You may remember that the original plan was to launch Segwit2x in November, but that didn’t happen.
The new SegWit2x, a revival of the original hard fork designed to help with the scalability issues of Bitcoin, was scheduled to happen at Bitcoin block number 501451.
That block was mined at around 6PM UTC, December 28th, and the team behind the project officially announced its launch on Twitter:
The Long Awaited Launch of New Bitcoin SegWit2X Fork Finally Took Place! pic.twitter.com/GC46rYFoOI
— Segwit2X (@Segwit_2X) December 28, 2017
The Original SegWit2x
The SegWit2x movement started in May 2017, arising from the New York Agreement (NYA).
Originally signed by more than 50 leading Bitcoin companies, predominantly miners, was to achieve a compromise on how to scale Bitcoin for a larger audience by increasing the number of transactions per second.
The deal was designed to appease the “big blockers” by increasing Bitcoin’s block size limit to 2 megabytes.
The fork was scheduled to happen on Nov. 16. However, after several weeks of controversy, the fork was cancelled on Nov. 8, about a week before its scheduled arrival.
The fork was seemingly revived in late December by a completely different group of developers.
A website has been set up, stating the mission, the roadmap and the team behind the new fork that was set to take place on Bitcoin block 501451.
Check out the new website.
SegWit2x 2.0 Inconsistencies
The team behind the new fork has nothing what so ever to do with the people behind the original New York Agreement.
The project’s supposed founder, Jaap Terlouw, only has a very shaky LinkedIn profile. There he claims that he is the ‘main developer’ of the new SegWit2x.
The code stored in their GitHub account indicates that the team members are planning to assign themselves 6 million premined coins, or 28% of the total supply of 21 million.
Is this the action of a team with integrity?
Potentially it represents an enormous profit to the team members and could encourage a quick pump-and-dump.