Gregory Maxwell, a Bitcoin Core developer and Blockstream’s CTO, publicly stated yesterday that Bitcoin Cash is superior to segwit2x. He says:
“Bcash at least has replay protection and HF safe headers now (though it didn’t until it hit its difficulty adjustment rule). It is superior to S2X. It also doesn’t seek to force itself on anyone who doesn’t want it.”
Bcash is the name of a new project that tries to add Zcash like security to bitcoin, but it is also informally used as a shorter way of referring to Bitcoin Cash, which is how it is being used in the above statement.
Maxwell says it is superior to segwit2x, which he has shortened to S2X, because it has implemented methods to prevent Bitcoin Cash transactions from being recognizable in the Bitcoin Core chain too.
That’s something which segwit2x has not implemented, probably because they do not intend to chain-split. Instead, they intend to upgrade the bitcoin network itself and its wider ecosystem.
It was created based on an agreement by almost all miners and many prominent bitcoin businesses that tried to bridge the divide between big blockers and small blockers by implementing both segregated witnesses (segwit) and a hardfork base size increase.
Big blockers, however, do not like segwit because it gives preference to signature data, thus limiting on-chain capacity. Moreover, they do not think the segwit2x hardfork part will go through.
They, therefore, intentionally chain-split to Bitcoin Cash on August 1st, creating their own network with its own miners and with its own blockchain.
While some Bitcoin Core developers, especially Blockstream employees, clearly do not like the hardfork part of segwit2x and are now more publicly coming out against it, presumably to persuade the rest of the network to not support it.
They therefore are seemingly preparing for another split between Bitcoin Core and segwit2x with the project soon to lock out segwit2x node clients.
That comes just hours after segwit was locked-in in the Bitcoin Core nodes, with live production ready use expected around the end of the month.
It is what many big blockers predicted would happen. Namely, after segwit locks in, Blockstream employees in particular, but others too, would come out against the hardfork part and strongly argue against it until miners back out.
Which is why they split, giving everyone the option of a settlement bitcoin as Bitcoin Core plans or a peer-to-peer payment network provided by Bitcoin Cash.
The split was intentional, therefore they added code that makes it as clean and as un-disruptive as possible, with the hardfork now largely considered a success.
The segwit2x “compromise,” however, was reached in order to avoid a split. So they have not added any such protections because they hope everyone will upgrade to it.
But it is now clear the Bitcoin Core nodes will not do so. Therefore, much of the ecosystem would need to change their clients. If they do, Bitcoin Core might split by itself and create a new coin with its own miners, nodes, and its own blockchain.
If that does happen, much confusion is expected because some exchanges have stated they will list the Bitcoin Core chain as BTC regardless of hashrate, while some other exchanges will list the chain with most hashrate as BTC.
At which point, no one will quite know what exactly is BTC with the ticker and name so referring to two very different assets. Which is why some think it is a bluff, but no one is quite sure.
However, what we can be sure of to some extent is that the scalability debate continues on the bitcoin chain, while Bitcoin Cash moves ahead pretty united towards their goal of providing the world with an asset that is both digital gold and digital cash.