Day: October 22, 2017

Bittrex pointed out that crediting users the appropriate amount of Bitcoin Gold is technically challenging, deposits and withdrawals will be suspended 24 hours in advance.

Bitcoin price zoomed up to set new all-time highs and is pulling back to offer an opportunity to ride the rally.

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This week bitcoin proponents have been talking about the bitcoin gold fork scheduled for October 25. With just a few days away, bitcoin exchanges and service providers have been detailing their contingency plans on how to best deal with the upcoming distribution of split tokens.

Also Read: Bitcoin Cash Community Preps Hard Fork Slated for November 13

Coinbase Reveals Plans for Bitcoin Gold

Bitcoin enthusiasts have been discussing the bitcoin gold fork a lot this week across social media and cryptocurrency forums. Now many bitcoin-based service providers are coming out of the woodwork to explain their company’s stance towards this fork and associated token. Further, just recently news.Bitcoin.com reported on a large swathe of Japanese exchanges detailing their split contingency plans.

On October 21 the cryptocurrency exchange and brokerage service Coinbase revealed its plans for bitcoin gold. Coinbase says the protocol is incompatible with the existing version of bitcoin and the company will not support this fork.  

“At this time, Coinbase cannot support bitcoin gold because its developers have not made the code available to the public for review — This is a major security risk,” explains the San Francisco based exchange.

The fork has already privately occurred at a point known only to the bitcoin gold development team. The bitcoin gold blockchain will be made publicly available when the bitcoin blockchain reaches block number 491,407, which is currently estimated to occur on October 25, 2017.

Both Coinbase and GDAX plan to monitor bitcoin gold to make sure the network is secure and viable. The company says at a later date it may decide to provide distribution support for the split tokens. “If Coinbase were to enable support for bitcoin gold at a future date, customers would be able to withdraw bitcoin gold associated with their Coinbase/GDAX bitcoin balances at the time of the bitcoin gold fork.”  

Two Hardware Wallets Discuss the Upcoming Fork

Following the announcement from Coinbase, on the same day the popular cryptocurrency hardware wallet manufacturers, Satoshi Labs and Ledger, also gave updates on the bitcoin gold situation. Satoshi Labs explains to its Twitter followers that a Trezor announcement will come if the project is actually safe. “Once there is a safe way, we will let you know,” explains the Prague-based hardware wallet company. Moreover, Trezor also highlights that the bitcoin gold developers have not added replay protection yet, which is an issue for a lot of service providers. As far as bitcoin gold support goes, Satoshi Labs says it “depends on the timeframe — If bitcoin gold implements strong, two-way replay protection a day before the fork, we cannot be ready in time.”

The France-based Ledger Wallet also detailed its plans for bitcoin gold on October 21. The hardware wallet provider Ledger states:

Ledger will add immediate support for the bitcoin gold fork if/when the code is available, with replay protection, and if it’s successful/valid — Bitcoin Gold will fork on block 491407 – just hold your BTC in a Legacy or Segwit address before. Nothing else [is] necessary.

Coinomi Wallet Offers Full Splitting Support — While the Bittrex Team is Concerned About the Project’s Development Inconsistencies 

Additionally, another wallet provider Coinomi has explained how it will handle the upcoming split situation. Coinomi explains it will be supporting the bitcoin gold tokens. After the fork when the network goes live on November 1, split tokens will be credited to Coinomi wallet users. The company gives a step-by-step process on how a user will be able to obtain their bitcoin gold, alongside stating the startup will offer 24/7 customer support.

Furthermore, the cryptocurrency exchange Bittrex explained they will be crediting users with bitcoin gold if they held bitcoin on the exchange prior to block 491,407 occurring approximately on October 24, 3 am PT (10 am UTC). However, the exchange may not list the forked token within the platform’s markets, as the business has concerns. Bittrex is concerned about the lack of consensus code, no replay protection, no publicly known developers, and the fact that no business has been provided with adequate code for testing and auditing. The company also tells its users about the bitcoin gold pre-mine, and explains developers could dump these tokens on the open market.

With the fork just days away, and the bitcoin gold network going live in a week, it’s still hard for people to have confidence in this particular split. The most contentious issues with this fork are the lack of replay protection, a significant pre-mine for bitcoin gold developers, and a severe lack of infrastructure support. However, as far as support, it’s likely more businesses will announce their plans towards handling this fork over the course of the next two weeks. Meanwhile, the entire cryptocurrency community will wait and see if this project is truly viable.

