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   1304

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.


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.

Most Crypto-Optimists Live in Norway, Bitflyer Study

According to bitFlyer's poll on future of crypto, europeans believes cryptocurrency has future
24 April 2019   101

Most Europeans believe that in ten years digital currencies will continue to be in demand, but they do not have the same confidence about Bitcoin. This is reported by Cryptonews, citing a study of the bitFlyer.

10 thousand people from ten European countries took part in the online survey. Of these, 63% believe in a “bright future” cryptocurrency. However, not all Europeans are confident in the future of Bitcoin - only 55% believe that the first cryptocurrency will exist in ten years.

It is also noteworthy that, despite the fall in prices of most cryptocurrencies that lasted for almost a year, the majority of respondents positively assessed the prospects for the development of the market.

Most of the “crypto-optimists” turned out to live in Norway - 73% of the inhabitants of this Scandinavian country are convinced that a decade later, digital currencies will still be in society. This is followed by Italy (68%), the Netherlands and Poland close the top four (67% each).

The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time
The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time

But the exact form of cryptocurrency will exist, almost no one knows. Only 8% believe that they will become money, and 7% - a tool for investment or a means of preserving value.

The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.

Andy Bryant

COO, bitFlyer Europe

He also added that the study demonstrated how much remains to be done to increase public awareness of the benefits and opportunities of cryptocurrencies.