As we know, last week, the reign of Bytecoin went from great, to bad, to worse, to really worse. Check out our recent coverage of the Bytecoin saga, here- https://cryptodaily.co.uk/2018/05/bytecoin-still-suffering-recent-bug/
Essentially, Bytecoin managed to gain a listing on Binance which in short, caused such high trading volumes, the network crashed and Bytecoin had to be taken offline. Given that from the outset, the listing encouraged Bytecoin to rise by over 160%, you might appreciate just how bad this was for Bytecoin. They had an opportunity to make some incredible gains but through a combination of a network overload and a bug, this opportunity was cut short.
As a result of this, many investors started to fear that the whole thing was a scam, tarnishing the reputation of Bytecoin somewhat.
Since then of course, the network has been repaired and normal service has resumed. Nobody was scammed, and all assets are back in the correct place, thankfully.
— Bytecoin BCN (@Bytecoin_BCN) May 16, 2018
At the time of writing, Bytecoin is valued at $0.0098 and is down 6.38%. This decline is in line with the current market climate which seems to be dragging the majority of cryptocurrencies downwards. Since recovering from the bug, Bytecoin has seen a value of $0.01 so really, we could argue that Bytecoin is performing quite poorly at the moment. Therefore, Bytecoin have had to pull together a solution in what now looks to be a hard fork of the currency.
This recent tweet from Bytecoin takes us to a full and comprehensive description of what will take place during the Bytecoin hard fork, you can see it for yourself, here- https://bytecoin.org/blog/bytecoin-hardfork-rescheduling-reasons-and-explanation
This hard fork will be accompanied by a public TestNet, designed to allow the Bytecoin community to review the updated Bytecoin system before the hard fork takes place. Moreover, they simply wish to make the Bytecoin network more secure and more stable. According to Bytecoin:
“We’ve reviewed our plans and have decided to switch from a ‘cautiously optimistic’ strategy to a ‘very accurate’ one. This is a necessary measure to avoid any kind of drawbacks after the hardfork is released. The main idea of this is to prevent the network lags which took place May 8th – 10th. The bottom line is that we want to make our software more secure and more stable. Not just for us, but for our users and our community as a whole.”
As it stands we currently don’t have a date for the rollout of the Bytecoin hard fork, nor do we have any further information on what sort of direction the currency will take after this. We can however see that from the blog post written by Bytecoin, the team seem determined on ensuring this doesn’t happen again.
By ensuring safety and certainty within their community, hopefully Bytecoin will recover from this soon enough. It’s an unfortunate turn of events, caused by something that could have bought some great riches to the Bytecoin community. If anything, this highlights the sheer scale of cryptocurrencies volatility.
Best of luck to the Bytecoin team, once we get more information on when this hard fork will take place, we’ll be sure to let you all know!