Recalling History: The Origin of Segwit2X

The time is reversed until May 23, 2017. At that time, more than 50 well-known blockchain companies from more than 20 countries in the world gathered in New York to participate in the consensus conference and signed the "New York consensus", including bitmain and ViaBTC.

In fact, the expansion of bitcoin has long been debated.

With the increased attention of bitcoin, the increase in the number of users and the volume of transactions, network congestion has become commonplace, and the 1M block of bitcoin can no longer meet market demand.

Therefore, expansion has become the consensus of the bitcoin community, but there have been many differences in how to expand the community.

In order to promote the expansion of bitcoin, the New York Consensus Conference excluded the bitcoin Core Development Team (BTC CORE), which is not willing to make changes, and signed the "New York consensus."

The bitcoin expansion scheme reached by New York consensus is Segwit2X, and the 1M block size is expanded to 2M. This solution solves the problem of expansion, while at the same time ensuring the integrity of bitcoin and avoiding fork. At that time, Bitfinex put forward a trading plan called Chain Split Token (CST). The method is as follows: You can use 1 BTC to exchange one piece of BT1 and BT2 and place them on the market separately. 1 BT1 has a value of 0.75 BTC, and 1 BT2 has a value of about 0.25 BTC. People who are optimistic about the main chain can receive BT1 and sell BT2; those who are optimistic about B2X can operate in reverse, buying BT2 and selling BT1. On the day when the futures delivery (Bitfinex is scheduled for December 31, 2017), each BT1 can be exchanged for 1 BTC, and each BT2 can be exchanged for 1 B2X. If a chain at that time has disappeared or no split has occurred at all, the value of the corresponding token is zeroed.