by Guest Post
The third hard fork in the history of Bitcoin named Segwit2X, will happen on December 28, 2017 on the block 501451.
It was expected to occur in mid-November, but the date was redefined. Still, futures trading has started and is still conducted at numerous exchanges at a price about 0.01 BTC (HitBTC).
Apart from implementation of Segregated Witness, a new version of Bitcoin already has other significant improvements. The size of a block was increased to 4 mb, the rate of block production reached 2.5 minutes. Each Segwit2X holder will receive a unique address format. Moreover, the complexity of mining will be recalculated after each block. Segwit2X uses X11 encryption algorithm and has protection against repeated transactions.
This is not a full list of improvements. Some features are being developed and implemented at the moment, some are planned and included into the Roadmap. Soon Segwit2X will be even more advanced after getting such new functions as offline codes, zk-SNARKs, Ethereum smart contracts, anonymous transactions and support for Lightning Network for instant transactions.
As the project CEO, Jaap Terlouw, says:
“Commission and transaction speed within the Bitcoin network reached inconceivable values. In the last month, the average commission of the network was 15 US dollars! While Bitcoin turns into a digital analog of gold, it is simply impossible to use it as a payment tool.”
As you can see, the new hard fork will give holders unique advantages. The team of developers highlights that they are not creating a replacement of classy Bitcoin, but an advanced addition to it. The new fork will make the network better.
When the fork occurs, each BTC holder will have an opportunity to receive B2X in the ratio of 1:1 as well as a pleasant bonus. It is known that the Bitcoin Satoshi Nakamoto mined in the first year of network’s existence will be proportionally distributed among those who stayed committed to the cryptocurrency.
To stay informed and have the last news at hand, follow Bitcoin Segwit2X news at: http://b2x-segwit.io and in the social channels of the project: