Bitgo says “the Segwit2x effort began in May with a simple purpose: to increase the block size and improve Bitcoin scalability. At the time, the Bitcoin community was in crisis after nearly 3 years of heavy debate, and consensus for Segwit seemed like a distant mirage with only 30% support among miners.” Belshe adds that “Segwit2x found its first success in August, as it broke the deadlock and quickly led to Segwit’s successful activation.”
The post states that “Our goal has always been a smooth upgrade for Bitcoin. Although we strongly believe in the need for a larger block size, there is something we believe is even more important: keeping the community together. Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize 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.”
as fees rise on the blockchain, we believe it will eventually become obvious that on-chain capacity increases are necessary. When that happens, we hope the community will come together and find a solution, possibly with a block size increase. Until then, we are suspending our plans for the upcoming 2MB upgrade.”
Originally published at www.rilcoinnews.com on November 10, 2017.
