Known for its strong early support from bitcoin startups and mining pools, the plan, called Segwit2x, or simply ‘2x,’ was to trigger a block size increase at block 494,784, expected to occur on or around November 16th. The goal of the project, according to those involved, was to use the measure to increase bitcoin’s transaction capacity, which is today constrained by the nature of the software’s rules.
The suspension was announced today in an email written by Mike Belshe, CEO and co-founder of bitcoin wallet software provider BitGo. One of the leaders of the Segwit2x project, he argued that the scaling proposal is too controversial to move forward.
He wrote: […]