Bytecoin News: Dev Team Announce Network Should Go Back To Normal
BCN price increased 300% after Binary list
● Finally, some good news Bytecoin (BCN) as a development team has released a statement explaining the reasons behind anomalous price increases and severe problems experienced in the network.
● according to a blog post released on Wednesday on the #Bytecoin-website, the problem comes from a jump in new miners joining networks using outdated software.
● old software contains bugs that affect how the network determines block size and how it reaches consensus, causing network slowness and long transaction confirmation time.
● this post says that the problem becomes severe because the number of miners using outdated software goes up and generates blocks that are not accepted by the network.
● a hard fork is prevented because most of the blocks generated by miners using the latest software are accepted by the older consensus model.
● on Tuesday, Binance opened three pairs of new BCN trades with #Bitcoin (BTC), #Ethereum (ETH) and Binance Coin (BNB) itself.
● immediately after the announcement - around 04:00 GMT - BCN prices began to rise significantly, up 157% from just under $ 0.007 to $ 0.018 per coin at midday, according to #CoinMarketCap
More than a $ 2bn surge in market capitalization seemed to gradually subside before firing back by a further 172% at midnight, at which time CoinMarketCap stopped tracking #Bytecoin prices.
sudden price increases are linked as Poloniex and #HitBTC, two other exchanges registering BCN, freezing all trades as network problems begin to materialize, leaving Binance as the only server where #coins can be bought or sold.
after the release of a new software update that fixes network bugs, the #Bytecoin development team expects network problems to be completed the next day or more when users update their software.
Coin Proof of of Work (PoS), #Bytecoin has existed for quite a while, first launched on July 4 (Independence Day in #America) 2012.
BCN is also the first privacy coin: using #CryptoNote to prevent users from being tracked through blockchain. in 2014, #Monero (XMR) is backed up from the #Bytecoin network.although it can be considered a noble old #coin with #crypto standards, #Bytecoin has failed to gain much appeal or a strong faithful base of followers, especially after Monero's principal developer #Ricardo Spagni claimed to Reddit by 2015 that over 80% of BCN hadhas been pre-mined by the coin development team.
|The reality is that 82% of the coins are already| |mined before the "public" release. Even if the| |previously made coins were not done very| |badly, it still meant 82% of the coins in the| |hands of unknown and invisible people. this| |essentially focuses on decentralized currencies|
If nothing else, this week's disaster has at least raised the Bytecoin profile among the major crypto communities. As the saying goes: every cloud has a silver lining.
