Bitcoin is currently limited in the number of transactions it can process. Today, it can only process up to 1MB of transactions roughly every 10 minutes. Owing to this limit, transactions take longer to approve during times of heavy use. As all users pay a fee to miners to make transactions, this limitation on space has increased average fee costs. Increasing the block size makes network nodes more costly, as node operators must store the entire copy of the blockchain as computer files.
SegWit2x seeks to upgrade bitcoin in two ways:
1-It would enact the long-proposed code optimization Segregated Witness (SegWit), which alters how some data is stored on the network.
2-It would set a timeline for increasing the network's block size to 2MB, up from 1MB today, to be triggered about three months after the SegWit activation.
Full article here: http://cur.lv/160s2k
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