Dear OKCoin Users:
The hardfork proposed by the Bitcoin Gold (“BTG”) is expected to occur at the block height of 491407 (Beijing Time – Oct 24 2017). OKCoin, as a company dedicated to promote Bitcoin application, would continue to strive for providing the best services to our customers. Therefore, we have decided to conduct an asset snapshot before the fork and would then make a reasonable attempt to credit our users BTG subjected to our review on network status and BTG codes.
Full details of policies as below:
1.Due to the variability of block creation within the BTC network, Block height 491407 was reached on October 24th, 2017 at 9:20am (Beijing Time). OKEx according to the change has conducted and completed the wallet snapshot on October 24th, 2017 at 9:00am (Beijing time).Be noted that margined positions would NOT be considered as snapshotted BTC equity balance. Any BTC deposit made after the snapshot will not be counted.
2. If it is beyond our reasonable doubt that the BTG hardfork is unable to create further blocks and/or BTG does not provide sufficient safety measurement to our users (for example, a lack of replay protection or a loophole in protocols), It is at OKCoin’s sole and absolute discretion that OKCoin would release BTG and open a trading market for BTG.
3. If BTG, after a thorough review from OKCoin International, is deemed to be safe and functioned properly, OKCoin would credit BTG at the time which OKCoin deems to be appropriate. At the time OKCoin’s users are expected to claim your deemed BTG in OKEx’s spot account – in which can be login with OKCoin’s ID and password.
4. At 9:00-14:00 (Beijing Time) dated 24th Oct, 2017, OKCoin would suspend all withdrawal of Bitcoin. Withdrawal will be resumed until further notice.
5. OKCoin would provide utmost support to BTG according to various aspects such as its actual operation, technology level, BTG’s team continuous development, market liquidity and regulatory compliance. We will faithfully consider the timing of BTG’s trading market. We appreciate your patience and we shall issue another announcement in respect to such matter.
Main Features of BTG
- BTG plans on adding SIGHASH_FORKED (replay protection measure) 4 as Bitcoin Cash (BCH) did when it hard forked, but as of 2017/10/21.
- BTG is pre-mined. This refers to the blockchain mining that takes place in a non-public environment, which may result in unequal distribution of new coins and profits margins that lean heavily towards the original supporters and developers of BTG.
- BTG will apply the Equihash Proof of Work (PoW) algorithm. This algorithm is different from the SHA256 algorithm that Bitcoin is using because it is a memory-oriented PoW, which is limits hash power by how much RAM you have. As a result, it is resistant to mining using ASICs
Bitcoin Gold does not currently have:
- Fully formed consensus code
- Implemented replay protection
- Adequate code for testing and auditing
- Publicly known code developers
Bitcoin Gold codebase also contains a private premine of 8,000 blocks (100,000 BTG).
Please be aware that if a market does open there is a possibility of the developers selling their premined BTG on the open market.
As of 2017/10/21, BTG does not have replay protection and has not yet completed the move to an Equihash PoW algorithm. The date of the hard fork and the activation of the BTG blockchain is still unconfirmed, and it is uncertain whether or not blocks will be stably generated.
October 24, 2017