Bitcoin price soars after avoiding split
BEAM 9 Nov, 2017
The leaders of a highly controversial Bitcoin software update are discontinuing their effort to increase the standard block size, from 1MB to 2MB, through a hard fork.
The plan, coined Segwit2x, or '2x', was to activate the increase at block 494,784, anticipated to take place around November 16th. The objective of the proposal was to amplify the capacity of Bitcoin's transactions capacity, which is constricted due to current system's rules.
The discontinuation was publicized in an e-mail drafted by one of the head of the Segwit2x project, Mike Belshe, CEO and co-founder of BitGo. He stated that the entire project was too controversial to proceed.
" Unfortunately, it is clear that we have not built sufficient consensus for a clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin's growth. This was never the goal of Segwit2x."
"Until then, we are suspending our plans for the upcoming 2MB upgrade," he added.
The note was also signatured by initial backers of the hard fork, devised at an infamous meeting called the 'New York Agreement' in May, which includes Bitmain's Jihan Wu, Bloq's Jeff Garzik, Blockchain's Peter Smith, Shapeshift's Erik Voorhees and Xapo's Wences Casares.
However, the group stated that it still expects the block size to be increased in the future, only if more stakeholders could agree to it.