SegWit2x; A new way to format, but not the Core format

SegWit2x; The second fork of 2017

A second fork is looming on the horizon. The main difference involved this time is in the Segregated Witness system. The new idea follows the name SegWit2x.

Whats makes it different? Currently the SegWit system requires 95% of the mining hashrate to operate. So if the miners did not upgrade their system to hold the proper formatting they are unable to mine blocks for the block chain. SegWit2x only requires 80% of the mining hashrate. The mining hashrate is the activation threshold of the blocks within the blockchain. This means more miners are able to still mine without needing the full updated program.

Another difference is the specific bit that is signalling to the block chain. While both bits that signal are contained within one nibble; a chain of 4 bits, SegWit2x seeks to shift the the signal bit from the first to the 4th. Not that big of a deal, especially considering over 90% of all blocks being mined fall in line with the SegWit2x protocol.

The Core versus SegWit2x

At the moment majority of the Bitcoin Core, do not support SegWit2x. This would form a new chain regardless if the new blocks still satisfy the new system. This hard fork follows the same guidelines as the Bitcoin Cash fork earlier in the year. Instead of utilizing the current technology for the current chain, supporters are aiming to change the blockchain once again. But what is wrong with that?

If the bitcoin wallet programs support a different version like SegWit2x customers using those services may end up losing out on the actual value of their coins. One such company is BreadWallet. The Bitcoin Core does not support the new variant. If BreadWallet pursues the support of the fork, many investors will lose their value if they do not withdrawn their funds before the November fork occurs.