Huobi Global announced on November 18 that Bitcoin Cash ABC team has set up a checkpoint on the BCH blockchain, which allows the cryptocurrency exchange to ensure that two-way replay protection has been established.

As two-way replay protection is one of the company’s fundamental requirements to support a newly forked coin, Huobi has outlined a number of actions it will follow after the much-talked-about hard fork that occurred a few days ago.

Post-Fork Actions Taken by Huobi Exchange

According to the press release, Bitcoin Cash ABC, the longer chain, will retain the designation of BCH, while Bitcoin Cash SV will be listed as BSV. The BSV tokens will be distributed to the pre-forked BCH owners on a 1:1 ratio, as defined by a snapshot of the BCH balances, taken at 00:40 (GMT+8), November 16, 2018. As a way to mitigate possible post-fork price fluctuations, Huobi will re-open BCH deposits at 14:00 November 19, 2018 (GMT+8).

Bitcoin SV has been scheduled to launch on the Huobi platform on November 18, 2018 (GMT+8) and the exchange will start accepting BSV deposits at 15:00 November 20, 2018 (GMT+8). The BSV/BTC pair will become available for trading at 21:00 November 18, 2018 (GMT+8) on the Huobi Fork Zone, a specialized feature the exchange has implemented as a way to protect users when trading chain split coins.

Withdrawals for BCH and BSV will become available only after Huobi confirms the blockchain has stabilized and always in close communication with the BCH community. As hard forks are often impacted by sharp price movements that could lead to significant losses, Huobi has warned users for the risks involved and urged them to trade with caution.

Bitcoin Cash Hard Fork Recap

The two blockchains split on block 556,766, which was mined by the SVPool. The Bitcoin ABC introduced several upgrades, such as a reordering of transactions to increase block capacity and enhanced interoperability across blockchains.

Respectively, the Bitcoin SV team rejected those changes and instead it readopted the code of the original Bitcoin protocol and increased the block size from 32 MB to 128 MB. At the time of writing the Bitcoin Cash ABC price has risen at $291.65 while the Bitcoin Cash SV price has dropped at $114.64.

Follow us on Telegram | Twitter | Facebook

Featured Images are from Shutterstock.

Blokt is a leading independent cryptocurrency news outlet that maintains the highest possible professional and ethical journalistic standards.


Please enter your comment!
Please enter your name here