Cryptocurrencies are virtual currencies that are established on top of blockchains. But cryptocurrencies have certain limitations. Often, all the crypto-users might be aware of the mining limitation of Bitcoin. Once the 21 million coins are mined the system will be exhausted. Compared to this limit, the demand for Bitcoin has been a major factor in its rapid increase in price. For years, this topic has been frequently discussed and developers have come up with many proposals. SegWit2X is one of those proposed systems. Apart, it has been able to gain more attention among other proposed systems.
As the blockchain capacity is getting limited in every instant, essentially a system was needed to improve its capacity. Therefore, two main proposals came into the stage; nominally SegWit and SegWit2X. SegWit Stands for Segregated Witness. But the main subject of this context, SegWit2X has been able to be more specific. In simple terms, SegWit2X is a proposed software, which is designed to increase the capacity of the Bitcoin network. According to the design of SegWit2X, the capacity is increased by upgrading the block size of the network. SegWit was designed according to the soft fork concept while SegWit2X was proposed as a hard fork of bitcoin technology. Though SegWit2X was designed as a hard fork, it has never been implemented.
Did SegWit2X come into action?
The basic goal of SegWit2X is to improve the bitcoin block size from 1MB to 2MB. But at the final stages of SegWit2X, the bitcoin community was holding different arguments regarding SegWit2X. Anyhow, after the concept of SegWit2X was introduced, large block size providers ended up forcing Bitcoin to make cash with 8MB blocks of bitcoin. Therefore, some community members raised their voices stating the block size increment up to 2MB should not be actually performed.
These arguments grew up to a highly controversial level. Therefore the developers dropped into a critical situation. Finally, developers decided to suspend the hard fork due to a lack of broader consensus.