Project Description

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Table of contents

1. Issues and Solutions

2. Architecture and Technologies

3. Advantages

4. Marketing plan

5. Project Team

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4

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1. Issues and SolutionsThe world of cryptocurrencies could be compared to one having living species. If the conditions around change, the whole world is facing more challenges. To survive, it needs to adapt and evolve. This is basically what brought to life SegWit2X fork.

When Bitcoin was first created 1MB block size was enough to process every transaction quickly. Since then, BTC became more popular, trading volume increased and the speed of transactions became dependent on how quickly the next block is available. The other big obstacle is high commission the network takes for every transaction. With the time, the urge for fixing these issues became of paramount importance. Our founder and lead developer, Jaap Terlouw, stated on the site that the fork aims to address issues of “commission and transaction speed within the Bitcoin network,” adding that currently, Bitcoin is “almost impossible to use as a means of payment.”

These are all the signs of centralization on full display inside the decentralized system. Does it sound as a contradiction? That’s how it sounds to us. The launch of SegWit2X Bitcoin fork helps the cryptoworld stay decentralized. Branching off Bitcoin network on block 501451, B2X do not set a goal to substitute BTC but rather become the additional solid payment means with lower commissions and higher speed of transactions.

Since the introduction of Bitcoin, mining processes have dramatically expanded. Moreover, in the majority of cases the mining opportunities are offered by giant corporations receiving enormous profit from common miners. This situation is absolutely unacceptable. SegWit2X provides miners with the freedom to choose. We have launched our own mining pool giving many benefits to its users. The equipment to use is ASIC.

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2. Architecture and TechnologiesThe Bitcoin nature requires a consensus across the whole network to enable the introduction of changes. That’s why it’s extremely difficult to alter it. Due to that, B2X as well as other fork coins represent evolved forms of Bitcoin, having the so-called Bitcoin DNA with a few changes to it. SegWit2X took an existing Bitcoin ledger and introduced the changes to its copied version. That’s why since the fork happened on December 28, 2017 all BTC holders were able to get B2X to their wallets at a ratio of 1:1.

Now, let’s discuss the innovative traces SegWit2X team introduced into Bitcoin network.

Functionality1. X11 AlgorithmThe SegWit2x protocol has entirely different specifications from Bitcoin. Our network is secured using X11 algorithm rather than SHA-256. It consists of all 11 SHA3 contestants, each hash is calculated and then submitted to the next algorithm in the chain. By utilizing multiple algorithms a system similar to ASIC (Application Specific Integrated Circuits) is created. The first Bitcoin miners started using CPUs (Central Processing Units), then they switched to GPUs (Graphics Processing Units) and ASIC quickly replaced the latter ones proving to be the most convenient mechanism. Due to the complexity and the needed size required to create an ASIC for mining X11, it takes considerably longer than in Bitcoin. It means that mining activity lasts for a longer period of time. SegWit2X team deeply believes that it’s highly important for good distribution and growth of B2X. Moreover, the implemented X11 algorithm also provides a better network security. The mining costs are also reduced because the mining equipment consumes 30% less electrical power, mining equipment serve longer.

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2. High block generation rateB2X has 2.5-minute blocktimes rather than 10-minute blocktimes like the original Bitcoin network. It means that the rewards for mining each block are 4 times easier to get than in Bitcoin.

3. Blocksize increased up to 4 MBSegWit2X fork increases block sizes from 1MB to 4MB, reducing transfer costs and speeds. Originally the 1MB size set by Bitcoin team meant to protect the network from multiple DOS-attacks. In 2010, when Blockchain gained wide recognition, hackers were trying to shake the newly formed network by creating big-sized blocks (as the limit was not set at that time). The system was stabilized but 7 years later the limit to 1MB is dragging the network down. To improve its operation SegWit2X team decided to introduce block size limit of 4MB. Note, the max possible amount of a block size could be 32MB, maybe we will witness the times when the networking block will get this size, but for now, 4MB is more than enough.

