ViaBTC: Firmly supports BU and only one Bitcoin should exist
ViaBTC has officially reiterated its support BU’s solution to Bitcoin’s scaling and noted that it will not admit the so called BCC or BCU.
With its hashpower accounting for 7% of the full network, ViaBTC is the one the first mining pools that publicly support BU.
Below is the its announcement.
1. We support Bitcoin Unlimited(BU)
It is an urgent issue to find a solution for scaling as the increasing transaction backlogs in the network have compelled many Bitcoin users to leave. ViaBTC is the first global public pool to run Bitcoin Unlimited protocol, while ViaBTC has also been actively promoting BU to other pools as well as helping them to take concrete actions .
We believe BU is best solution to fundamentally solve the scaling issue. The Bitcoin network can be easily updated to BU according to Miner Guide: How to Safely Hard Fork to Bitcoin Unlimited. However, as there’s still a possibility that Bitcoin blockchain would split into two chains, ViaBTC has made this statement.
2.We only admit one Bitcoin
We don’t accept “BCC”, “BCU” or any other other illegitimate Bitcoin. If the current Blockchain splits into two chains, we will follow the philosophy of Bitcoin Whitepaper: only one chain will be the validated as the legitimate chain, which means there will be only one Bitcoin. We will only support a scaling solution based on extensive consensus. We only admit that a chain that has the biggest PoW and that is the longest should be the only legitimate chain. The chain that has less hashpower will gradually be invalid owing to the choice of the market and industry.
3. ViaBTC’s plan for a Hard Fork.
Hypothetically speaking, if hard fork happens, ViaBTC will take two measures as following:
1) Pool/Cloud Mining: If a hard fork happens, our pool and cloud mining products will only support the mining of the legitimate Bitcoin.
2) Bitcoin Withdrawal for chain with less hashpower: If a hard fork happens, we would instantly freeze accounts of our users meanwhile confirm the balance of accounts on the chain with less hashpower on a 100% basis. As a hard fork may lead to technical risks such as replay attacks and unstable network, we will evaluate all the risks before we decide the timing for customers to withdraw the balance. For users of the chain with less hashpower, if they do not withdraw their Bitcoin within our given time (3 months) or if the chain gets invalid due to lack of hashing power support, their account balance will be removed.
Additionally, ViaBTC will ensure assets safety of its uers. ViaBTC will also continue to concern the fork issue and will give responses as soon as possible to help promote the healthy and sustainable development of Bitcoin ecosystem.