The New York Agreement Moves Forward With the Segwit2x Alpha Release and Significant Miner Support

On June 16 the alpha code for the scaling solution Segwit2x was released to the public after a large number of mining groups supported the plan. Since then, then a large majority of miners who back the Segwit2x roadmap have started signaling with their hashrate.

In recent weeks, the topic of scaling the Bitcoin network and the recent Segwit2x plan has been a hot subject amongst bitcoiners. A few days ago we reported on the many Chinese mining companies who have agreed to back the Segwit2x protocol. Alongside this, the Digital Currency Group’s Barry Silbert who organized the New York agreement has been sharing information on the progress every day via Twitter.

On June 18 the mining group Bitfury began to sign for the New York agreement using the so-called “NYA” in its mined blocks. The very next day a large majority of miners have also started showing support for the Segwit2x plan. As of right now, mining pools who support the agreement by signaling NYA in their blocks are Antpool, Bitcoin.com, Bixin, BTC.com, BTC.top, F2pool, Viabtc, and 1hash. The amount of support for the Segwit2x agreement is close to 70 percent of the network hashrate.

The idea Segwit2x was first presented by the chief scientist of Rootstock, Sergio Demian Lerner. Since then, many miners and bitcoin industry companies have signed a pact at the Consensus conference in New York last month. The code itself is being worked on by a Segwit2x working group with Bitcoin developer Jeff Garzik leading the way. Since the alpha code has been launched mining pools are now signaling their support for the protocol implementation.

A recent public service announcement from Reddit (PSA) detailing how it will actually work Segwit2x gives a great explanation of the whole process. Essentially if enough hashrate continues to support Segwit2x and reaches 80 percent over a 336 block signaling period that will lock in Segregated Witness. The protocol will then activate after another 336 blocks later for those running Segwit2x implementations. The Reddit thread also explains how the next branch (HF) will be implemented after Segwit on the home network.

On forums and social media, there are quite a bit of people within the bitcoin community on both sides of the debate who agree with the Segwit2x plan. On the other hand, there are also those who vehemently disagree with the idea of this type of compromise. However, it seems a vast majority of mining pools, and many bitcoin-centric businesses are moving forward with Segwit2x despite the forum comment.

Source: Bitcoin.com

Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.

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