BTC NEWS: Chinese Miners Accelerate The Development And Activation Of Segwit2x
The renewal of Segwit2x, also known as the New York Agreement, is a kind of trade-off compromise initiated in May by Barry Silbert, president and founder of the Digital Currency Group, which involves the activation of the Segregated Witness (Segwit) protocol and the subsequent increase of the block to 2Mb . Zilbert's plan instantly gained popularity among a large group of miners and many companies around the world. On Saturday, June 17, Zilbert wrote in his Twitter :
"Chinese miners, representing 80% of the Bitcoin network hash, confirmed their support for Segwit2x."
Confirmation of his words is the statement made on Thursday by the coalition of miners and stock exchanges, known as the Chinese Bitcoin roundtable.
Testing starts now, voting on Monday
The group held a meeting at the Global Blockchain Summit, which was held June 14 and 15 in the Chinese city of Chengdu. The participants confirmed their support for Segwit2x and agreed on a new testing and deployment schedule for Segwit2x before August 1 - the day when the competing upgrade of BIP148 (UASF) is scheduled.
According to CnLedger's Twitter, the mining pools and stock exchanges that are part of the group and supported the accelerated deployment of Segwit2x include Antpool, Btc.top, Bixin, BTCC, F2Pool, Huobi, OKcoin, ViaBTC, BW, 1Hash, Canoe, Batpool and Bitkan, that is all Large Chinese crypto-currency companies. The group stated:
"To effectively solve the problem of network congestion, we will accelerate the development of Bitcoin's scaling solution and ensure its sustainable, competent and stable development," the group statement said. "We immediately begin testing Segwit2x in testnet5.
On Monday, June 19, we will begin voting for the support of the update. To avoid using votes on BIP9 to distort the voting results, we will add a "NYA" tag to coinbase - this will support Segwit2x."
"We are going to activate the New York Consensus Segwit2x program until July 31st."
Bitmain Plan v. BIP148
The statement of the group of miners was shortly after the announcement of Bitmain, who spoke about her plan for protection against the hardship , which will occur after the activation of the update BIP148 - the so-called UAHF. At the same time, company president Gian Wu called BIP148 an attack on Bitcoin. At the June 14 summit, he talked about how to prevent the activation of BIP148, highlighting all its shortcomings, including the low hashed network with BIP148 and, accordingly, a long confirmation of transactions and a weak defense against various attacks.
Many of the miners who attended the event believe that Bitcoin Core developers did not fulfill the promise they made in February last year at the Hong Kong Consensus conference. Then they said they would produce Bitcoin's hardcore and increase the block size to 2Mb. Activation of Segwit2x will be the fulfillment of this promise, which has already gone the second year.
This association of Chinese companies will become the most powerful after the Hong Kong meeting in February last year. In addition, the consolidation of all major Chinese liners and stock exchanges for the first time is unequivocally directed against Bitcoin Core, whereas formerly many of them directly supported SegWit and even UASF. Obviously, business is beginning to realize that the sabotage of the New York agreement and the further prolongation of the confrontation are dangerous for Bitcoin's future.
