Topic: [ANN] Guidelines for Customers with Bitcoin Stored on Bixin (Read 335 times)

1. We support the scaling of block size under the broad consensus of the community

As the problem of block scaling is urgent, the Bixin team once again stated that we support the scaling of block size under the broad consensus of the community.

Undoubtedly, Bitcoin needs a larger block size to have a brighter future; we are open to all varieties of scaling programs — as long as they are conducive to the stability of the industry and the development of technology.

Meanwhile, Bitcoin can not afford more internal friction; the scaling needs to proceed under the consensus. As a responsible member of the Bitcoin community, we support the longest chain of more than 90% of Hashrates.

2. There will be only one kind of Bitcoin

Ever since the birth of Bitcoin, its total number is limited to 21 million permanently; this is irrevocable. It means everything to the existence of Bitcoin. If both chains after the hard fork would survive, then the number of Bitcoin has doubled beyond all doubt. As a violation of the original purpose of Bitcoin, it would make the industry into chaos jeopardize the recognition of Bitcoin users.

Besides, technically, if the hard fork happens, the chain with fewer Hashrate is almost impossible to survive.

1) Getting through the Difficulty adjustment period would be difficult. Unlike that of Ethereum, the change of Difficulty of Bitcoin is static. It takes two weeks to finish an adjustment period. The fewer the proportion of Hashrate is, the longer the adjustment period will be. Its network will be unavailable, which will cause a slump in its value and therefore a further decrease of its Hashrate.

2) Confirming the transactions would be difficult. The chain with fewer Hashrate can’t create new blocks regularly. The time of confirmation will be too long to carry the hundreds of thousands of transactions in the current network.

3) The chain with fewer Hashrate would face the danger of 51% attack.

Therefore, we have to support the “one Bitcoin” principle, both ideologically and technically, by considering the chain with more Hashrate the chain of Bitcoin.

3. Plan for the possible hard fork.

Ensuring the safety of customer funds is our top priority. In the event of a hard fork of the Bitcoin protocol, Bixin may temporarily suspend the external deposit and withdrawal of bitcoin (internal transactions unaffected). After our assessment of the technical risks posed by any fork, such as the possibility of replay attacks, network instability, or other factors, we will recover those functions as soon as possible.

At the same time, we will record the assets in the Wallet account, Finance account, and the Hashrate exchange as a proof for the prospective distribution.

If the chain with fewer Hashrate perished quickly after the hard fork, then this chain would be invalid, and we will reserve a single variety of Bitcoin.

If the chain with fewer Hashrate kept a stable operation for one month, we would make a 100% compensation to our customers according to the snapshot we made, as long as it continues to use the Sha 256 algorithm. After a six-month maturity, users of our Wallet, Finance account, and Hashrate exchange will be able to withdraw those coins 100% as they wish.

We will work closely with other teams in the industry to promote the smooth scaling of the block size, and to ensure the overall stability of the development of the Bitcoin. The untold details will be explained further with the progress of scaling.