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SegWit2x team shares Bitcoin SegWit hard fork plan 2017
11/08/2017
SegWit2x team shares Bitcoin SegWit hard fork plan 2017

This Tuesday, SegWit solution has locked in. Now, SegWit2x team shares Bitcoin SegWit hard fork plan 2017. How will the block size increase be implemented?

11 August, AtoZForex Earlier this week, crypto markets have received some huge news – Segregated Witness has locked in. Following the announcement, the SegWit2x working group had published the roadmap for the next three months. The team of key developers has shared the process of the SegWit implementation.

SegWit2x team shares Bitcoin SegWit hard fork plan 2017

Specifically, the developers have stated that they are going forward with the 2MB block size increase. Earlier in July, Bitcoin miners and other businesses have agreed upon the increase of the Bitcoin block size.

SegWit has locked in this Tuesday after almost 90 percent of miners have pushed the solution activation forward. The SegWit2x working group members Jean-Pierre Rupp has shared some of the insights in regards to the team’s plans for the 2MB hard fork. The official announcement “Bitcoin Upgrade at Block 494,784,” states the following:

“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.”

Preparation for Bitcoin block size upgrade

The earlier agreement of miners and businesses to increase the Bitcoin block size has been called the New York Agreement. It has managed to activate SegWit. Yet, some of the market observers doubt that it might not be enough to pull off a hard fork to 2MB.

The announcement from SegWit2x states that the increase of the block size first was discussed at the ‘Hong Kong Roundtable Agreement’. It has further solidified at the New York Agreement this year. Both of these agreements implied the SegWit implementation first and block size increase from 1Mb to 2MB later.

The announcement states:

“The November 2017 upgrade to 2MB blocks is a hard-fork, but necessary changes are trivial to perform. 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.”

Now, as the SegWit has locked in, the ecosystem should upgrade to software compatible with SegWit. Moreover, the announcement outlines the ‘readiness’ preparation for the fork. This includes port changes, network changes, DNS seeds, and the Segwit2x “Testnet5.”

Think we missed something? Let us know in the comments section below.

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