Bytecoin and Binance: An Official Statement from the Development Team

May 9, 2018
Bytecoin and Binance: An Official Statement from the Development Team

Dear Community,

I'd like to clarify the situation the Bytecoin issue on Binance.

Yesterday one of Bytecoin’s biggest milestones was achieved when one of the biggest exchanges - Binance announced they will be listing Bytecoin.

Unfortunately this was the cause for an explosive amount of user growth and mining activity. Due to the large amount of miners who were using the old software a bug appeared in the network consensus. That bug was the cause of the network’s instability.

We'd like to say a huge apology to all the Binance users who were faced with Bytecoin’s network issues.

We remained in silence until the moment we clearly understand the root of the problem because we want to be able to provide you with certain solutions, updates, and deadlines.

Currently, the entire Bytecoin development team is working hard to solve this issue asap. All of the problems have been identified and most of them have already been fixed.

Bringing the network into a stable state is currently our top priority.

We want to thank our entire Community and the Binance team for their support and understanding.

As soon as all the issues have been fixed we will provide you with a post-mortem analysis where the whole situation with Binance will be explained in detail.

Yours truly,

The Bytecoin Team

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