Distributed database that is used to maintain a continuously growing list of records, called blocks
The proposal, which has been praised by some as a pragmatic solution to the network's perceived capacity issues and derided by others as a deal that misunderstands the nature of bitcoin development and the network's intended design, is gaining momentum as Bloq co-founder and Segwit2x lead developer Jeff Garzik confirmed to CoinDesk that new code is set to be released on Friday, following two weeks of alpha release testing.
Thus, the last two weeks of development have been dedicated to testing, with the firms such as Abra, Bitfury, Blockchain, BTCC, OpenBazaar, Purse and Xapo using a new testnet ("testnet5") and a so-called faucet that spits out fake coins to test the system.
Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen
Now, as new information is coming out about a proposal, the aspects of the plan are clarified for the community and the participants: last week mining pools representing 80% of the bitcoin hashrate agreed to run the code that could lock in SegWit before 31st July. After that, three months later, is the hard fork to boost the block size. However, there’s still a threat that the fork could potentially result in a split into two competing tradeable bitcoin assets if not everyone agrees to upgrade their software to the change.
While this is the plan for later in the summer, bitcoin developer James Hilliard mentioned that the details of the 2MB hard fork portion are still up for debate.