Segwit2x Testnet Unintentionally Forks, Prevents Blocks From Being Created
Yesterday, the testnet for the most recent Bitcoin scaling proposal, Segwit2x, experienced a fork in the chain, causing the creation of new blocks to halt completely for just around twenty hours. What is Segwit2x? The controversial change to the protocol calls for activation of segregated witness with signaling from 80% of the hash rate with a hardfork to raise the blocksize parameter to 2 MB scheduled for three months after activation. This compromise comes after over a year of infighting over different scaling solutions and has the backing of many of the industry’s top organizations. A....
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A number of Bitcoin companies and miners have agreed to run code that will implement a hard-forking increase to the non-witness data in blocks roughly three months after the activation of Segregated Witness (SegWit). According to some of its proponents, the proposal, known as SegWit2x, is said to be the only viable solution to the Bitcoin scaling debate. However, agreeing to initiate a hard fork without knowing how speculators will react to such a change comes with risks. If there is not full support for the hard fork from bitcoin holders, the end result could be a split of Bitcoin into....
Bitcoin Core’s scaling solution Segregated Witness (Segwit) will likely support 1.7 MB bitcoin blocks when activated, testnet experiments have revealed. According to Smartbit, a bitcoin testnet data provider, Segwit is currently able to process 1.7 MB blocks on the bitcoin testnet, with more than 8,865 transactions. The current bitcoin blockchain capped with a 1 MB block size can only handle around 2,500 transactions. However, the transactions processed on the testnet were p2pkh transactions. Although the standard 1 MB blocks are limited to process around 2,500 transactions, they can still....
As two proposals for boosting bitcoin's transaction capacity approach key deadlines, one proposal, known as SegWit2x, has perhaps garnered the most attention. The plan, first proposed in May, quickly won favor among many of bitcoin's startups and mining pools. Yet, it has also emerged as contentious in some quarters, owing to its specific goals and technical construction. But, what's at the heart of the arguments for and against? First, SegWit2x seeks to upgrade bitcoin in two ways: It would enact the long-proposed code optimization Segregated Witness (SegWit), which alters how some data....
Since the summer of 2017, more than 44 forks of the Bitcoin network were created and so far many of them have lost considerable value and are near worthless. To-date only a few of the forks that stem from Satoshi’s creation have remained relevant during the last three years. There are three branches of Satoshi Nakamoto’s codebase that have commanded top positions within the top fifteen coins in the crypto coin market economy. Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoinsv (BSV) have all been top contenders for quite some time. Between the price, onchain activities, and....
Concordium, the enterprise blockchain focused on delivering DLT to businesses at scale, has launched its third testnet. As the project approaches its mainnet release, an incentive program has also been created, promising to reward developers and community members who participate in Concordium’s third testnet of 2020. On October 6, the latest testnet went live, with […]