What are forks?
Fork is a technical word often used by Bitcoin developers in particular or in the programming world in general, but specifically in open source projects. It is simply a “software update” or “bug fix”. For example, when you update an application on a smartphone (mobile app), you already have a Fork from the old version, the concept of “Fork” in Bitcoin is similar.
For Bitcoin, there will be two different Fork concepts: HardFork and SoftFork
What is HardFork?
HardFork is a required software update and will conflict with an older version. The Fork program will not run without updating it. For example, there is an important bug in the software, if you want to continue using it, you need to update the software.
If not updated – will not be able to use the program. Also, there is no way to reverse a HardFork, unless there are some unexpected errors or problems associated with it. That is the case will have to do an extra HardFork and revert to the old version.
What is SoftFork?
SoftFork is a software update that doesn’t conflict with an older version, it’s optional, and allows the network to tweak new features in the process. Even though a SoftFork is installed, even if the computer runs with the old program, it can still be used.
If the SoftFork doesn’t work, has bugs, or people don’t accept it, it’s completely reversible and can revert to the old version. Most of the software you use today is controlled by a single entity. So whenever they want to “Fork” from the original program, just update it in the form of a SoftFork.
What is Segwit?
SegWit is an acronym for Segregated Witness (separated witnesses), which simply means creating a separate version of things that are updated and better than the old version. The biggest purpose of Segwit is to help fix or limit the backlog problems that are facing.
Segwit was born for Bitcoin helps to adjust the quality of information to be stored in each block, the size of each block remains the same and makes Bitcoin transactions faster.
Segwit Bitcoin only needs a Soft Fork, not a Hard Fork and will be done quickly dividing the Bitcoin Blockchain in two.
Before answering this question, you must understand one more concept that is what is a Lightning network? Lightning network is a way to link digital currencies together.
For example: If you go to a store to buy goods and that store only accepts payment in Bitcoin, but you only have ETH money, then if both ETH and BTC have Lightning network, the exchange between the two coins. this money is very simple, you can buy with ETH without BTC.
So you can answer the question why Segwit, right, we need segwit so that the new software can fix the outstanding problems that cannot be solved.
In summary, Segwit includes in it 2 parts:
First, Segwit can adjust the amount of information that needs to be stored in each block.
Second, Lightning Network is one of the proposed solutions, which is expected to create a significant increase in network traffic by coordinating the majority of transactions off the Blockchain and processing them properly. more quickly.
What is Segwit2x?
Segwit2x It is the software that Segwit and Hark Fork increased the block size from 1MB to 2MB, but did not want to split into 2 new Bitcoin communities like ETH and ETC.
Software to be implemented Segwit implements a Soft Fork proposed by the Bitcoin Core team. Blocks will be expanded from 1 MB to 2 MB to help with more storage capacity as well as faster transaction. Some previous recommendations like Bitcoin Unlimited, Bitcoin Classic, Bitcoin XT also once emerged but did not receive much community consensus, so it has subsided. But the opponent uses the solution Segwit2x it’s Bitcoin Cash upgraded Block to 8 MB, making transactions extremely fast.
Finally, the Segwit2x event for Bitcoin also took place but was unsuccessful. The number of supporters of this event is not much, so it is not possible to Segwit2x for Bitcoin yet.
In short, it can be understood that Segwit2x is Segwit plus a Hark Fork of block size, but the desire is not to cause division of the Bitcon community.
According to Tapchibitcoin
Follow the Twitter page | Subscribe to Telegram channel | Follow the Facebook page