Bytecoin BCN is urging all its users, partners and miners to update their software as the company is scheduled for a hard fork update of their software. The update is scheduled for August 31. Desktop users are been encouraged to update to version 3.3. The company has also published a post on the official blog site to help its users and partners better understand what is a hard fork and the impact it will have on the company. So, what is a hard fork?
According to the company post;
A hardfork is an update that makes old versions of the software incompatible with the network at a certain point in time. In order to get prepared for it, read the instructions below.
Bytecoin BCN, which uses an open source code, is one of the few privacy-focused coins and is designed to protect user’s privacy. The company says the hard fork is expected to introduce dynamic fees to the network and make at least 60 improvements to the Bytecoin software. The improvements include fixing public methods, JSON commands, and the Keccak function.
To prepare users for the hard fork the company says users using the Bytecoin Desktop Wallet should update it to the Version 3.3 and although this is all, users must not forget to back up their wallet file before updating the wallet. As for those who are trading through the company’s exchange partners, nothing is expected from them and they can just go ahead and continue trading.
Now, although the company has given August 31 as the date the software will be launched, the actual update is not expected to be immediate. The company says that the update will happen in the coming weeks. Once a user has downloaded the new Desktop wallet, the software will start marking specific blocks that are adopting the new software. This expected to go on for 24 hours, hitting 90% of the blocks, and once this is achieved, the switch will take place.
What Is Bytecoin?
Bytecoin (BCN) is an anonymous cryptocurrency meaning that the blockchain does not disclose information about the users. According to the company’s website, this coin offers the best solution for those who want to keep their financial privacy. The network also allows for instant payments around the world. The platform has been praised for being instant, reliable and privacy of transactions at no additional cost.
Although privacy-focused cryptocurrencies continue to receive criticism, over alleged use to fund illegal activities, statistics have shown this not to be the case. Statistics have proven that cryptos are used for more legal activities than illegal. So far they remain popular and Bytecoin BCN remains one of the most promising of the lot. At the time of press, the coin is trading at $0.002146, up by almost 10% with a market cap of $394,991,733.