4. Recalculation of complexity after each blockSegWit2X provides a gradual change of complexity. Next block could be either more difficult or even easier to mine. This offers better mining conditions unlike the Bitcoin, that has a sudden complexity increase introduced in fixed time periods.

5. Replay ProtectionThis option requires a hard fork because it works when two chains exist at the same time and in case of money transfer the sender is confident that the sum ends up on the targeted chain not the other, or even on both chains simultaneously. Without replay protection, this gap could be very vulnerable and actively used by attackers. They can take the public transaction sending coins to chain1 and replay it on chain2. This could cause many unintended transactions. To make transactions from chain2 not valid on chain2 or vice-versa, replay protection is a must.

SegWit2X team introduced signature markers, because every transaction requires a signature. The markers control what chain the transaction is activated through and provides 0 space for replay attacks. In other words, we introduced an automatic lock on the ‘doors’ of our users’ accounts, which prevents the coins from escaping the target chain.

6. Unique address formatBitcoin addresses begin with 1 and 3 and if in the result of the fork the team doesn’t introduce the unique address format there could be many transactions when coins are mistakenly sent to wrong addresses, or the wrong side of the fork. To prevent it, SegWit2X team made a choice toward unique address format.

Functionality in the Roadmap:7. Offline CodesThis option allows to exchange the code featuring the transferred sum of money offline, in an email, text, or even written on a piece of paper. The recipient receives the code and activates it through the special section in the SegWit2X wallet. The needed sum of money is added to the recipient’s wallet instantly.

8. Lightning NetworkIt allows transactions over a “second-layer solution”. It means that the part of the transaction moves off the blockchain network. Such an improvement solves the scalability problem of Bitcoin when some information is stored in separate files outside the chain of blocks. The vacant space of the target block accommodates more transactions and the speed of confirmation is eventually increased.

9. ZkSnarkZkSnark technology will be implemented allowing users make anonymous transactions. The acronym stands for ‘Zero-Knowledge Succinct Non-Interactive Argument of Knowledge’. It refers to a proof construction where the possession of certain information could be proved with the help of a secret key. The information itself is not revealed and there is no interaction between the verifier and the prover.

In Bitcoin, transactions are validated by linking the sender/receiver addresses and input and output values on the public blockchain. B2X will use ZkSnark to prove that the conditions for a valid transaction have been satisfied on the anonymous basis.

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10. Smart ContractsThis option is ideal when the final recipient is unknown or represents any random user who fulfilled the terms of the contract. Thus, as soon as the service required by the contract is rendered, the payment is received automatically. To get the payment, you need the code to be activated. As soon as it is completed, the balance of the user’s account increases correspondingly.

Mining SegWit2X mining is based on the Dark Gravity Wave difficulty re-adjustment algorithm which is a big improvement over the tradi-tional KGW. Dark Gravity Wave (DGW) is implemented in SegWit2X in version 3.0 and it addresses certain flaws such as the time warp attack known in the KGW algorithm. It makes use of multiple ex-ponential moving averages and simple move averages to achieve a smoother readjustment mechanism. We could go even further and share with you the formula that is implemented as the mechanism to readjust difficulty - 2222222/ (((Difficulty+2600)/9)^2). This is the best testament to the fact that the Blockchain specialists nourishing SegWit2X Bitcoin project are true professionals and top-sawyers.

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3. Advantages

Increased SpeedB2X is a convenient and user-friendly means of payment that turns out to be appealing to the majority of Bitcoin holders.

Better SecurityUsing the algorithm X11 prevents the possibility of its hacking, making this process several times more complicated than in the algorithm of the original Bitcoin - SHA256.

Ecological MiningThe used X11 algorithm is the most environmentally friendly among the existing ones in the POW mining model. We have also decided to implement the unique hybrid algorithm POW & POS due to the importance of the POW consensus for the crypto-community. Starting on December 28, 2017 B2X is mined. The aggregated capacity of 10K miners, SegWit2X pool and the friendly pools allowing to mine B2X (Miningpool.shop, Zumminer, B2X.Mutipools, VVPool, Needecoinpool) is more than 300 Th/s.

