• NOW

News

  • NOW

SPV Wallet Bread Lets Users Decide During the Segwit2x Hard Fork

This week the popular bitcoin wallet app for iOS and Android, Bread, announced its contingency plans towards the Segwit2x fork scheduled for this November. Bread says the Segwit2x fork is more complicated due to the lack of built-in replay protection, but its number one priority is keeping customers funds safe and giving users a choice.

Also read: Putin Tells Central Bank Not to Create Unnecessary Barriers to Cryptocurrencies

SPV Wallets Follow the Most PoW By Default, But Bread Users Have a Choice

BreadSPV Wallet Bread Lets Users Decide During the Segwit2x Hard Fork is a well-known bitcoin wallet that has a solid reputation for security and safety as a non-custodial Simplified Payment Verification (SPV) client. The startup details in its announcement that many people have been asking the team about the upcoming fork. The wallet provider says one of the apps “greatest strengths” is the ability to connect to the Bitcoin blockchain. However, as an SPV wallet, the Bread client follows the chain with the most proof of work by default.

“As an SPV wallet, Bread performs a high-speed but simple verification to determine which chain has the most cumulative proof of work,” explains the Bread team. “However, it does not check or enforce rules regarding block size, which means SPV wallets (as designed today) will follow whichever chain has the majority of hashing power, regardless of the details that separate the two chains that will soon exist.”      

Not Our Job to Tell Users What to Think

This basically means that Bread users who don’t tether their wallets to a node of their choosing, by default they will follow the chain with the most cumulative proof of work. However, with Bread’s platform users can utilize the app’s node tethering function, which enables users to toggle between a node of their choosing.

“Even with these issues at hand, Bread is still a great place to keep your coins during a fork,” Bread details. “We side with our users — And even though many of our users strongly disagree with one another about the merits of Chain A or Chain B, it is not our job to tell any of them what to think.”  

Bread is comprised of a group of individuals, any of whom will gladly give you their personal opinion on the matter, but as a company, we have to stay true to our two promises: Keep customer funds safe, and give customers a choice.

SPV Wallet Bread Lets Users Decide During the Segwit2x Hard Fork
Bread’s users can tether to the node of their choice by using the apps node tethering feature.

No Matter What Side Individuals Were On They Wanted Access to Both Chains

What the company learned this past August, during the Bitcoin Cash (BCH) fork was customers wanted their funds no matter which side they were on. Bread thinks it is the company’s duty to provide technical support for users who want access to both chains, and Segwit2x is no different.

During the next few weeks up until the pending fork, Bread says they will continuously communicate with their customers. There will be more Segwit2x announcements down the line the startup explains, and official news can also be found on Twitter as well.

“The context surrounding the 2x fork is quickly evolving and everyday individuals and companies make new announcements and endorsements — It is conceivable that the fork will fail to materialize, but as it stands today, we anticipate the split is highly likely to occur,” Bread’s announcement concludes.

What do you think about Bread’s statements about the upcoming fork? Do you think giving users a choice is a good idea? Let us know what you think in the comments below.


Images via Shutterstock, Pixabay, and Bread. 


Whether you’re a beginner or a long-time bitcoin player, there’s always something interesting going on in the bitcoin.com Forums. We are proud free speech advocates, and no matter what your opinion on bitcoin we guarantee it’ll be seen and heard here. 

Tags in this story
Bitcoin, Bread, BTC, Fork Announcement, Hard Fork, N-Technology, Node Tethering, nodes, safety, Security, Segwit2X, SPV, users, Wallet
Related
Crescent Cash Becomes the Third BCH Light Client to Adopt Cash Accounts

There’s a new open source bitcoin cash (BCH) wallet called Crescent Cash which uses the Cash Accounts protocol by default.… read more.

This Photo Gallery App Is a BCH Light Wallet in Disguise

On March 27, a developer released a different kind of Bitcoin Cash (BCH) application called Bchgallery, an Android BCH wallet… read more.

Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.