Tuesday, December 7, 2021

China Bitcoin Roundtable Votes for SegWit2x and New York Agreement

China Bitcoin Roundtable Votes for SegWit2x and New York Agreement

A meeting of the Chinese Bitcoin industry’s most influential participants has confirmed support for “SegWit2x”, a.k.a: the New York Agreement. They will begin voting for the proposal starting 19th June.

Also read: OTC Volumes Dip as Chinese Exchanges Start Withdrawals, but Market Is Changing

Their support makes SegWit2x highly likely. While there’s a supposedly grassroots user campaign to implement a user-activated soft fork (UASF) instead, the economic power of New York Agreement supports may overwhelm it.

Bitcoin China’s Largest Economic Players

China Bitcoin PriceThe China Bitcoin Roundtable includes members from large mining pools, hardware manufacturers, and exchanges. The New York Agreement comes from last month’s international meeting at the Consensus conference. It supports implementing SegWit with a later hard fork to increase transaction block sizes to 2MB.

According to a Medium post, members will also start testing the software and join testnet5, with a view to deploying as soon as possible after a beta release.

For the record, here’s a full list of the Roundtable members who attended:

  • 1hash.com
  • Aihua Lau (Bitkan.com)
  • Ang Li (Canoepool.com)
  • Gang Wu (Bixin.com)
  • Haipo Yang (ViaBTC.com)
  • Jiawei Zhu (Huobi.com)
  • Jihan Wu (Bitmain)
  • Jiang Zhuoer (BTC.top, LTC.top)
  • Lan Hu (BW.com)
  • Mingxing Xu (OKCoin.com)
  • Peicai Lee (Easy Mining Tech)
  • PZ (convener of the China Bitcoin Roundtable)
  • Qianjie Zhao (pool.btcchina.com)
  • Ruixi Wong (batpool.com)
  • Ryan Xu (Collinstar Capital Australia)
  • Shixing Mao (F2Pool.com)

Everyone Expected SegWit2x Support

Chinese support for SegWit2x is not a huge surprise. Just last week, Bitmain and other large pools announced a contingency plan to stave off the UASF, called the “user-activated hard fork” (UAHF). This would have forced Bitcoin miners starting August to make a hard decision on which scaling solution to support.

SegWit2x still “bakes in” a hard fork, but at a later date, and only after implementing SegWit.

Miners will now signal their support for SegWit2x by inputting “NYA” in their coinbase transactions. According to the post, this “avoid the impacts on the consensus rule changing mechanism of BIP9”.

Is this a positive sign for Bitcoin? Let’s hear your opinions.


Images via Pixabay

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