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Segwit2x action plan

10 Monate

Update November 9th

The Segwit2x community suspended its plans for the planned protocol change. It is not expected that a blockchain fork will happen on November 16th. This blog entry is therefore obsolete.

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TL;DR

Once both networks (Bitcoin legacy, Bitcoin2x) are stable, we will choose a primary currency for our trading platform and offer a claim system to withdraw funds to the competing blockchain. BCH (Bitcoin Cash) can be claimed too, then.

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Around November 16th, 2017, when block 494,784 is mined, a protocol change of Bitcoin, called Segwit2x, will take place. It is not expected that this change is accepted by all members of the Bitcoin community, which means that this will lead to a blockchain fork.

 

What is a blockchain fork?

In short, a fork is a permanent divergence in the blockchain that occurs when nodes follow different consensus rules. A few hours after such a fork, some transactions will exist in one blockchain, but not in the other one. While this sounds like a minor problem, Bitcoin will be effectively split into two separate currencies then. Depending on the Bitcoin node you run, you can't be sure if your incoming and outgoing transactions are valid in the competing blockchain anymore.

 

What happens to Bitcoin stored on 1Broker during the fork?

We believe that our users should benefit from forks whenever possible. When this fork happens, all owners of Bitcoin will have funds on both blockchains. For this reason we will snapshot all of our users’ balances (this includes orders and positions). Once both networks prove to be secure and valuable, we will choose a primary base currency for our trading platform and offer a claim process for the competing currency. Trading will remain open during this time.

 

What is the timeline?

12 hours before the fork will take place, we will disable all deposits and withdrawals until both networks are stable and we chose a new primary currency for our trading platform. We expect that this will take between 2 and 14 days. A few days after reactivating deposits and withdrawals, we will open the claim system where traders can withdraw their funds to the competing blockchain.

 

How do you choose the primary currency for 1Broker?

Our decision will be based on economic factors like market capitalization, community support and the actions of other businesses.

 

Why is not possible that both currencies can be used for trading?

1Broker was designed as single-currency platform and implementing a multi-currency system is an extremely complex task. However, we plan to offer this feature in the mid-term future.

 

What happend to my Bitcoin Cash (BCH) from the August 1st fork?

Similar to the upcoming Bitcoin2x fork, we snapshotted all balances on August 1st, 2017. The claim system of your BCH coins will open in parallel with the Segwit2x/Bitcoin claim system.


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