What do you think about the bitcoin gold project? Do you think the project will stand on its feet or do you have little confidence towards the bitcoin gold outcome? Let us know what you think in the comments below.

Images via Coinbase, Trezor, Ledger Wallet, Coinomi, and the Austin Powers film.

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A promising new player entering the cryptocurrency exchange space, Alttradex has announced its ICO will take place on the 25th of October. The state of the art platform which is heavily influenced by traditional FX platforms puts a heavy emphasis on transparency and customer support.  Alttradex is built with upcoming regulations in mind and is … Continue reading Alttradex, A Professional Grade Cryptocurrency Trading Platform, Announces ICO

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When someone thinks about logistics, the first thing that comes to mind is DHL, UPS and, why not, Amazon or other major service providers involved in the global delivery system. More than 88% of the world’s packages are managed by a third party company. They take the package forwarding it through one of these large … Continue reading ICO LIVE- LWF (Local World Forwarder), World’s First Decentralized Logistics Platform

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The world of cryptocurrencies is officially transitioning onto the mainstream. After years of being in the shadows, the world at large has finally taken notice of the disruptive, scalable and secure nature of the blockchain network. This year alone, close to 4 billion in ICOs are currently on their way to software development. A litmus … Continue reading How to Pick an ICO in the Overcrowded Cryptoworld

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Every blockchain enthusiast is sure that blockchain technology will come to the forefront of daily life. Decentralized Autonomous Corporations like self driving car services and smart contracts for anything from home to car ownership are on the horizon for the next generation of the internet. The implications of a changing job market may leave many to wonder what their place will be in the future of the blockchain.

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Sure, we may soon live in the world where the blockchain has revolutionized everything in our day-to-day life with things like tokenized assets. The only question for investors and developers alike is, “How will our society react?”

Global blockchain specialist firm ConsenSys, headquartered in Brooklyn, is addressing this question and seeking real-world solutions with Ethereal SF, an event that will highlight how blockchain will affect government, commerce, and culture. In May, the inaugural Ethereal Summit in Brooklyn hosted panels with top industry thought leaders speaking on a variety of thought-provoking subjects like “New Business Models in a Decentralizing World”, “Building a Technology of Inclusion”, and “Prototyping the Future of Government.”

Expect similar topics at Ethereal SF on October 27th, with both panels and individual speakers discussing the blockchain, bringing perspectives based on their unique areas of expertise. Following the opening of the ConsenSys offices in San Francisco, Ethereal SF looks to further discussion of the cultural impact that blockchain technology will have around the world.

Among the headliners at Ethereal SF will be founder and chairman of XPRIZE Foundation, Peter Diamandis, also known as an “optimistic futurist.” Venture capitalist and entrepreneur Bryan Johnson is also scheduled to keynote. Angel investor Gil Penchina will participate in a panel on investing in blockchain technology..

Debuting with ConsenSys’ Ethereal Summit in San Francisco is the first Ethereal Blockchain Hackathon in partnership with Blockchain@Berkeley, set to take place on October 21st through 22nd. Teams of up to six, either pre-selected or registered at the event, will have the opportunity to build substantial projects focused on creating and constructing a blockchain-based governance system.  The grand prize is five thousand dollars in ether, and the top three teams will have the opportunity to present their projects at Ethereal SF.

The challenge is to create a blockchain identification, voting, and asset transfer system that pertains to communities sharing relevant information. Mentors for the Hackathon will include Nick Dodson, Kavita Gupta, and Mike Goldin from ConsenSys. Metamask, 21.co, uPort Identity, and Core Infrastructure will have a mentor represented as well.

Judges of the hackathon will include Peter Diamandis, ConsenSys CMO and Ethereal Summit Co-Creator Amanda Gutterman, and ConsenSys Founder and Ethereum Co-Founder Joseph Lubin. The event, sponsored by ConsenSys, Blockchain at Berkeley, Microsoft Ventures, and XPrize, will have breakfast, lunch and dinner, along with complimentary snacks served at no cost to Hackathon participants. The competition will be held at Berkeley’s Haas School of Business. Registration is free.

One thing for certain is that blockchain technology will bring sweeping change to our world, promising to increase transparency, efficiency, and inclusion. . However, the people who are able to shape this transition are the ones who self-select to participate in the conversation.. You can purchase tickets to Ethereal SF with ether, bitcoin or US dollars on the Ethereal Summit home page.  

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