Gate.io will support the BitcoinCash (BCH) protocol upgrade scheduled at block height 1605441600, approximately around November 15, 12:00 UTC. This upgrade includes a new difficulty adjustment algorithm and block reward adjustment.
In this protocol upgrade, the rule that 8% of the block reward will go to the developers is contentious, which is supported by BitcoinCash ABC clients and opposed by Bitcoin Cash Node clients. After this upgrade, BitcoinCash (BCH) might split into two chains. As there is no effective replay protection in place, when one wants to send a transaction on one chain, the tokens on another chain can be sent as well.
For more on the 8% block reward for developers supportive upgrade part, please read https://www.bitcoincash.org/spec/2020-11-15-upgrade.html
Gate.io will support the upgrade, below is our schedule in regards to this upgrade :
1) Gate.io will close deposits and withdrawals of BCH before the hard-fork time, and subsequently start to implement the upgrade.
2) Gate.io will snapshot users’ BCH spot balance on Nov 15th at 12:00 UTC, which will be used as our basis to allocate the “Candies,” also known as forked tokens, if there will be any. The spot balance includes the spot account balance, margin account balance( excluding borrowed BCH), and lending account balance (lent BCH included). If you have borrowed BCH before the hardfork, you will have to repay both the BCH loan and forked tokens (if any). If you do not want to handle the possible “candy” repayment, please repay your BCH loan earlier.
3) During the process of upgrading, BCH spot trading and margin trading will be unaffected. But you should be aware of possible drastic price fluctuations and adjust your orders accordingly.
4) During the upgrade, BCH perpetual contracts will still use those published constituent indices to calculate the mark price.If any index platform suspends their trading, we will discard that index temporarily. Please note, drastic market fluctuations might occur during the upgrade, which may lead to the occurrence of a higher frequency of liquidations. Please beware of the risks and adjust your positions in advance.
5) After the upgrade, Gate.io will mirror your BCH holdings to the BCH chain recognized by the community, whilst giving the other chain (if any ) the new name according to community consensus. We will airdrop the “candy” balance to your account based on the BCH snapshot.
6) After the upgrade, Gate.io will open deposits and withdrawals for BCH and “Candy” at the earliest time possible. If we are going to support the trading of “Candy,” we will let you know by posting it on our announcement.
7) At Gate.io, we have a unique deposit with a replay protection mechanism in place, which can effectively protect you against asset loss caused by replay attacks. If you send a transaction with tokens from two split chains to Gate.io, both of them will be received.