Regarding Bitcoin Segwit2x Hard Fork: Huobi Pro's Position
On May 23, 2017, 58 companies from 22 countries around the world signed the New York Agreement (Segwit2x). The group of signed companies represents 83.28% of hashing power, 5.1 billion USD monthly on chain transaction volume and 20.5 million bitcoin wallets. And the group agreed to immediately support the following parallel upgrades to the bitcoin protocol, which will be deployed simultaneously and based on the original Segwit2Mb proposal: activate Segregated Witness at an 80% threshold, signaling at bit 4 and activate a 2 MB hard fork within six months. Segwit2x was officially activated on July 23, 2017. Approximately 90 days after the activation of Segregated Witnesses on the Bitcoin blockchain, a block between 1MB and 2MB in size will be generated by Bitcoin miners. Therefore, an upcoming bitcoin Segwit2x hard fork is estimated to take place on November 19, 2017.
As a global leading digital asset trading platform, Huobi Pro (Referred as www.huobi.pro) is dedicated to providing first-class digital asset trading services. Huobi Pro does not have the right to and chooses not to pick any coins deriving from bitcoin Segwit2x hark fork on behalf of our users. Therefore, Huobi Pro will support all coins deriving from bitcoin Segwit2x hard fork and our users have the options to choose which coins to trade.
Huobi Pro is preparing for the upcoming bitcoin Segwit2x hard fork with the following guidelines:
- From 12:00 PM, October 19, 2017 (GMT+8) to the end or the success of bitcoin Segwit2x hard fork, Huobi Pro will support conversion between BTC and BT1+BT2, i.e, one BTC can be converted to one BT1 & one BT2 and vice versa. BT1 and BT2 respectively represent coins mined from 1MB blockchain and 2MB blockchain after the hard fork.
- Huobi Pro will launch BT1/BTC and BT2/BTC trading pairs at 12:00 PM, October 19 (GMT+8).
- Since the upcoming Segwit2x hard fork may take place on November 19 (Block height 494784), Huobi Pro will suspend bitcoin deposit and withdrawal service between 24 hours and 72 hours prior to the hard fork, in order to prevent potential technical risks such as replay attacks and other issues that may cause the network’s instability.
- Huobi Pro will enable BT1 and BT2 deposit and withdrawal service soon after the hard fork.
- If hard fork succeeds, Huobi Pro will
(1) Decide which coin is BTC and rename the new chain split coin. Confirm the time to take snapshots of our every user’s BTC balances. We will keep you updated with future announcements.
(2) Cease and delist BT1/BTC and BT2/BTC trading pairs. Our system will suspend all trading pairs against BTC and cancel all unexecuted orders of trading pairs against BTC.
(3) Take snapshots of all our every user’s balances. Users who own BTC at the snapshot moment will be rewarded with another chain split coin at a ratio of 1:1.
(4) Resume all the trading pairs against BTC on Huobi Pro and launch the new chain split coin against BTC pair.
- If hard fork does not take place or fails, Huobi Pro will
(1) Confirm the specific time when the value of the chain split coin turns to zero.
(2) Cease BT1/BTC and BT2/BTC trading. If BT1 is chosen to be BTC, then we will convert BT1 balances to BTC balances and turn BT2 balances to zero. If BT2 is chosen to be BTC, then we will convert BT2 balances to BTC balances and turn BT1 balances to zero.
If your bitcoins are stored on trading platforms which not support all Segwit2x chain split coins or you are using wallet without anti-replay attack function, we strongly suggest you deposit bitcoins to Huobi Pro and we will handle all resulting technical issues related to the bitcoin Segwit2x hard fork and reward you with the corresponding digital asset as we mentioned above in Guideline 5(3). If you have bitcoins in your Huobi Pro account, we will guarantee that all your assets are safe with us throughout the hard fork event.
Investing in digital assets comes with high risks due to huge price fluctuations. Coins deriving from the hard fork may be subject to large swings in value and may even become valueless. Before investing, please have a full understanding of all the risks of investing in digital assets and be prudent of your own investment decisions.
As always, Huobi Pro continues to provide professional, secure and efficient digital assets trading services to you. Thanks for all your trust and support!
October 17, 2017