In order to increase the block size, a hard fork is planned for the Bitcoin network on or around November 16, 2017, at block height 494784, to accomplish the New York Agreement.
Many counter-arguments scattered across the internet and many businesses disclosing fork plans in greater numbers.
Coinbase Disclose the Company’s Chain- Naming Plans
All the people are discussing the Segwit2x fork, as the majority of the companies are regularly planning their solution to store Bitcoin. Crypto-businesses are now rapidly moving to the platform every day to figure out their extreme plans for their specific fork.
Coinbase, San Francisco-based exchange, explained its fork recently. The exchange did not say about the names of each Bitcoin-based blockchain. Currently, the firm is looking ahead to describe its token-split naming plans.
The outcome will be the two different blockchains that mean there will arise of two recognizable digital assets,” explains Coinbase.
“Following the fork, we will continue referring to the current bitcoin blockchain as Bitcoin with the symbol ‘BTC’. We will refer to the new blockchain resulting from the fork as Bitcoin2x with the symbol ‘B2X’. If the Segwit2x change is accepted by most users, we may choose to rename these blockchains at a later date.”
Coinbase describes there will no performance required by their customers and all users will receive B2X on a 1:1 ratio.
The company also noted that Segwit2x does not consist of reply protection, but Coinbase has started its own replay safeguard.
BTC.Com Will Implement Custom Replay Protection
This week the wallet provider BTC.com published its decision to reinforce both sides of the chain after the fork, as it similarly did with the Bitcoin cash fork last August.
Recently, published blog post details that BTC.com wallet user can easily transact without any hassle, following the pending chain split. This is the reason to say that it has framed its own form of replay protection.
“The transactions of wallet users will be insured from being rebroadcast on both sides of chains. At some certain situation, it seems to lose the funds while using wallets from the firm that have not assigned this precautions,” BTC.com’s contingency plan.
“We believe offering wallet-side replay protection is a crucial step toward providing a product that is more secure to transact with, and is a proactive solution to the evolving practical needs of cryptocurrency users.”
Gatecoin Exchange ignores to backing Segwit2x
Gatecoin, Hong Kong-based exchange, defines the team completely refuses to reinforce the Segwit2x hard fork. The main reason to neglect Segwit2x is the trading platform details that the inadequacy of two-way replay protection for this hard fork.
The exchange also lists that it will not support B2X, spread the token, progress any B2X transfer to their Bitcoin address, and it will not include the coin on the firm’s trading platform.
“Therefore, clients of Gatecoin concerning to claim newly created B2X coins comparable to their Bitcoin holdings at the time of the hard fork, will require withdrawing their Bitcoin form our exchanges before 12 hours of the hard fork occurs at block 494784,” discloses the trading platform’s blog post.
“We will, however, be running B2X nodes in case the software’s developers decide to add replay attack protection in the future.”
BTC.com, Coinbase, and Gatecoin accompany the leading list of Bitcoin-based companies disclosing their contingency plan for the Segwit2x fork.
As the countdown reaches its initial value, cryptocurrency proponents will determine where each business truly stands on the platform.