Segwit2x working group unveils hard fork plan

Segwit2x working group has announced hard fork roadmap
10 August 2017   1511

Segregated Witness is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain. 

Now, SegWit has locked-in and the Segwit2x working group has announced its roadmap for the next several months. The team of developers have detailed they are going forward with the 2MB block size increase that miners and businesses agreed upon at the New York Agreement.

During the month of November 2017, approximately 90 days after the activation of Segregated Witnesses in the Bitcoin blockchain, a block between 1MB and 2MB in size will be generated by Bitcoin miners in a move to increase network capacity. At this point it is expected that more than 90% of the computational capacity that secures the Bitcoin network will carry on mining on top of this large block.
 

Jean-Pierre Rupp
Segwit2x developer and functional programmer

According to the announcement, the upgrade to 2MB blocks has been agreed first during the Bitcoin Roundtable Consensus in Hong-Kong on February 2016, and then ratified by the Bitcoin Scaling Agreement in New York on May 2017. These agreements stipulate the activation of Segregated Witness support and an increase of the maximum block size from 1MB to 2MB.

As the working group claims, now that Segwit has locked-in, the ecosystem should update to Segwit-compatible software if they want to benefit from the protocol. The announcement also explains “readiness” preparation for the fork including port changes, network changes, DNS seeds, and the Segwit2x “Testnet5.”  

The November 2017 upgrade to 2MB blocks is a hard-fork, but necessary changes are trivial to perform. Some SPV clients are expected to work without any change at all. Most clients will need to tweak only two constants to remain compatible with the new larger blocks.
 

Jean-Pierre Rupp
Segwit2x developer and functional programmer

The Segwit2x hard fork is to take place on the block 494,784, while the client will be incompatible with the current version of Bitcoin Core and the software of the node holders that support UASF.

It's worth mentioning that the Segwit2x proposal continues to be criticized by a significant part of the community. The main reason is that it was accepted behind closed doors without broad discussions. In addition, there is already a blockchain with larger blocks (Bitcoin Cash) and the original chain, having successfully survived one shock, hardly needs another one.
 

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   83

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.