The bitcoin controversial hard fork SegWit2x after failing to be implemented in November 2017 at block 501451, has finally been launched on December 28 at about 6 PM UTC. The current team of the project calls SegWit2x the “revival of bitcoin”, which is supposed to solve bitcoin scalability issues. However, not everyone seems to be supportive about another bitcoin clone.
SegWit2x Failed First Launch
Back on November 16, the long-planned implementation of SegWit2x did not work out. The developers gave up on fork a week before its official arrival. This happened as the team revealed the SegWit2x actual code, which was followed by a vast wave of criticism. There were overall concerns about lack of replay security as well as the level of safety. The lash was so massive that the fork was met by the anti-movement named #no2x.
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Turning to the public, the team admitted they had not successfully agreed for the upgrade of the block size at that time, giving up on the project, so that they would not split up.
Initially, the plans over SegWit2x were first made this year May as a straightforward consequence of the New York Agreement. The document was supported by more than 50 prominent bitcoin firms, and the consensus was concerning ways of making bitcoin accessible to the more significant audience.
According to Cointelegraph, there were several sides, e.g., “small” and “big blockers”. The first part aimed at launching the second-layer solution named SegWit. And it happened this year August. However, the plan of the second part, which was to enlarge block size to 2 MB, as we now know, was never fulfilled.
Well, that was a short-lived change. In late December the fork’s revival was announced, however, by a different team. A new crew of developers presented the website of the project, stating their goal and the roadmap.
Despite the fact that the rebirth of SegWit2x could have sounded like good news, there were some suspicious points that draw the eyes of bitcoin enthusiasts. Some even called this fork a “scam”.
The group of developers, as they claim themselves to be, has no connection with the original SegWit2x. The new crew has even acknowledged that. Also, there has been insufficient information about the crew members, mentioned on SegWit2x website, on the internet. In particular, it is not clear whether the new group has any specific experience and skills, needed for calling themselves “developers”.
Everything seems to move too fast with the new SegWit2x project. Its Twitter account was registered just this December, so it’s not even up to one month old. Besides, SegWit2x GitHub account is only nine days.
“Adding to the list of concerns, the code stored in that GitHub account indicates that the team members were planning to assign themselves 6 mln premined coins, a whopping 28% of the total supply of 21 mln,” stated the Cointelegraph.
Finally, it looks shadowy when the SegWit2x team promises to issue a rateable number Satoshi Nakamoto’s bitcoins to all those who hold this cryptocurrency after the fork is launched. It’s remained unclear how exactly the crew is going to do that.