New Segwit2x Launches With Massive Premine, Unknown Team
The new SegWit2x, a revival of the original hard forkdesigned to help with the scalability issues of Bitcoin, was scheduled to happen at Bitcoin block number 501451. That block was mined at around 6PM UTC, Dec. 28, and the team behind the project announced its official launch.
The SegWit2x movement has originally started in May 2017, as a direct result of the New York Agreement (NYA). The idea behind the agreement, originally signed by more than 50leading Bitcoin companies, was to achieve a compromise on how to scale Bitcoin for a larger audience.
One of the sides, the “small blockers,” wanted to implement the second-layer solution called SegWit, which did indeed take place on Aug. 24, 2017. That was the first part of the compromise. The other part of the deal was designed to appease the “big blockers” by increasing Bitcoin’s block size limit to 2 megabytes. However, this was never followed through with, directly violating the agreement.
The fork was slated to happen on Nov. 16. However, as the developers unveiled the actual code for the hard fork, a vastly negative reaction from the Bitcoin community immediately followed. The lack of replay protection, along with general concerns about the safety of a possible hard fork, gave rise to an entire movement against SegWit2x, aptly called #no2x.
After several weeks of controversy, the fork was cancelled on Nov. 8, about a week before its scheduled arrival. The team tasked with creating the code for SegWit2x shelved the plan due to a lack of consensus.
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