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Bitcoin Vault (BTCV) November Software Upgrade
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Bitcoin Vault is preparing itself for a software upgrade (that requires a hard fork) making it compatible with the 3-Key Security Solution.
Liquid will support Bitcoin Vault software upgrade and expects to disable deposits and withdrawals on November 17th during 17:00-23:00 JST. BTCV spot trading remains unaffected.
FAQ for Bitcoin Vault software update
A hard fork is a change in the network protocol. It is typically implemented to update and improve security measures, eliminate bugs, or add new rules and features to the protocol. For these changes to be implemented, miners will need to upgrade their protocol software to follow new rules.
Why does Bitcoin Vault (BTCV) need a hard fork?
The BTCV development team requires a hard fork to implement changes in the network protocol. The hard fork will allow us to add the necessary framework for the adoption of the 3-key security structure, making BTCV the safest currency in circulation.
What will change after the hard fork?
The hard fork will update and upgrade BTCV’s security features that will allow the implementation of the 3-Key solution. The 3-Key Security Solution is a revolutionary anti-theft mechanism, that provides an elevated level of security that is currently unavailable in the crypto industry. This feature is a key milestone in BTCV’s development. The hard fork will also pave way for merged mining.
Merged mining, also known as Auxiliary Proof of Work (AuxPOW), is a type of mining that will allow mining of one or more cryptocurrencies simultaneously with BTCV, without reducing the computational power of BTCV miners. Additionally, this change will enhance the security of the BTCV network.
Usually, a hard fork leads to a split in the blockchain of a cryptocurrency. This happens because not all miners of the network agree to the new rules. Luckily, there is a full agreement for a hard fork from the BTCV mining community, therefore the chain will not split up in this case.
Are my funds safe?
Yes, all the funds on the BTCV chain are safe. A hard fork will not have any impact on your BTCV account balance.
What does it mean for me?
Thanks to the hard fork, every user will be able to create a 3-Key Vault — the most secure wallet solution among all cryptocurrencies. It even has the option to reverse unwanted transactions within 24h.
What does it mean for exchanges?
Typically, every hard fork requires exchanges to adapt to the new software. This is also the case with the BTCV update. Therefore, exchanges will need to suspend deposits and withdrawals for a few hours to update the protocol software. After stable operations resume, all activities will be reopened. The trading of BTCV will not be affected during this period.
Is a hard fork safe?
Yes, both the hard fork and the implemented features are safe. Additionally, the 3-Key Security Solution was carefully tested on the TestNet network by developers to find and fix potential issues.
Do I need to do anything to be able to still use BTCV?
No, you will not need to do anything to continue using your BTCV. The upgrade will not require BTCV users to make changes on their system.
What about the 3-Key Vault? Can I opt to use it?
Yes, right after the hard fork, BTCV users will be able to create a new wallet supporting the 3-key security solution. To do so, users will have to create a new dedicated wallet and send coins to the new address attached to that wallet. Following that, the 3-Key Security Solution, with the possibility to reverse unauthorized transactions, will be ready to use.
We encourage all BTCV users to migrate their funds to the 3-Key Vault to enable the full security features that BTCV provides.
Will our current wallet change after the hard fork?
Yes, as old wallets do not support the 3-Keys Security Solution. Therefore, it is recommended to create a new dedicated wallet supporting the three keys to have full level of security.
Are coins the same before and after the hard fork?
Yes, there will be no change in the coins themselves. The Bitcoin Vault coin stays the same, only the security features are being improved.
Are you doing 1:1 swap of coins before and after the hard fork?
The BTCV hard fork will be performed in accordance to a collective agreement of all nodes in the network, therefore the block chain will not split up. Thanks to that, no coin swap will be needed, and your user balance will be the same after the hard fork.
What is the 3-key feature?
The 3-Key Security Solution is a milestone and the most important feature of Bitcoin Vault. It provides an elevated level of security that is currently unavailable in the cryptocurrency industry. It has unique features like reverse transaction, which allows users to reverse any unauthorized transaction within 24 h.
Is there a tutorial on how to use the 3-key security features?
No, not yet but we are working on it. Dedicated tutorials explaining how to proceed with the 3-Key Security Solution will be available in several languages right after the hard fork event.
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How do I redirect my BTCV hash rate to BTC?
This topic will be explained after the hard fork via a new platform.
Will I receive any new coins?
No, you will not receive any additional coins. This is a friendly hard fork, therefore there is no chain split. As a result, there will be no new coins created.
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