The profitability B2X provides to miners is extremely high. One of the latest reviews we received from Paul Spenser: «I got 24 coins over the last 3 days with the total hashrate of 450 GH/s. This counted for 1382$ in comparison to 270$ when I mine DASH?!! That’s a huge 500% difference guys!» The equipment to mine B2X is Antminer D3.

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4. Marketing planThe purpose of the SegWit2X marketing campaign is to provide detailed information about the project and the benefits it’s giving to its followers and miners. We also strive for the creation of a loyal community of people interested in the development of the project through a number of Bounty Campaigns.

It is important to take into account that the overall success of B2X marketing campaign is built on the combination of various marketing tools, as well as their totality. Our world has moved to the stage of making decisions on the basis of many touches, which convince the user to adopt one or another algorithm of actions, and cause an additional level of trust and involvement.

Set of tools

PPC Online Advertising (Google, Baidu, Yahoo, Bing, Yandex)

Social media (Facebook, Twitter, YouTube, Weibo)

Formation of the community (bitcointalk, etc.)

Bounty Campaigns

Video marketing

CPA

Event Marketing (contests, competition)

TV

Viral Marketing

Co-branding campaigns

Mobile marketing

Guerrilla marketing

Bluetooth Marketing

On the initial stage of the project development the KPI is based on wallet downloads: desktop full version (Windows, Linux), mobile application (iOS). On later stages, the partners’ wallets will be connected. The KPI key marketing campaign will be shifted towards the increase of transaction number and their volume in the network.

Formation of communityThe community is the most valuable resource, without their support the whole idea of decentralization would not be possible. We are open for a dialog with our community through Telegram, Zalo, Talk, Line, Viber, WeChat.

We are overwhelmed by technologies and are eager to organize tech-oriented community as well. That’s why we run SegWit2X Hackathons. It includes B2X App Contest, B2X Bug Bounty, and B2X Improve Bounty. Read more in details you may here. Being surrounded by professional Blockchain developers we are sure that our project will be developing at a rapid-fire pace. Moreover, from our side, we are ready to create all the conditions for our community individuals to grow professionally.

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5. Project TeamThe idea to improve Bitcoin network has been a long time in the air and the original SegWit2X fork should have happened in November 2017. Eventually, it didn’t come true due to the lack of support from the side of the community, mining pools, and some leading exchange platforms. That’s when we realized that the cryptoworld is not decentralized because of the pressure the team received from various third parties.

The current team is directed by a skilled developer Jaap Terlouw.

Jaap Terlouw is the CEO at Bitcoin SegWit2X. His main competence is the management of complex global and huge database systems from scratch. Jaap has a wide international experience as for the last 20 years he has been working in various companies from the US, the Netherlands, England, Germany, Russia, France, Ukraine, and China. Since 2013 he is running his own company: Flex data. At one of his previous

job employment, company Profix, he was organizing the delivery of transactional systems to such payments means as PayPal and Western Union. The area of Jaap’s competence is the Blockchain, .NET, C#, SQL servers, JSon, Javascript, CSS, jQuery, etc.

Robert Szabo is Core Developer at Bitcoin Segwit2X. At the same time, he is occupying the position of Solution Architect at EmbedIT. Robert was the Senior Application manager and Application Administrator at T-Systems from 2011 to 2015.

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Artur Bujnicki is a Senior Software Engineer at Bitcoin SegWit2X. He is a Germany-based Java guru. He has excessive skills in Microservices architecture development namely with the help of Spring Framework. When he was employed by eZ Systems (Germany) he was actively working on MySQL database development.

Bartosz Kozlowski is a Business Development Manager at Bitcoin SegWit2X. Apart from being involved into SegWit2X project he is a full-time Account Manager at wRTB House, based in Poland. Bartosz is highly rated by customers as an outstanding Sales Executive and Strategy and Client Service Executive.

Tim Groenwound is a C++ Developer at Bitcoin SegWit2X. Tim is a skilled C++ and C# medior Developer from Netherlands.

Danny Langewerp is a C# Developer at Bitcoin SegWit2X from Netherlands.

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