusion

As expected, Segwit2x turned out to be another try for the miners to steal powers from the community and grab it for themselves. Even if segwit2x gets deployed and activates segwit, it will cause a hardfork which no one supports. Also, Bitmain still has the veto to undo everything and block the whole thing at the end stalling the progress again. No core developer has shown support for the segwit2x implementation. The whole thing still appears as a mess. The only thing that we can do currently is to fire up a BIP148 node(UASF) so that even if the miners are dishonest, we still get Segwit activated.

 

Source: https://medium.com/@lukedashjr/the-segwit-2x-beta-review-and-thoughts-ca480694a8c7

Please follow and like us:
RSS
Follow by Email
Facebook
Google+
https://blockchaind.net/segwit2x-beta-review/
SHARE
LinkedIn

Shivam Chawla

I am a Full Stack Developer and a part time Crypto Trader. I have been connected with cryptocurrencies since 2013.

Leave a Reply