Segwit2x – Scaling Proposal

By Lutpin Jun 10, 2017 7:09 PM EDT

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The newest scaling proposal is called as Segwit2x. The entire proposal is spearheaded by Digital Currency Group; this is the investment conglomerate of Bitcoin. The primary objective of this proposal is to introduce two main changes in the Bitcoin network and contribute towards its progress in the future. The first change out of it would be an optimization within the network, which is named as Segwit. Segwit is also called as segregated witness. It has the ability to increase the parameters that limit the size of transaction blocks. At the moment, the limit size is not a dynamic parameter and it is hard corded. With Segwit, we can expect the limit to get changed.

One of the most interesting facts associated with Segwit2x is that it is compatible with about 80% of the computing power that is associated with the cryptocurrency. Some of the leading Bitcoin mining entities such as ViaBTC, F2Pool, BTCC, Bitmain, Bitfury and have come into a common agreement in order to show their support towards Segwit2x. However, they are not along and 50 other startups in the Bitcoin network are willing to show assistance towards this initiative.

The collaboration of the leading Bitcoin minors has contributed a lot towards the validation of Segwit2x. As per the functionality of the cryptocurrency network, it has become important for the miners to get updated with new software. However, the expectations and the motivations of miners still seem to be varied. As a result, some of the experts attached to the cryptocurrency network believe that a split in the network can take place in future. For example, Wang Chun, who is the owner of F2Pool, is not in a position to provide assistance to the Segwit2x proposal. He owns about 7% of the entire hashing power of cryptocurrency

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