Segwit2x, UASF and the Upcoming Drama

To resolve the war between the miners and the community, an agreement was proposed and accepted between the miners. It was called the NY agreement and its fork was named Segwit2x. Segwit2x consisted of a list of tasks that were needed to be performed in order to prevent the hard fork that was going to happen on 1 August due to UASF.

 

UASF(BIP 148)

Due to the arrogance of the miners, the community decided to make a change in the code of the nodes by which all the blocks that didnt support segwit would be rejected after 1 August. This would create a hard fork in the bitcoin chain. As time went, more and more nodes implemented UASF into their network and the Hard fork became imminent until something is done. Currently around 700 nodes have UASF implemented and is likely to be increased till segwit is activated.

 

Segwit2x

Due to the dangers of the chain split, the miner association proposed and accepted an agreement to resolve their issues. This also consisted of a change that would make segwit2x compatible with UASF and would prevent the hard fork. What still is an issue is that the segwit2x proposal consists of a 2MB block size increase within 6 months, which the core developers are against. No core developer has endorsed the segwit2x fork which is also an issue. Also, segwit2x has been developed in such a hurry that there might be issues on it and wont have enough time to be tested thoroughty.

 

Conclusion

Even if there is no hard fork on 1 August, there is still disagreement between the core developers and the chinese miners. The blocksize increase will again create drama in the future. Still, the most important thing right now is to prevent the hard fork. Currently all major pools have started signalling support for the segwit2x fork and there is 70% support on it.

What do you people think about the decision? Should segwit2x be activated? Let us know in the comments below.

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Shivam Chawla

Following CryptoCurrencies since 2013. Investor in Bitcoin, Ethereum and Litecoin. If you like my articles, follow me at http://twitter.com/shivamchawla243 or donate Bitcoin at : 3E1vJTdKqBPewSepnVNjsoy7MPQonwy8X4

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