Bytecoin network will be undergoing a hardfork in March 2019. There is no doubt it is a substantial event for any cryptocurrency. In general, hardforks allow to:
introduce important features and updates. Regular updates work as well, but if you want to change block format, cryptographic functions, or consensus, you need a hardfork;
improve network health and smoothly enforce software updates. Quite often networks benefit significantly from updated software. For instance, Bytecoin’s Amethyst release will introduce updated Peer-to-Peer protocol (protocol for data exchange between nodes), which will improve blockchain sync speed and connection reliability for all updated nodes;
How to prepare for the hardfork
Please, keep in mind that:
the new release allows for both old and new format addresses to work and transfer BCNs between each other;
maximum coin supply will not be modified.
If you’re a Bytecoin Desktop user: please update to the most recent version of the Amethyst release, available throughout the hardfork period (3.4.* and up). Bytecoin devs are making final preparations before the hardfork, so if a newer version comes out, go ahead and update.
Please, keep in mind that if you’re upgrading from a version prior to 3.4.0, a blockchain resync will be required.
If you’re a bytecoin.money or mobile app user: there is no need to do anything, the update will happen automatically.
If you’re keeping BCNs on an exchange or third-party wallet: the update should happen automatically - we are informing all integrators of the hardfork well in advance. You may be prompted to transfer your money to a new format address. If you’re unsure, you can contact your integrator of choice.
How will the hardfork take place
The software analyses whether 90% of blocks in a 720 block window (approximately 24 hours) were submitted by the new version of the software. When that percentage is reached, the software is scheduled to start accepting new format blocks after a predetermined period of time to give everyone who has not yet updated a final window to do so.
Please keep in mind that hardforks are not easily predictable. The exact date of the hardfork will be determined by how fast the miners move to the new version. Fortunately, there are plenty of API improvements for them to explore.
What will the hardfork bring
The new Amethyst release consists of a considerable number of new features and improvements which will become available after the hardfork. Here are some of the main ones:
HD wallets with mnemonic backup and restore;
new unlinkable addresses;
reduced ring signature size;
wallet history stored in the blockchain;
improved P2P protocol;
The Team expects this hardfork to go smoothly like the previous ones. Don’t forget to watch for software updates and let us know if you have any questions.