How OKEx Is Preparing For The Potential Bitcoin Forks

Since its release in 2009, Bitcoin has gained unprecedented global influence over the past eight years. Bitcoin’s progress was a natural evolution of the internet. It has also ushered in new possibilities for the evolution of our society and today counts itself as the most reliable public blockchain in the world. Bitcoin has the potential to be the basic infrastructure on which emergent blockchain applications are built upon and play a major role in our new economy.

Over Bitcoin’s recent years of rapid growth, several different development paths and proposals have emerged within the Bitcoin community. Some have advocated for expanding the block size in order to handle more transactions and increase network throughput. Some have proposed introducing a new transaction format and upgrading the data structure (SegWit) and developing second layer technologies such as Lightning Network in order to increase transaction throughput. OKEx is proud of and thankful for all experts and developers for their commitment to the advancement of Bitcoin. We believe that the fight for the future of Bitcoin have been based on technical ideas, not on conspiracy theories, or politics amongst various companies and organizations.

In our everyday lives, the technologies we enjoy have similarly emerged from their own controversies and growing pains. For example, Windows Mobile, Nokia Symbian, iOS, Android competed in the market for years until iOS and Android become widely accepted. Similarly, today’s China’s high speed rail network is a result of years of market competition between different technologies such as magnetic levitation versus wheel-based high speed trains. As for Bitcoin, we believe that market competition should be the decider of what technology prevails, not summits or political pacts in support of one option or another.

OKEx as a company is dedicated to building the application layer for Bitcoin, and our purpose is to serve the best interests of each and every one of our customers. OKEx does not and has no power to help users choose which kind of Bitcoin technology to adopt. Our stance is that OKEx will support all competing forms of Bitcoin, and grant each option to our customers and the market.

Officially, OKEx is preparing for the upcoming potential Bitcoin forks with the following policies:

1. During the potential fork, from 2017-07-31 to 2017-08-02, we will suspend Bitcoin deposits and withdrawals due to potential technical risks such as replay attacks and other issues that may cause network instability. We will further advise on specific timing but we advise that you deposit Bitcoin in advance in order to not affect your trading.

2. If there is no fork, and the network is stable, we will resume Bitcoin deposits and withdrawals.

3. If Bitcoin is split into several blockchains, OKEx will for every blockchain give users their rightful ownership of their Bitcoin. In addition, OKEx will take steps to support trading for every type of Bitcoin. On OKEx contracts trading, for existing undelivered maturities, the calculation of the Index price will be the sum price of all Bitcoin types of the respective exchanges should they support them. After delivery, new OKEx contracts will be tied to a particular version of Bitcoin, and OKEx will take steps to support contract trading for all types of Bitcoin. For undelivered maturities, post the splitting of Bitcoin, when adding margin funds, all types of Bitcoin will be required.

4. In all these circumstances, the easiest way for uninterrupted trading is for users to deposit Bitcoin in advance and OKEx will handle all resulting technical issues related to the potential Bitcoin forks.

5. If unexpected events occur during the potential Bitcoin fork period, OKEx may temporarily also suspend Bitcoin trading. If we deem someone has maliciously manipulated the market during this period, OKEx may take measures including the suspension and roll back of trades.

We believe in the years ahead, after a long period of market competition, one or several versions of Bitcoin will be widely adopted. Let us all work towards that future together.

For more information visit OKEx.

Author: Dylan Jones

Share This Post On
468 ad