Segwit2x Officially Called Off. Lack of Support Leads to Suspension of Hard Fork.
The powers behind the the Segwit2x hard fork have decided to not follow through with their plan to increase the block size from 1MB to 2MB.
Early on, Segwit2x had a large amount of support from mining pools and startups in the Bitcoin space because in theory it would allow for an increased transaction capacity. This increased capacity would have, according to those involved, increased speed of transactions and lower fees associated with a transaction.
Mike Belshe, one of the leaders of Segwit2x, announced today by e-mail that their plan to scale is too controversial to proceed.
In his email he wrote:
“Unfortunately, it is clear that we have not built sufficient consensus for a clean block size 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.”
The consortium behind Segwit2x still have high hopes that down the road the block size will be increased, but whether or not that will happen is still to be seen.