Skip to main content

SegWit2x Announces its Agenda for Next Three Months

Segregated Witness has been locked-in on 8 August and SegWit2x later declared its plan for next 3 months. While the businesses and miners agreed upon the New York Agreement. The team of developers decided to move forward in the process to increase the block size 2MB.

90 percent of miners supported SegWit protocol for activation and now it’s been more than 24-hours the Segregated Witness has been locked-in on the Bitcoin network. Jean-Pierre Rupp the member of the Segwit2x working group revealed the plans for 2MB hard fork naming it the “Bitcoin Upgrade at Block 494,784,” He also stated:

“During the month of November 2017, approximately 90 days after the activation of Segregated Witnesses in the Bitcoin blockchain, a block between 1MB and 2MB in size will be generated by Bitcoin miners in a move to increase network capacity. At this point, it is expected that more than 90% of the computational capacity that secures the Bitcoin network will carry on mining on top of this large block.” – bitcoin.com

The increase in block size to 2MB was first discussed at the Hong Kong Roundtable Agreement’, and later got fixed at the ‘New York Agreement’ (NYA) in the year 2017, Consensus conference. The common point in both the agreement was to implement Segwit first and later increase block size 1MB to 2MB. Now when Segwit is activated, the ecosystem should update Segwit-compatible software for availing the benefits from the protocol.

“The November 2017 upgrade to 2MB blocks is a hard-fork, but necessary changes are trivial to perform,” explains the Segwit2x working group’s announcement. “Some SPV clients are expected to work without any change at all. Most clients will need to tweak only two constants to remain compatible with the new larger blocks.”
Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin Hits All-Time High Exceeds $3,200

The price of bitcoin surges again, making the new records of passing $3,200 for the first time according to the CoinDesk Bitcoin Price Index (BPI). After the so long ups and down in the price of bitcoin finally, crosses the $3,000 after the week of cryptocurrency split. The rise in price was noticed after 1:00 UTC, gradually the price of bitcoin goes above exceeding the $3,000 around 3:12 UTC. This is the first-time bitcoin value went so high since June 12 when it came down after reaching the $3,000. As per the records in BPI the market high goes to $3,242.82 since then the current bitcoin trading average goes approx. $3,199.49. The price surge of bitcoin pushed the market with the total market cap of bitcoin exceeds the $50 billion for the first time. The market jumped high with the increasing price of bitcoin. According to the analyst, there are the chances to see more positive results in bitcoin trade volume.
1 comment
Read more

Bitcoin to Recover Soon From Temporary Loss in Price

On March 26 the price of bitcoin has seen a sudden decline in price from $8,000. The cryptocurrency has been going through massive ups and down from past few weeks. The approx. loss of 7 percent was on Monday, where the tumbling of bitcoin continuous to $7,879. The news of ban of cryptocurrency ads on social platforms like Facebook, Twitter and Google have been affecting the marketing these days. The slide in cryptocurrency is all temporary and not for much time. As it has been observed in terms of bitcoin that every now and then the price of bitcoin shots up again after a massive loss. Similarly, when the cryptocurrency decreased by 12 percent in January after the announcement made by Facebook to ban all the ICO’s and cryptocurrency advertisements on their platforms. Later the price regained and came back to normal from very low to high. Such news creates havoc in the market but for the short span of time. As per the belief of cryptocurrency analysts, the Bitcoin will retriev...
Post a Comment
Read more

Bitcoin Price Crosses $4,000 Sets New-High

This is the first time when the continuous surge in bitcoin price crossed over $4,000 since the value of bitcoin gained back the strength. Today’s the market value of bitcoin opened at $3,917 later it reaches to $4,225 at 9:07 a.m. UTC, according to Coindesk (BPI) Bitcoin Price Index. This was the great surprise for all bitcoin users and exchanges. The fear among the bitcoin users is slowly getting faded after the 1st August hard fork that created the new currency Bitcoin Cash with new blockchain and the price of bitcoin remains static for some time to $2,700. Now it seems like Bitcoin is roaring again and showing some positive marks after the scaling proposal activation on the bitcoin network. According to the CoinMarketCap, the total value of all the cryptocurrencies has been setting an all-time high record, where market cap is above $3137 billion. The two days before the value for the cryptocurrencies market capitalization was more than $11 billion as per the coindesk report....
Post a Comment
Read more