FOOTBALLCOIN UPDATES DURING PERIOD OF NETWORK DISRUPTION ON THE BLOCKCHAIN
FootballCoin tries to remain up to date with changes in the cryptoworld. We recommend a number of precautionary measures during the period of possible disruptions to the blockchain network.
- What may be causing the disruptions to the network?
According to several trusted sources in the cryptoworld, including bitcoin.org, in late July, the Bitcoin blockchain might suffer a “chain split” (Aug 01 00:00 GMT). This article comes only as a precaution and there is absolutely no guarantee that such a split will actually happen. In a nutshell, the system used for Bitcoin will be duplicated, with the new version including some modifications that will make the two cryptocurrencies incompatible. These changes come as a result of different philosophies involving the most efficient way in which the Bitcoin network should scale and function.
The slight alteration in the way the code is written may or may not affect users of the network during the period immediately after the split. Once the split has occured, users will be unable to move coins from one side of the split to the other. However, the private keys, used to confirm and transfer ownership of Bitcoin, will allow unlocking coins in both the original and altered version of the system.
- How is a Bitcoin user affected by the split?
The exact extent of the changes remains to be seen, however, it is best that users are prepared. Simply put, it is not completely known as of now, if and what Bitcoin wallets will automatically update to the features of this new system. Wallets were created with the purpose of functioning properly on the original version of the system.
Also, it is likely that the value of Bitcoin will fluctuate a good deal immediately after the split. Specialists recommend that users of Bitcoin be extra-careful and, if possible, avoid altogether keeping Bitcoin in online services that don’t allow you to control the private key, such as web wallets and exchanges. These services utlimately control the Bitcoin under your account and may pick a side you might not support.
- What is reccomend that users do during this period?
Bitcoin.org recommends that in the period prior to the split and immediately after it, users to avoid transactions made with Bitcoin to avoid any possible issues with the transactions being confirmed. For example, making a payment using Bitcoin, immediately after the split, may cause some issues since the recipient may only be able to receive one of the two. The market will ultimately determine which version is best suited to the user’s needs. However, in the meantime, it is wise to take precautionary measures until the services are confirmed to be fully functional as they have been so far.
- What does this mean for FootballCoin users?
FootballCoin users will be affected in a very small amount by the split, however, we recommend that they take the same preventive measures as mentioned above. XFCCOIN, FootballCoin’s game currency, should largely be unaffected.
Users who own XFCCOIN inside the game platform will not be affected at all. Transactions made inside the game using XFCCOIN are made off-chain. Therefore all transactions can go ahead in the same way as they have so far. XFCCOIN held in the game will later be available to be transferred to other wallet services.
We do recommend that users who currently hold XFCCOIN in their FootballCoin wallet, or in any other online wallet, not move those sums during the aforementioned period. The split should take place at the beginning of August (more precisely, on Tue Aug 01 2017 00:00:00 GMT) and the effects should be felt shortly before and after this period.
FootballCoin is looking forward to having XFCCOIN available on exchange services, however, we wish to guarantee the security of our users. Therefore the currency will not be listed to exchange services during this period. We will ensure that the best choices are made immediately after we can confirm that the network is fully functional.
In closing, FootballCoin should not be affected in a great amount by the blockchain split. We do, however, recommend that all cryptocurrency users be aware of these changes and protect themselves against any possible technical issues.
(The article was also published to www.footballcoin.io for the benefit of our users)