Binance to Support The Bitcoin Cash (BCH) Hard Fork Scheduled for November 15th

2018-11-2 17:20

On November 2nd the world’s biggest crypto exchange Binance, through its blog post announced that they will be supporting Bitcoin Cash’s upcoming Hard Fork.

#Binance will support the upcoming Bitcoin Cash hard forkhttps://t.co/xfJcrIwFZe pic.twitter.com/CWFTA13ULp

— Binance (@binance) November 2, 2018

In the blog post, they gave a few details about how they will execute the process. At UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC), the exchange will take a snapshot of all Bitcoin Cash balances. Prior to that, at 3:00:00 PM (UTC) deposits and withdrawals would already have been suspended.

The exchange has warned its customers to leave enough time for deposits to be processed before it has been suspended. They even confirmed that they will handle all technical specifications required for customers holding Bitcoin Cash in their Binance accounts.

Binance has said that they will make a different statement after the Snapshot is complete so that the users will know that the deposits and withdrawals have opened.

Shortly after the announcement, the price of Bitcoin Cash (BCH) has jumped 6.5% proving once again that the Binance Effect doesn't necessarily affect newly listed coins, but really any news from the exchange.

Technical summary of the migration

When the median time past [1] of the new 11 blocks (MTP-11) is higher than or equal to UNIX timestamp 1542300000, Bitcoin Cash will execute an upgrade of the network consensus rules according to this specification. Starting from the next block these consensus rules changes will take effect:

Remove topological transaction order constraint, and enforce canonical transaction order Enable OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY opcodes Enforce minimum transaction size Enforce “push only” rule for scriptSig Enforce “clean stack” rule

‘Automatic replay protection for future upgrade’ is a recommended change although not a consensus one.

For more details about the process, you can visit their Github page.

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