Bytecoin released a tough fork today, that will require users to upgrade their wallets. Bytecoin’s main appeal is its role to provide a privacy coin: this is basically the altcoin which Monero was originally based on.
The hard fork is a mandatory upgrade: coinholders and miners should update their software straight away. However, those that use an exchange will not be required to do a single thing.
The fork can happen gradually throughout the next so often. Wallet software will mark blocks of adopted from the new software, and the complete switch to the popular fork will occur “once the level of blocks along with the new version in the 24 hour period [reaches] 90%.”
The hard fork will give more dynamic fees; previously, fees can go no below what 0.01 BCN per transaction. In addition, 60 other improvements can certainly make the coin more usable.
Bytecoin Fork Affected by Controversy
Bytecoin is a fairly quiet altcoin and not a complete unknown: it is currently sitting at #26 and is particularly in roughly the identical league as Dogecoin, Ontology, and 0x.
Part of Bytecoin’s absence out of the discourse can be due to its initial dishonesty. Bytecoin’s developers originally faked its origin date: the coin premiered in March 2019, nevertheless its developers claimed it had existed since 2012. For that reason, Bytecoin is unlikely to ever receive the trust from the crypto community.
Despite attempts to clear its name, controversy carries on plague the work. In May 2019, it was subsequently discovered that 693 million Bytecoin tokens were artificially created, producing price surge. The coin is involved in more market manipulation subsequently, as demonstrated by another price pump in May 2019 :
“This high degree of centralization meant that not only would the developers reap probably the most profits of your coin, however low circulating supply got vulnerable to massive market manipulation. The community’s distrust is eventually what drove most traders towards Monero.”
Nevertheless, Bytecoin continues to be making an effort since July 2019 to rebrand and regain status. Though the upcoming hard fork can be of interest to Bytecoin’s base, it truly is unlikely to enlighten its detractors.