Wheter you areprepared or not, it will defenetly happen! Soon we will be witnesses od next bitcoin division, that will happen already in November. The only difference is that this time, the division will be controlled be a technical team, which stands behind SegWit2x project. The main developer is Jean-Pierre Rupp, who brought the proposal to enlarge the block to two megabites. Besides, he continues in development of SegWit2x. According to other member of developimg team, Jeff
Garzik,the proposal recieved preliminary support of community around SegWit2x.
On the other side, there stand core developers from the Bitcoin Core, who said, that next version of Bitcoin Core (0.15.0)client will automaticly separate nodes, that support hardfork SegWit2x.
Newyork agreement
23rd of May should have been the day, when the scale debate was supposed to be finished. Digital Currency Group proclaimed, that the point of enlargement of the block was agreed not only by Segreggated Witness (Bitcoin Core) supporters, but also by supporters of bigger blocks, that means mostly miners. This declaration became known as the New York agreement – NYA. Main idea was to activate Segreggated Witness through the proposal of BIP91 and then, 90 days later, enlarge the block through the hardfork to 2MB. According to Digital Currency Group had the proposal following support:
58 companies from 22 countries
83,28% hash rate of site
5,1 billions of dollars of monthly volume of transactions
20,5 billions BTC wallets
However, something went terribly wrong. Now, when the SegWit is prepared for the action and thanks to a Roger Verov, who was the person that let arise Bitcoin Cash on the 1st of August, there are many people who doubt the purpose of Newyork Agreement.
Bitcoin2x goes forward as a dozer
Workgroup SegWit2x announced very detailed plan for the next three months. Team wants to let the miners to decide, wheter they want to switch to a new software from the block number 494 784 or not, which will be mined somewhile across November. Exact version of this annoucement is following:
„During the November 2017, around 90 days after activation of SegWit, will be generated block in measure of one to two MB,to help to put on the base for increasing the capacity of the site. In this moment it is supposed, that 90% of the site will switch on to mining bigger blocks.“
If this proposal will be really inplemented and 100% of miners will not go over to mining of bigger blocks, then the next hardfork will take place, what we still remember from the 1st of August. So this plan can again divide the site, in case it won´t be heavily supported by miners. It is just a melody of future, how many miners will be able to send their hardware to start mining next version of BTC again. All of us should be prepared, that price of BTC before this hardfork will fall down dramatically.
Is the SegWit2x really needed?
Core developers got what they wanted. Thanks to SegWit they will be able to launch second generation of scaling solutions, mailny Lightning Network. Bitcoin Core relased not so long ago an information, that their new client 0.15.0, which will be released in November, will not support bigger blocks of SegWit2x.
Structure of Bitcoinu is decentralised, in comparison to traditional pyramid forms of organisations, where on the top there are few people, who reign masses under and decide about everything. Someone could think, that Bitcoin Core somehow controlls decision proces around Bitcoin and the consensus is there only as an esthetical decoration. But it works like this: Miners are those, who put blocks to the blockchain. Users nodes then spread updated blockchain further on the site. When miners find new block, nodes of the site inform the whole site and all software clients about this block. Announcement can then have very serious consequences. That means, their nodes „will not communicate“ with the nodes on which runs software SegWit2x.
Miners so will add new blocks to the site, but Core nodes will further communicate only with the nodes, on which runs the same client.This will decrease the decentralisation and in the same time it will create next currency. Miners will benefit from the lower level of decentralisation.
November´s battle
Novembers hardfork can be much wilder, that the August one, but here pay the same arrangements, that we repeated so many times for division of Bitcoin Cash. As the November will be closer and closer, the volatility of BTC will rise too. If the hardfork is supported only by 83,28% of miners, who sign the Newyork agreement, then it is inevitable. It is important to realise, that at the same moment this means, that NYA did not sign 17% of miners, who will continue in mining 1MB blocks. What is more, these circumstances can change in following months. Hardfork will not happen only in case, that 100% of miners support the NYA.
November is going to be wild!