Bitcoin SegWit2X called off

Bitcoin’s SegWit2X fork has been suspended and is unlikely to happen in the future.

Companies and developers behind SegWit2X stated that the purpose of it was to improve Bitcoin scalability and increase its blocksize.

The plan drew criticism from many Bitcoin players, however, who were opposed to the plan.

“The Bitcoin community was in crisis after nearly three years of heavy debate, and consensus for SegWit seemed like a distant mirage with only 30% support among miners,” said Mike Belshe, BitGo CEO, about the formation of the SegWit proposal.

“SegWit2X found its first success in August. Since that time, the team shifted its efforts to phase two of the project – a 2MB blocksize increase.”

Belshe said the goal was for a “smooth upgrade” of Bitcoin, and although they believe a bigger blocksize is necessary, keeping the Bitcoin community together is important.

“Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth.”

He said that as fees rise on the blockchain, it will become “obvious that on-chain capacity increases are necessary”.

“When that happens, we hope the community will come together and find a solution.”

Now read: Parity library killed – R2 billion in Ethereum locked up

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Bitcoin SegWit2X called off