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Author Topic: [2017-06-11] Segwit2x, details on the new scaling proposal  (Read 4361 times)
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June 11, 2017, 09:13:45 PM
Last edit: June 13, 2017, 12:48:47 AM by Crypto-News
 #1

The newest scaling proposal is called as Segwit2x. The entire proposal is spearheaded by Digital Currency Group; this is the investment conglomerate of Bitcoin. The primary objective of this proposal is to introduce two main changes in the Bitcoin network and contribute towards its progress in the future. The first change out of it would be an optimization within the network, which is named as Segwit. Segwit is also called as segregated witness. It has the ability to increase the parameters that limit the size of transaction blocks. At the moment, the limit size is not a dynamic parameter and it is hard corded. With Segwit, we can expect the limit to get changed.

One of the most interesting facts associated with Segwit2x is that it is compatible with about 80% of the computing power that is associated with the cryptocurrency. Some of the leading Bitcoin mining entities such as ViaBTC, F2Pool, BTCC, Bitmain, Bitfury and Bitcoin.com have come into a common agreement in order to show their support towards Segwit2x. However, they are not along and 50 other startups in the Bitcoin network are willing to show assistance towards this initiative.

The collaboration of the leading Bitcoin minors has contributed a lot towards the validation of Segwit2x. As per the functionality of the cryptocurrency network, it has become important for the miners to get updated with new software. However, the expectations and the motivations of miners still seem to be varied. As a result, some of the experts attached to the cryptocurrency network believe that a split in the network can take place in future. For example, Wang Chun, who is the owner of F2Pool, is not in a position to provide assistance to the Segwit2x proposal. He owns about 7% of the entire hashing power of cryptocurrency network. If a split happens, it would create a tremendous impact on the entire industry in the long run.

Some of the leading figures attached to cryptocurrency believe Segwit2x as a positive initiative. Jack Liao, who is the owner of Lightning Asic holds a prominent place out of them. Lightning Asic is a manufacture of Bitcoin wallet hardware, miner hardware and Bitcoin ATMs. According to him, the past issues that took place within the cryptocurrency network have contributed towards its current implementation. However, he strongly believes that the network should evolve along with time and Segwit2x would be a significant milestone associated with it.

Read more at: https://www.crypto-news.net/segwit2x-scaling-proposal/

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June 11, 2017, 09:24:31 PM
 #2

It would make more sense to link directly to the article rather than just to the site.

What's important is who's implementing this proposal.  It's fine in itself, but it has to be properly peer reviewed in enough time, rather than just some bulletpoints on a board.

It's a shame that Core doesn't seem willing to implement this themselves.  It would stop all these fringe attempts at scaling like BIP 148 from trying to happen.

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June 11, 2017, 11:43:20 PM
 #3

It seems they need an editor.  Or at minimum a proofreader.  A cursory read showed numerous issues with just the writing, so have to wonder about the reporting...not to mention it doesn't follow the formatting for this section:

The newest scaling proposal is called as Segwit2x. The entire proposal is spearheaded by Digital Currency Group; this is the investment conglomerate of Bitcoin [There is no such thing as "the investment conglomerate of Bitcoin"]. The primary objective of this proposal is to introduce two main changes in the Bitcoin network and contribute towards its progress in the future. The first change out of it would be an optimization within the network, which is named as Segwit. Segwit is also called as segregated witness. It has the ability to increase the parameters that limit the size of transaction blocks. At the moment, the limit size is not a dynamic parameter and it is hard corded. With Segwit, we can expect the limit to get changed.

One of the most interesting facts associated with Segwit2x is that it is compatible with about 80% of the computing power that is associated with the cryptocurrency. Some of the leading Bitcoin mining entities such as ViaBTC, F2Pool, BTCC, Bitmain, Bitfury and Bitcoin.com have come into a common agreement in order to show their support towards Segwit2x. However, they are not along and 50 other startups in the Bitcoin network are willing to show assistance towards this initiative.

The collaboration of the leading Bitcoin minors [They are under 18 if in the US?] has contributed a lot towards the validation of Segwit2x. As per the functionality of the cryptocurrency network, it has become important for the miners to get updated with new software. However, the expectations and the motivations of miners still seem to be varied. As a result, some of the experts attached to the cryptocurrency network believe that a split in the network can take place in future. For example, Wang Chun, who is the owner of F2Pool, is not in a position to provide assistance to the Segwit2x proposal. He owns about 7% of the entire hashing power of cryptocurrency network. If a split happens, it would create a tremendous impact on the entire industry in the long run.

Some of the leading figures attached to cryptocurrency believe Segwit2x as a positive initiative. Jack Liao, who is the owner of Lightning Asic holds a prominent place out of them. Lightning Asic is a manufacture of Bitcoin wallet hardware, miner hardware and Bitcoin ATMs. According to him, the past issues that took place within the cryptocurrency network have contributed towards its current implementation. However, he strongly believes that the network should evolve along with time and Segwit2x would be a significant milestone associated with it.

Read more at: crypto-news.net
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June 13, 2017, 12:52:38 AM
 #4

It would make more sense to link directly to the article rather than just to the site.

What's important is who's implementing this proposal.  It's fine in itself, but it has to be properly peer reviewed in enough time, rather than just some bulletpoints on a board.

It's a shame that Core doesn't seem willing to implement this themselves.  It would stop all these fringe attempts at scaling like BIP 148 from trying to happen.


Thank you for pointing that out. I updated the link, honest mistake.

It seems they need an editor.  Or at minimum a proofreader.  A cursory read showed numerous issues with just the writing, so have to wonder about the reporting...not to mention it doesn't follow the formatting for this section:

Thank you for the honest feedback, it is something that is taken seriously. We are striving towards providing quality news on varying subjects and will work on having an editor/proofreader.

https://www.crypto-news.net - Latest news from Bitcoin and altcoin world!
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June 13, 2017, 01:01:15 AM
 #5

Great and good luck.  Smiley. Errors like that take away from the content and make it easier to dismiss a web site, so improving only helps.   

It would make more sense to link directly to the article rather than just to the site.

What's important is who's implementing this proposal.  It's fine in itself, but it has to be properly peer reviewed in enough time, rather than just some bulletpoints on a board.

It's a shame that Core doesn't seem willing to implement this themselves.  It would stop all these fringe attempts at scaling like BIP 148 from trying to happen.


Thank you for pointing that out. I updated the link, honest mistake.

It seems they need an editor.  Or at minimum a proofreader.  A cursory read showed numerous issues with just the writing, so have to wonder about the reporting...not to mention it doesn't follow the formatting for this section:

Thank you for the honest feedback, it is something that is taken seriously. We are striving towards providing quality news on varying subjects and will work on having an editor/proofreader.

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