The Bytecoin community is gearing up for the hard fork on May 17th, which is expected to introduce new features on its blockchain.
Bytecoin blockchain upgrade approaches
The Bytecoin development team announced that it had set the blockchain upgrade height. The hard fork would be triggered at block 1792117, which would be reached around Friday, May 17.
In a blog post from the team, they revealed that the Bytecoin blockchain would undergo an update, it would begin to accept blocks with version 4 and introduce new features. In preparation for the hard fork, the community members have been advised to update their Bytecoin Desktop app to at least to v3.4.2.
Also, bytecoin.money and Bytecoin Wallet users don’t need to take any action as the team would take care of the software. Meanwhile, users that store or trade their BCN coins on third party exchanges and wallets should keep a record of the platforms that have already gone through with the update.
The platforms mentioned include; Poloniex, Stex.com, HitBTC, Freewallet, EOBOT, TradeOgre, and Crex24. For users who store and trade BCN on other platforms asides the ones mentioned above, their cryptocurrency would remain unchanged. However, they would be able to send their BCN coins once their platforms carry out the update.
Bytecoin hard fork to bring new features
The upgrade of the Bytecoin blockchain is set to introduce some new features. The update would make it possible for both old and new format addresses to work and transfer BCNs amongst themselves. However, the maximum coin supply will not be altered.
The hard fork will introduce some fantastic features such as new unlinkable addresses, improved P2P protocol, reduced ring signature size, block size adaptation, HD wallets with mnemonic backup and restore, wallet history stored in the blockchain, consensus updates, and auditable wallets.
The HD wallets would enable several usability and safety improvements. Meanwhile, the new, unlinkable addresses is a useful innovation that would allow the creation of addresses that are impossible to link together.
The improved P2P protocol is expected to contribute to a faster blockchain synchronization speed, enabling a more reliable connection between the network nodes, and an improvement on the overall network performance. The auditable wallets would make it possible for public deposits to be viewed from several view-only wallets.
The new minimal anonymity requirement and the unique design of signature scheme features would have positive impacts on the blockchain. The development team appreciates the users and integrators for the timely software updates and the contribution to the growth of the network.
We’d love to hear your views on that, please share your opinion using the comment section below.
Please take also a moment to complete our online survey, it will be just a few minutes for you, but for us, it will mean a lot and will help us to adjust and make better articles for our readers.
We are coming out with one daily news every day of the week for our loyal followers, so don’t forget to follow us on our social media channels like Twitter, Facebook and Reddit. We also have a Telegram channel where we post our daily articles.
Hassan is a cryptocurrency and stock market writer and enthusiast. The financial world has become his primary interest, with movies and books being some of his favourite pastime activities. He is an investor in many blockchain projects including Bitcoin, Stellar Lumens, Cardano, VeChain, Gifto, and Cindicator. Hassan also writes for important outlets like Blokt.com