We promised you big news this week, and here it is! We have mentioned a few times in the past months that we are increasing the security measures for our coin. This will be achieved by performing a hard fork- the new version of the blockchain. Starting on Wednesday, July 18th, at about 8 o’clock BST, block height 109073, we will no longer support the old blockchain.
EXCC will finally be one of the most secure coins that exist. What does this mean to you as an investor? We have broken down the expected changes and how it will benefit our investors below.
What is the meaning of Hard Fork?
There are different types of forks. In the cryptocurrency industry, forks are defined as the changes in protocol or the events following the divergence of a blockchain into two potential paths. It can also be described as a situation where few blocks are observed to have the same block height. The occurrence of forks can be accidental or intentional. The accidental forks happen when a few miners find a block at the same moment. Regarding intentional forks, it can either be the case of a soft or hard fork.
Soft fork refers to a change in the rules that have been used to create blocks and how they are recognized by the old software.
Hard fork is a software upgrade that is used to introduce a new rule to the network. It is however not compatible with the older software.
EXCC hard fork — important information
We are going forward, this time with a new blockchain. This means that from Wednesday around 8 o’clock BST our cryptocurrency platform will no longer support the old blockchain.
During the transition, the exchanges will disable new deposits and withdrawals for a few days, but trading should be possible within this time. We will closely monitor the progress with the exchanges to ensure that the hard fork goes as smoothly as possible.
At block height 109073 we will carry out a snapshot, which involves taking the records of all the blockchain addresses, its balances and “rewriting” them into the new blockchain. It means that all EXCC assets on the previous blockchain will be available on the new blockchain.
Everyone should be aware that transaction done with any of the old wallets after the snapshot will not be visible on the new blockchain and at the same time will be invalid.
What should everyone do?
First of all, ensure that you hold all your funds on the ExchangeCoin web-wallet available at https://xchange.me; or on the EXCC Copay desktop wallet (available for download at https://excc.co/), alternatively on the Coinexchange or TopBTC accounts. The new platform will not support other types of wallets, so selecting one of the listed options will be the best choice for you.
Also, the Z-type addresses will no longer be supported after the hard fork. Therefore, all assets kept at the private addresses must be transferred to public addresses before the snapshot is done. The wallets listed above are the most recommended ones during transition.
And one more important information; the new Desktop Wallet -Exilibrium is ready to be launched (you can read more about it here: https://excc.co/the-new-excc-desktop-wallet-exilibrium-a-sneak-preview/), and it will be released this week at the same time we will be starting a new network!
All old desktop wallets will stop working. That is why we will make the Exilibrium available to you, and it will work with the new network. We have also prepared a tutorial on how to transfer your funds from the Copay wallet to Exilibrium.
We recommend holding your EXCC in the desktop wallet, this way; you have access to the private keys. In addition, Exilibrium will permit participation in staking directly from your wallet; so please note that staking will not be possible from the exchange level or (at least for now) web-wallet.
Adding Proof of Stake + Proof of Work implementation
As stated in earlier posts, we have been working hard to ensure that our coin is fully secured. This week we will finally implement the POW+POS hybrid system. As you already know, we decided to split the mining reward between the stakers and miners only, withdrawing from the developers’ contribution. The split will be in the 30% (stakers) — 70% (miners) proportion. In one of our next posts, we will explain what PoW & PoS mean and how to stake.
More details regarding hard fork and how we did it coming soon. Stay tuned!
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