Users are being urged to update their wallets with the latest version of the Bytecoin software.
Bytecoin (BCN) is launching a planned hard fork to update its software on August 31. Desktop users are being urged to update to version 3.3 as soon as possible. While August 31 is the launch date for the new software, the actual update is expected to happen gradually, as Bytecoin miners, users, and partners switch to the new version.
The Bytecoin team explained that the fork would be considered completed once 90% of blocks are produced as per the new rules over a period of 24 hours. Each block will contain specific information revealing that it belongs to the post-fork version. After that, blocks produced under the older rule may not be accepted.
The chief features of the Bytecoin hard fork update include a renewed fee structure allowing for more flexible transaction fees. There are also technical improvements to the network and wallet itself to achieve improved coin performance.
Following the news, BCN’s price sustained the momentum of the past 24 hours. As of 02:00 UTC, it had risen from $0.0020 to $0.0021 and continued to appreciate. The asset has gained around 6% net in the past 24 hours, reaching $0.002153 at one point.
BCN has been sliding in the past three months, which is not unusual given the overall bear market. It is one of the low-priced coins with a robust community, ranking at number ten among minable coins, just behind DogeCoin (DOGE), according to data from CoinMarketCap.
Bytecoin’s price weakness can be partly attributed to the slide in Bitcoin values. However, BCN has also fallen in terms of Satoshi, dropping down to around 31 Satoshi. The coin has a presence on Binance but through relatively slim Tether (USDT) trading. HitBTC and Poloniex are the other two most active markets for BCN.
A fresh marketing push has revitalized Bytecoin, which was previously considered a relatively obscure digital asset with a poor image. The Bytecoin network was used to give rise to the Monero (XMR) cryptocurrency.
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