The entire cryptocurrency market went over gaga when the last SegWit2X was above to happen last month. There were a sense of panic selling during the month of November and prices were depressed to the lowest levels. After the Segwit was cancelled the Bitcoin has reached upto 20,000 $ currently reaching the marketcap of $500 billion.
SegWit2X is back again and this is being pushed by another team of developers headed by Jaap Terlouw as of December 28th, when the block reaches 501451. They even have the same name which can create a lot of confusion. With this fork the team is looking to achieve the following : –
- Use of X11 encryption algorithm
- High block generation rate – 2.5 minutes
- Recalculation of complexity after each block
- Block size increase up to 4 mb
- Replay Protection
- Unique address format
Our team at cryptonewsbytes tried reaching them and they confirmed that the white-paper has not been completed and in the making. Once its completed they plan to out it on their website. One of the representative “Jeckson” further clarified and believes that this folks will help solve the actual problem and will not create any kind of confusion. The team further clarified that they will publish the white-paper before Jan 15th 2018.
The CEO of the project states that its not possible to use Bitcoin because of the speed issues and cannot be used as a means of payment. Japp Terlouw further states ” I promise that all BTC holders will receive not only B2X in the ratio of 1 to 1, but also a proportional number of Satoshi Nakamoto`s Bitcoins as a reward for their commitment to progress.”
The team also has a impressive roadmap as below :
The cryptocurrency community has been completely ignoring this fork and many believe this is a fake fork as the developers are not well known and none of them wanted it to happen. Again the success will be only possible if all the miners adopt and in agreement with the idea of this Segwit which doesn’t seem to happen with the blacklash seen on various reddit community.
However some even believe that if this fork is agreed by the community then this will drop the Bitcoin price by 70% from the current price. It will be interesting to see how the new coin will change the market momentum. Forks are good if it solves the real problems and there must be consensus or else it will be yet another coin to make money on short term in cyrpto market. However creating too many alternatives to Bitcoin will eventually impact the confidence of original Bitcoin.