Many Core developers continue to reject SegWit2x because they see its development and implementation as being too rushed, which they say could undermine the software underpinning bitcoin.
“To suggest a hard fork happen significantly faster than even the most minor of changes in recent history is irresponsible and dangerous,” said Matt Corallo, a Core contributor and former co-founder of Blockstream, which is among companies that stand to benefit from SegWit.
Below is an outline of the main events that could unify or divide bitcoin:
• By July 21: SegWit2x software is released and supporters begin using it.
• July 21 to July 31: The community monitors how many miners deploy SegWit2x:
• If more than 80 percent deploy it consistently, that should signal community-wide adoption of SegWit and the avoidance of a split, at least for now.
• But if a majority do not deploy, expect anxiety within the community to grow as the focus shifts to the Aug. 1 deadline.
• Aug. 1: UASF is deployed by its supporters, who begin checking if bitcoin transactions are compliant with SegWit.
• If a majority of miners still do not deploy SegWit2x or otherwise accept SegWit, and if UASF supporters do not back down, then two versions of bitcoin’s blockchain could come into existence: a UASF-backed one where only SegWit transactions are recognized, and another where all trades -- SegWit and non-SegWit -- are recognized.
• If a split occurs, bitcoin will likely begin existing on both blockchains in parallel, resulting in two versions of the cryptocurrency. Expect traders to quickly re-price the value of both, likely leading to massive volatility.