Glossary of terms commonly used in the Wallet

New York Agreement

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How to read in Japanese: New York Agreement

The New York Agreement refers to the agreement between 58 miners, operators, and others from 22 countries to change the Bitcoin system, so named because the signing took place in New York in 2017. It is also known as NYA.

The New York agreement is to implement “Segwit2x” in Bitcoin and to conduct a hard fork to expand the block size. Segwit2x is responsible for improving Bitcoin’s transaction processing capacity, and when implemented, payments and transactions will run smoothly.

In addition, the block size at that time was small and could not accommodate transactions around the world, making settlement time consuming. Therefore, the introduction of Segwit2x, which makes the settlement environment more comfortable, and the expansion of block size were considered, and many miners and operators supported them.

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