Dear YUNBI Users,
Bitcoin has created an Internet value transmission system based on the cryptography consensus as the cornerstone of the blockchain technology; and it is playing an increasingly important role in global economic activities. But as the user community continues to expand, the number of Bitcoin transactions is continuously growing. It has been difficult to meet the existing market demand with the 1 MB block ceiling set by the creator of Bitcoin, Satoshi Nakamoto, which has caused serious problems such as network congestions, delays in confirmation and high transaction fees, and this has seriously restricted the use and promotion of Bitcoin.
With its current development, the Bitcoin blockchain network will introduce a major version upgrade on August 1st, 2017 to solve the present network congestion problem. However, the Bitcoin community does not have a consensus for the version to be upgraded, so Bitcoin may face the risk of Hard Fork and community division. The two possible outcomes for this upgrade are: 1. One of the blockchains will have a dominant position compare to the newly forked blockchain. 2. Two equal status blockchains co-exist and run independently with each other.
In this circumstance, YUNBI will maintain its neutral position, with respects for the market, our users and the development of Bitcoin, and try our best to avoid any version upgrading risks for users.
YUNBI will take the following measures during the period of possible Hard Fork:
1. In order to prevent Bitcoin from rollback and replay attack, YUNBI will suspend any deposits and withdrawals starting from July 31st, 2017. If you are uncertain with your wallet’s reliability against any anti-replay attacks for Bitcoin, we recommend you to deposit your Bitcoin in YUNBI before the above date, and we will help you handle all technical issues during the Bitcoin Hard Fork period; you do not have to worry about any potential losses for Bitcoin assets on YUNBI.
2. YUNBI will take snapshots of users’ Bitcoin balances before the Hard Fork, which will be used to verify the new currency allocations after the Hard Fork.
2.1 With no Hard Fork.
If the forked chain quickly fails after Bitcoin Hard Fork, all transactions will be limited to users' original Bitcoins. YUNBI will resume deposits and withdrawals as soon as possible after the network restores stability.
2.2 With Hard Fork.
If Bitcoin forked into one or more varieties, YUNBI will provide equal amount of forked Bitcoins to users after the Hard Fork, which means the users’ accounts will simultaneously have the corresponding amount of forked Bitcoins. YUNBI will gradually restore all kinds of Bitcoin transactions.
3.YUNBI will always pay attention to the development of Bitcoin blockchain, and restore withdrawal service when it is safe. As for specific restoration time, please pay attention to the home page announcement.
All of our users will experience and witness the historic moment of Bitcoin with YUNBI together. We believe that Bitcoin will be more vigorous with numerous collisions of ideas, market competitions and customer selections.
No users should deposit any Bitcoins during YUNBI’s suspension period. Otherwise, YUNBI will not be liable for any loss of values due to Hard Fork.