To Innovation - Breaking Politics, Economics, Crypto & IT News

learn more
Reporting from Watford, UK and LA, US since 1996
learn more

John McAfee death was a suicide, autopsy confifms

John McAfee's relatives will finally bury him now

Mobile wallets have become a new battlefield in the bitcoin fork debate

Mobile users of bitcoin wallets may not be aware of this, but their money may be at increased risk in November.

22.Oct.17 8:08 AM
By Daria Zaytseva


Mobile wallets have become a new battlefield in the bitcoin fork debate

While advertised as users of a tool bitcoin can use to achieve a closer experience to the traditional financial product, mobile wallets for bitcoin today send transactions to the bitcoin blockchain, although this differs from the purse default parameters. But in November this construction could cause turbulence, because when the bitcoin protocol is aiming at undergoing another major change in its software.

After the activation of SegWit this summer, the group of companies are now trying to launch a hard fork to increase the bitcoin’s block size and further expand its transactional capacity. The code, which is part of a larger update called Segwit2x, could cause bitcoin to split into two, that is, if not everyone decides to support the update.

However, the difference is that, unlike bitcoin cash, the developers of Segwit2x do everything possible to ensure all users of bitcoin on the same blockchain.

Lead developer of Segwit2x Jeff Garzik said that the goal of the Segwit2x project - just like the last plug of the ethereum - is to update bitcoin, rather than create a new currency.

To this end, developers supporting the project also made a couple of key design decisions related to maintaining compatibility with wallets with simplified payment verification, a technical term for for smartphone-based bitcoin wallet applications.

Back to the list

Related Information: