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Zebpay’s update on Segwit2x fork

Update on 9th November:

The Segwit2x hard fork has been cancelled as of yesterday as the community reached a compromise and will continue with the 1MB block size. Users no longer need to worry about the event of a fork. We might pause operations for a few hours around the planned hard fork time if required as an extra precaution. We will update users with more information as the deadline approaches.

Update on 8th November:

Important dates (will update again later):

15/16th November: Segwit2x hard fork

12–24 hours before: Zebpay pauses buy / sell / send / receive bitcoins

2–3 days or more after fork: expected time after which Zebpay will start buy / sell / send / receive bitcoin transactions

What is the Segwit2x fork?

Segwit2x is a proposal that members of the Bitcoin community rallied behind to end the scaling debate and implement a solution that would unite the community. If the proposal is not universally supported, it will lead to a fork in the Bitcoin blockchain and split the network into two blockchains.

The community is divided on the issue of increasing the blocksize. The community that backs Segwit2x plans to double the blocksize to 2MB while the community that is against the hard fork will continue with the 1MB block limit. Right now, it is uncertain if the fork is going to happen as scheduled on November 16th or if the Bitcoin community is going to reach a compromise.

Our Stance on Forks

Our stance on forks remains the same. Our primary focus is ensuring safety of user’s funds. Secondly, we believe that our customers should benefit from forks wherever feasible. We will ensure that customers who hold Bitcoin balances with Zebpay before the fork receive their Segwit2x tokens as soon as we can technically do so.

We will suspend all operations 12 hours prior to the fork in order to ensure that there are no deposits/withdrawals during the time of the fork. We will keep customers updated with more information as the date of the fork approaches. At the time of the fork, we will take a snapshot of customer’s balances and we will credit customers with the equivalent balance on both the blockchains after the fork.

We will wait until the network is secure after the fork and as soon as we ensure stability and security of the forks, we will re-enable services. We might take time to credit customers with the S2X tokens as we need to establish support for the new blockchain. As soon as we enable support, we will credit customers wallets with their S2X tokens automatically. We will not recover incorrectly made cross chain deposits(such as depositing S2X token in a S1X address) under any circumstances due to lack of replay protection. It is advisable for customers to leave their balances with Zebpay in order to minimize risks of loss of funds. We will strive to ensure that we keep our customers delighted and continue to uphold the trust that our customers have placed in us.

For any users who want to maintain control of their funds during the split and ensure that they receive their tokens immediately after the fork, please move your coins from your Zebpay wallet to a wallet where you control your private keys.

Source : Zebpay

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Founder and Editor-in-Chief of ‘Coinotizia’. Technology Evangelist, Security Analyst, Cryptocurrency Investor, Cyber Security Expert, PHP Developer and Part time hacker.