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Belshe's white flag includes the names of other supporters of SegWit2x: Proposed in May to increase the Bitcoin network's block size from 1MB to 2MB and to change how Bitcoin transaction data gets stored, the plan was to make Bitcoin transactions scale better. Bitcoin's popularity has led to network congestion and higher transaction fees. The technical changes of SegWit2x supposedly would have helped the Bitcoin network function more efficiently. But altering the way Bitcoin works requires community consensus from those participating in the project and not enough people were on-board with the change.
SegWit2x represents a hard fork of the Bitcoin code and would have been incompatible with older versions. Presently, only about 1, out of 12, nodes are running the SegWit2x code; among Bitcoin mining networks, about However, lack of enthusiasm from the Bitcoin Core developers, among others, has delayed the technical reckoning that Belshe suggests must come.
Bitcoin contributor Dave Harding in an email to The Registerwelcomed the suspension of SegWit2x, noting that he had actively petitioned against it. This can lead to significant loses of money, and can quickly erode confidence in Bitcoin. Harding argues that while high transactions fees may be perceived as a problem for Bitcoin, they also provide a way to pay for the security of Bitcoin mining in the years ahead.
Lightning Network and better handling of fee auctions using outsourceable fee-bump broadcasting," said Harding. The abandonment of SegWit2x, Harding contends, will provide the Bitcoin community with more time and more incentive to address technical challenges rather than kicking them down the road. Minds Mastering Machines - Call for papers now open. The Register - Independent news and views for the tech community.
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