Initially, SegWit2x aims to improve the Bitcoin network in terms of transaction confirmation speeds and volume by tweaking the blocksize limit. (Know more about that here)
But it has to be canceled due to the lack of community consensus, which is vital if creating a new fork coin like Bitcoin Cash or Bitcoin Gold is not the intent or the desire.
Anyhow, the SegWit2x is an open-source project, and anybody can use the code. Or can go ahead to implement a fork coin.
A team that has no connections with the SegWit2x initiators had put up a site in which they announced the fork had taken place on 28th December at the Bitcoin block number 501,451. And the network would go live on 15th January
When we had queried about a pre-mine, they have asked to join a mining pool. And when asked about the ambiguity between mining and the network launch date the chat closed abruptly.
And we changed the IP address and asked the same differently. Again the chat has closed. And it indicates something shady might be going on. Or the team has no idea how to convey what they are doing.
The new ticker symbol is B2X. And the good news is if you are holding BTC before the fork block, you can get the same amount of B2X.
- The mining algorithm is x11, which is a mix of 11 hashing algorithms and is used by the Cryptocurrency Dash.
- Block Time – 2.5 minutes
- Block Size Limit – 4mb, And
- Difficulty is subject to recalculation after each block.
The roadmap includes the support for Lightning Network, Zksnark (a zero-knowledge proof mechanism originally implemented by Zcash), smart contracts, and anonymous transactions.
However, CoinTelegraph says that the fork coin is launching with a huge pre-mine, and the developers are not known.
At the moment, it may feel confusing. And we will come with an update if there is anything important.