Bitcoin Segwit2X: history, modern realities, and prospects
Bitcoin is the first and most popular cryptocurrency. Conceived by Satoshi Nakamoto over 10 years ago, it is a symbol of integrity, decentralization and true democracy. However, like most flagship products, it is not without flaws, revealed during operation:
- Bitcoin does not scale well.
- It has a large commission fee and its transactions are slow.
Bitcoin Segwit2X was designed to solve these problems. The hard fork took place in December last year.
Officially, the community started to talk about the hard fork of the Bitcoin blockchain at the conference “Big Apple” in May 2017. The participants discussed the question of such a small block size and what to do to stabilize the situation.
It was unanimously decided to modify the protocol. Many teams were eager to create the perfect solution. It seemed that the future was predetermined…
B2X was scheduled for November last year, but at the end of autumn, it was not the right time for its introduction. Miners poorly supported the second phase of the protocol update. Segwit popularizers, including Jihan Wu and Jeff Garzik, refused to continue working on the project.
Their initiative was supported by a new team because in the early August Segwit did not solve the main cryptocurrency problem - a disastrously small block size.
The second phase of the hard fork took place on block 501451 on December 28th, 2017. The new coin was named BX2 and was supported by many leading exchanges including EXRATES, HitBTC, and YObit.
The coin was created thanks to the efforts of enthusiasts. According to the initial data, only three people worked on the hard fork. Despite this, a B2X wallet appeared in the current year, while hybrid mining was introduced as well, and the coin hit the listing of new exchanges.
The project was supported by several leading mining pools. It has undeniable advantages, including high transaction speed and increased block size.
Now it’s not hard to return its status. Therefore, a year after the hard fork took place, it was decided to restart the project in December 2018.
Today is the best time to restart the project again. 2018 was difficult for cryptocurrency as high volatility and active regulation did not leave much to any chance of growth and development. But in this troubled time, the strongest and most motivated teams survived.
These are the guys who work on B2X. They decided to put it all on the things that are the most valuable for any crypto project - miners, crypto exchange, as well as traders.
Practical use of B2X will allow conducting transactions faster than in the original Bitcoin blockchain. All unnecessary information passes through the network-add-in, allowing the blockchain to quickly form new blocks.
Thanks to this, it is really convenient to order a cup of coffee in a coffee shop or pay for an order in an online store with B2X. The coin also has investment potential.
2019 has come. The team plans to create a new development strategy which will allow to overcome the difficult period for all cryptocurrency projects and become a truly effective and stable project.
Now Block Explorer is being updated, and this can cause difficulties with input and output on the exchanges. In the near future, the Block Explorer will return to normal mode, and till then we will keep you informed. We’d like to remind you that wallets are working in normal mode.