Not too long ago 2 famous Bitcoin hardware wallet makers, Satoshi Labs, the company behind Trezor and Ledger Wallet, introduced their contingency schemes for the expected Segwit2x fork which may occur in nine days. Both firms make clear they will maintain the support of the two chains and tethered tokens if potentially there is a split and supply a tool for the Bitcoin splitting process.
The hard fork of Bitcoin announcements manages to pile up as block 494784 approaches with various digital currency based businesses uncovering their procedures. On 6th Nov, the 2 hardware wallet firms Satoshi Labs and Ledger described how their wallets will take care of the upcoming fork.
Satoshi Labs points out Segwit2x is a plan to fork the network by growing the block size to 2. The business states the fork “is a contentious hard fork” will very likely end in a split. Nevertheless, Satoshi Labs makes clear that Trezor wallets will support both chains labelling the Segwit2x token “B2X,” and all wallet users will receive the new coin, a 1:1 distribution if a split comes.
“If you have Bitcoin kept on your Trezor wallet before the split, you will get the equal amount of BTC and B2X after the fork. Because by using Trezor, you own your private keys, for that reason you have control of all your coins, including forked coins” points out by Satoshi Labs.
The Czech-based business states their Trezor owners have to be careful submitting transactions while the fork due to Segwit2x’s lack of replay protection. Furthermore, Satoshi Labs will likely offer a splitting guide and small tool for people hoping to obtain the new coin (B2X) within the software’s beta version.
“B2X will make use of the same address format as Bitcoin,” Satoshi Labs comments. “but, Trezor will generate Segwit2x token’s addresses with a different derivation path.”
The French wallet maker, Ledger also announces their wallets will support both chains and the relevant tokens after a split takes place. Ledger details people should be precautious in regards to submitting transactions throughout the fork and states users should “hold on before 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 though the process might be somewhat bumpier simply because that Segwit2x was not at first designed to cause a split,” highlights by Ledger’s fork announcement.
Ledger furthermore highlights the firm’s wallet software will show a warning if a transaction is insecure to replay attacks. At that time, the system will ask the user if they choose to split the coins or they can elect to bypass the warning. Moreover, Ledger will supply both a non-custodian and “half custodian” processes to split tokens just after block 494784.
“The non-keeper process will depend upon the system provided by the chainspl.it initiative and comes with a command line or web interface to use it with Ledger Nano, Nano S or Blue – the process is not automated and strongly recommended for advanced users only,” Ledger’s plan explains. “The “half custodian” procedure will require a new Ledger app created for the Nano S and Blue (it will not be available on Ledger Nano) and will be totally automated.”
Other hardware wallet firms such as KeepKey and Digital Bitbox, have not had any word about the support of both chains. We will update this post if we have news from them.