Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen
On August the 1st, the Bitcoin User Activated Soft Fork (UASF) is to be activated. The UASF is intended to address scaling issues faced by the Bitcoin network by accelerating the adoption of Segregated Witness.
Recently, at “The Future of Bitcoin Conference 2017”, big block of supporters presented a BitcoinABC solution, which has an 8mb block size default, but does not include the upgrade for Segregated Witness (Segwit).
Since then, as ViaBTC reports, the exchange have received multiple inquiries from miners and users, asking if ViaBTC would be supporting BitcoinABC mining. Thus, ViaBTC published a statement concerning the possible upcoming Bitcoin User Activated Hard Fork (UAHF):
We decide to make precautions for the upcoming UAHF and provide a new option for users, on the basis of our support of SegWit2x under New York Agreement. We will designate the token “Bitcoin Cash” (BCC) to the possible split coin led by the activation of UAHF.
ViaBTC on Medium.com
Viabtc is also launching a BCC mining pool:
On 22nd July 2017, we will be launching a brand new BCC mining pool and lock the activation time of UAHF at 12:20 1st August 2017 (UTC Time).
ViaBTC on Medium.com
Distributed database that is used to maintain a continuously growing list of records, called blocks
Those who want to mine on the new BCC blockchain can begin mining in the new pool on July 22th, but they can only mine bitcoins since the fork has not taken place yet. On August the 1st, the new pool will automatically switch from mining bitcoin to BCC, ViaBTC detailed.
On July 22th, the company’s cloud mining division is to start offering BCC-mining contracts. On this day, the customers will be also given an opportunity to trade their bitcoins for two new assets on Viabtc’s exchange: the new BCC token and a temporary asset called Btc_Frozen2, which “represents frozen BTC assets and is not available for trading.”
According to Viabtc, the customers could trade 1 BTC into 1 BCC token and 1 Btc_Frozen2 token, or vice versa. After UAHF activates at 12:20 UTC time on August 1st, all of the Btc_Frozen2 assets will be redeemed as bitcoins and it will be decided on the best timing to allow deposit and withdrawal for BCC, as ViaBTC reports.