Hong Kong Gatecoin will not support SegWit2x

Hong Kong cryptocurrency exchange Gatecoin is not to support SegWit2x
23 October 2017   1684

A popular Hong Kong cryptocurrency exchange, Gatecoin, announces its plans regarding SegWit2x hardfork. According to the company, it will not be supporting the upcoming SegWit2x (B2X) har fork in November "due to the lack of two-way transaction replay attack protection coded into this proposed software upgrade”.

As detailed by the exhchange, not supporting B2X means that Gatecoin will:

  • NOT distribute any B2X to the clients
  • NOT process any B2X sent to the Bitcoin wallet addresses
  • NOT list any B2X coin on the exchange

Therefore, Gatecoin clients hoping to claim newly minted B2X coins equivalent to their Bitcoin holdings at the time of the hardfork, will need to withdraw their Bitcoin from the exchange at least 12 hours before the hardfork occurs at block 494,784 (expected sometime in November, exact date TBC).

We will however be running B2X nodes in case the software’s developers decide to add replay attack protection in the future.

Gatecoin team

The company also sheds light on the two-way transaction replay attack protection, that prevents you from “double spending” your coins after the hardfork. Thus, without replay protection, new transactions will be equally valid on both the Bitcoin blockchain and the B2X blockchain as they will be identical to one another. This means that any new Bitcoin or B2X transaction can be copied or “replayed” from one chain to the other, hence the term “replay attack.”

To prevent this from happening, B2X should update their software so that new transactions are valid on one chain but not the other. This would be known as replay attack protection. For instance, Bitcoin Cash successfully implemented this as part of their chain split in August and is why Gatecoin was able to support it.

Tim Draper to Invest in OpenNode

The project was founded in April 2018 by a group of developers of Bitcoin and Lightning Network protocol and aims to make it easier to use the Bitcoin
19 December 2018   36

The developers of cryptocurrency payment processing OpenNode announced the completion of a seed investment round, in which they attracted an unnamed amount from renowned venture capitalist Tim Draper and Draper Associates.

The project was founded in April 2018 by a group of developers of Bitcoin and Lightning Network protocol and aims to make it easier to use the first cryptocurrency.

The attracted funds team plans to focus on expanding the state, further work on the product and complete “hyper-bitcoinization”.

According to CoinDesk, Tim Draper invested $ 1.25 million in OpenNode.

As the project team says, the developed processing service may already be connected by merchants and companies wishing to accept Bitcoin as payment for their products and services. This can be done using a special plug-in or through an API.

As a payment for its services, OpenNode will take a commission of 1%; however, the service will be free for the first month of operation. The support of the Lightning Network protocol developed for instant and cheap bitcoin transactions is separately emphasized.