Unintentional fork appears in Segwit2x's chain

Segwit2x has experienced a fork in its blockchain causing the full stop in the process of the creation of new blocks for about twenty hours
12 July 2017   1514
Bitcoin

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen

Segiwt2x, software behind an agreement of 80% of the mining hashrate and some major bitcoin companies, launched a separate testnet several weeks ago in order to provide an environment in which this new piece of software can be developed and see what potential effects it would have on the real Bitcoin network. The testnet is a completely separate blockchain, with separate miners, separate coins, separate nodes, and most importantly, separate consensus rules that decide whether or not a block is valid.

The accidental fork thing occurred on Monday, July 10. It caused the network to essentially go down for almost a full day along with creating two incompatible testnets. Apparently, not a single block was created during this period as developers rushed to find the cause and to work out a solution to the problem.

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

As it turned out, the reason for the fork was that when the chain hit a certain block number, the first block that began the chain allowing for 2MB blocks needed to be over 1MB. Since it is a testnet and lacks a real user base, the mempool was essentially empty. There weren’t enough transactions being made to add up to greater than 1MB, causing the fork.

Although unexpected timing, this is otherwise a good field test.
 

Jeff Garzik
The leader of the Segiwt2x team

In a message on the Segwit2x working group mailing list, the leader of the team Jeff Garzik reported that the fork is a result of a testnet miner activating the fork without the preparation needed from the rest of the people on the testnet. While it is obviously a problem that needs to be fixed, developers argue that the point of the testnet is to test new software.

Experts are also concerned about the problem, assuming that the fork could affect the outcome of the vote. If the number of miners decreases, the implementation of Segwit2x might be postponed.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   282

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.