Not too long ago 2 popular Bitcoin hardware wallet producers, Satoshi Labs, the company behind Trezor and Ledger Wallet, mentioned their contingency schemes for the awaiting Segwit2x fork which may happen in nine days. Both firms detail they will support the two chains and tethered tokens if perhaps there is a split and offer a tool for the Bitcoin splitting process.
The hard fork of Bitcoin announcements continues piling up as block 494784 approaches with lots of digital currency based businesses exposing their procedures. On 6th Nov, the 2 hardware wallet providers Satoshi Labs and Ledger revealed how their wallets will take care of the upcoming fork.
Satoshi Labs points out Segwit2x is a plan to fork the network by raising the block size to 2. The firm states the fork "is a contentious hard fork" will most likely lead to a split. Then again Satoshi Labs details Trezor wallets will support both chains naming the Segwit2x token "B2X," and all wallet holders will receive the new coin, a 1:1 distribution if a split happens.
"If you have Bitcoin stored on your Trezor wallet before the split, you will receive the exact amount of BTC and B2X after the fork. Because by using Trezor, you own your private keys, consequently you have control of all your coins, including forked coins" points out by Satoshi Labs.
The Czech-based company details their owners must be careful submitting transactions for the duration of the fork due to Segwit2x's lack of replay protection. In addition, Satoshi Labs will likely create a splitting guide and small tool for people planning to obtain the new coin (B2X) within the system's beta version.
"B2X will make use of the same address format as Bitcoin," Satoshi Labs comments. "nevertheless, Trezor will generate Segwit2x token's addresses with a different derivation path."
The French wallet maker, Ledger also states their wallets will support both chains and the relevant tokens in case a split occurs. Ledger points out people should be precautious in regards to submitting transactions throughout the fork and states users should "pause till the dust finalise."
"As for the previous fork - bitcoin cash, we will let Ledger's users trade on the two chains and split coins with ease, even in the event that the process might be a little bumpier because that Segwit2x was not originally designed to cause a split," highlights by Ledger's fork announcement.
Ledger, in addition, highlights the firm's wallet system will show a warning if a transaction is insecure to replay attacks. Then, the software will ask the user if they wish to split the coins or they can decide to bypass the warning. In addition|Further Ledger will provide both a non-custodian and "half custodian" procedure to split tokens just after block 494784.
"The non-keeper process will count on the program developed by the chainspl dot it initiative and provide a command line or web interface to use it with Ledger Nano, Nano S or Blue - the process is not automated and highly recommended for advanced users only," Ledger's plan explains. "The "half custodian" procedure will include a new Ledger app created for the Nano S and Blue."
However, no word has been released from the other hard wallets so far.