Over the past few weeks, we have seen a few companies removing their support for Bitcoin scaling solution SegWit2x. Although the number of companies turning their backs on their original decision is still low, it indicates some tough choices lie ahead for current supporters. Crypto Facilities is one of the companies which originally signed the New York Agreement but has since changed its mind on SegWit2x. It will reconsider if the team implements strong replay protection, however.
Crypto Facilities is on the Fence About Segwit2x
With the looming SegWit2x hard fork drawing near, it is evident we will see some speculation, misinformation, and possibly even changes of heart over the next few weeks. A lot of companies still support this solution, even though they may not necessarily comprise the economic majority right now. Crypto Facilities was one of the companies officially backing SegWit2x, but it seems the company has changed its mind for now, at least partially.
In an email sent out to one user, the company states it remains on the fence about SegWit2x in its current form. More specifically, the lack of “storing” replay protection is a major cause for concern. Not having this protection means Bitcoin users could send funds to an address on the wrong chain by accident. Since Bitcoin, Bitcoin Cash, and potentially SegWit2x will all use the same address type, a lot of money could potentially be lost.
Thankfully, it seems the Bitcoin Cash team has enabled replay protection, or is at least in the process of doing so as we speak. While the currency uses the same address type as Bitcoin, most common “mistakes” are prevented from happening. It is unclear how SegWit2x will handle the same problem, as its source code doesn’t offer this degree of protection right now. Nor does there appear to be any indication that the team will enable such a feature either.
This means Crypto Facilities will potentially support this upcoming hard fork if and when the team enables replay protection in the future. Whether or not that will ever happen remains to be seen, though. If such a feature were to exist in the future, it would have to be integrated at a mandatory level first and foremost. For now, that doesn’t appear to be the plan, although proposals have been made to integrate such a feature into the project’s code moving forward.
All of this will continue to cause a fair few debates among Bitcoin enthusiasts in all camps. More specifically, there are a lot of people who feel SegWit2x brings nothing to the table and shouldn’t be a concern to anyone. Supporters of this particular scaling proposal, however, will gladly tell you otherwise. It remains unclear what the future holds for the upcoming hard fork and whether or not it will gain any traction. Many people assumed Bitcoin Cash would peter out quickly, yet it is still doing its own thing with great success so far.
Right now, there are still a lot of interesting parties backing SegWit2x, as well as those opposing it. Crypto Facilities is not necessarily the biggest name on either list, but it goes to show all companies are taking a close look at how they want to handle the future of Bitcoin. There is no right or wrong in this regard, as everyone is entitled to their own opinion. An interesting future awaits come November; that much is certain.
