There is only one kind of Bitcoin in the world , and " she " doesn't only belong to you or me , " she " belongs to everyone who believes in the idea of decentralization.
Bitcoin has been with us for eight years since its foundational block mined on January 9th , 2009. Some people are immersed in "her" exquisite and rigorous design , some are fascinated by "her" fluctuating prices , some have made tremendous amount of wealth with "her" , and some have made themselves known to the world through "her". With greater global recognition , Bitcoin is also facing a critical challenge at this juncture of development: the need to upgrade Bitcoin blockchain to meet greater user demand . During the three-year expansion debate , there have been many different proposals for expansion , but since the decentralizing Bitcoin can still run sufficiently , no proposal has been put into practice so far. As multiple forces turn hot white , Bitcoin network will likely revolve into a new chapter through a violent fork on August 1st, 2017.
YUNBI would declare our position on the expansion event in this article , and provide the safest hard fork plan and security guarantee for our users based on the previous experience of Ethereum hard fork. In order to fully analyze the expansion event, let us look at the mainstream expansion proposals firstly.
1, Bitcoin Hard Fork progress and plan
The above chart is the Bitcoin expansion proposal schedule organized in accordance with its timeline from the left to the right, there are two main expansion proposals in the schedule : BIP 91 and BIP 148.
BIP 91 ( Segwit2x ) , the New York Agreement expansion proposal. 58 well-known blockchain companies from 22 countries signed the New York Agreement on May 23, 2017 ( Segwit2x , that is , separate witness +2 M expansion ) , which has gained 83.28% of hash-power support in the network. The BIP 91 had received more than 80% hash-power support from July 19, 2017 to July 21, 2017 and has been officially activated on July 23, 2017. The official effective date of BIP 91 is July 26, 2017.
BIP 148 ( UASF ) , the user activated soft fork , which is another technological proposal planned by the Bitcoin Core developers. Currently the BIP 148 has the same separate witness expansion as the BIP 91, but the main difference will take place in November 2017, when BIP 91 will expand the block size to 2 MB while BIP 148 will keep its original size of 1 MB.
In addition to the two expansion proposals above , a third block expansion proposal called Bitcoin Cash ( UAHF ) has recently been proposed.
Bitcoin Cash ( UAHF, BCC ) , formerly known as Bitcoin ABC. This proposal takes a technical route of expansion and removes the Segwit function to ensure simplicity and stability , it expands the block size to 8M. The Bitcoin ABC code improves on the stable version of the Bitcoin protocol , believing that without Segwit it will have greater stability , security , and robustness , and it is a backup of the current Bitcoin protocol and system. its mining will start from 20:20 on August 1st , 2017.
In addition , we can not rule out the possibility of new chains to be forked from Bitcoin in the future. If these new chains were forced on a price by somebody , it would subject the Bitcoin blockchain and all trading platforms to potential replay-attack risks once again. For more detailed understanding of blockchain hard fork and replay attacks , let's take a look at the Ethereum hard fork event :
Due to the hack of the DAO in July 2016 , Ethereum blockchain was forced to hard fork to help recovering losses. When Ethereum blockchain hard forked at the block of 1,920,000 , Ethereum core developers transferred stolen funds to a new chain address. With the additional participations from most miners , the new chain outpaced the old one in block production , so the old one was abandoned and temporarily forgotten.
Just four days after Ethereum community's celebration for its hard fork success, Poloniex , which had the the largest Ethereum trading volume , announced that the old abandoned chain would be listed on their platform and renamed its token as ETC. Poloniex forced a price on the abandoned blockchain assets with their significant influence at that time , which had prompted users around the world to demand the same amount of ETH as before hard fork from their platforms. As a result , all other grobal trading platforms suffered serious replay attacks except for Poloniex , resulting in a deficit in ETC.
According to the blog " The Detailed Instruction of YUNBI Users' ETC Snapshot Distribution " , YUNBI users lost a total of nearly 40,000 ETC in this event. After a discussion within our YUNBI operational team , YUNBI decided to fully pay the users' loss of 40,000 ETC with our own profit. YUNBI has established good reputation for taking the responsibility and acting in the best interest of our users. But the replay attack has since become the most difficult problem in blockchain hard fork.
2, YUNBI‘s position of Bitcoin Cash Hard Fork proposal
Although Bitcoin Cash proposal has been supported by certain companies , it is only an innovative expansion proposal by a particular group. The corresponding currency BCC can not be called Bitcoin and should only be seen as a competitive currency that inherits the data of the Bitcoin block. Although there are an extremely small number of platforms which have set a market price for BCC ahead of schedule , BCC has a very high speculative risk because of low market acceptance and lack of liquidity , and its price may even return to zero with the unknown factors of hard fork chain.
For the best interest of our YUNBI users and to prevent us from the risk of strong market fluctuations , the following strategies should be adopted :
2.1 BCC application and receipt
YUNBI will prepare technically to ensure safe BTC expansion and prevent our users' assets from being compromised in any replay attacks. In order to ensure the security of all users' assets during the Bitcoin hard fork , YUNBI will suspend BTC deposits and withdrawals starting from August 1st , 2017 at Beijing time 0 : 00 . YUNBI will restore BTC deposits and withdrawals services once users' BTC assets are safe , and we will restore BCC withdrawals service when the BCC blockchain is stable.
If you are unsure about the details about how to request BCC or worry about your wallet’s reliability against any 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 and distribute the equal amount of BCC.
At the same time, with our open and transparent operational objective , YUNBI will use 100% reserve verification method to request BCC fully for users. By that time , you will be able to check signatures of all BTC assets in the BTC blockchain and the BCC fork chain to confirm that the BCC has been fully requested by YUNBI for all platform users.
2.2 the issuance of BCC
Since the BCC will come from the BTC hard fork chain , all YUNBI users holding the BTC before hard fork will also hold an equal amount of BCC assets after hard fork. YUNBI will take snapshots of users’ Bitcoin balances of BTC at 20:20 pm on August 1st , 2017, and will distribute BCC to all users with a one to one ratio.
2.3 BCC trading
There are still a lot of uncertainties in the short term because BCC is a competitive currency generated from the hard fork of Bitcoin blockchain , and the market price will fluctuate violently with the development of the hard fork event. YUNBI will put our users' interests as our priority and constantly monitor the BCC fork chain. YUNBI will reserve the right to trade BCC with its stability.
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.
YUNBI always believed that there is only one kind of Bitcoin in the world , and " she " doesn't belong to you or me , " she " belongs to everyone who believe in the idea of decentralization.
July 25th , 2017