Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bytecoin network’s instability, which resulted in wallet crash, made the team stay in constant touch with the community issuing necessary upgrades to solve the software bug.
On Monday, May 7, world’s second largest cryptocurrency exchange Binance added support for Bytecoin – a private, untraceable and open-source cryptocurrency. Following this, the price of Bytecoin surged by nearly 200% in one single day to hit an all-time high of $0.018. Bytecoin is powered by the CryptoNote technology and has been extremely popular in the DarkNet for its anonymity.
However, things went awry later on, as the Bytecoin “crashed” due to a huge surge of investors and massive traffic witnessed that day for trading the cryptocurrency. Having received huge number of complains from investors with some even alleging it to be a scam, Bytecoin team published official blog post.
All in all, Bytecoin team was quick enough to communicate to its users saying that they are not involved in any sort of price manipulation. In a statement, the Bytecoin team said:
“But it was possible for Binance users, and that’s the common situation for new coins which get a listing on Binance. We understand that some of you guys won’t believe us but this mixed with such a high degree of traffic is the reason the wallet is down right now.”
Expressing sensitivity towards the issue, Bytecoin team apologized:
“We’d like to say a huge apology to all the Binance users who were faced with Bytecoin’s network issues. We remained in silence until the moment we clearly understand the root of the problem because we want to be able to provide you with certain solutions, updates, and deadlines.”
While explaining the cause of this happening, the Bytecoin team wrote that the crash of it wallet was basically “due to the large amount of miners who were using the old software a bug appeared in the network consensus. That bug was the cause of the network’s instability.”
They have also assured that the Bytecoin team is working hard on solving these issues, and everything will be settled ASAP. Bytecoin further goes to claim that they have identified all of the problems that caused the crash and that most of them have been already fixed.
Dear Community. We'd like to clarify situation with the Binance/ #Bytecoin price. We don’t have any influence on one or the other’s price. We are responsible for only our software and all we are doing now is trying to fix everything ASAP, please excuse us for any inconvenience.
— Bytecoin BCN (@Bytecoin_BCN) May 9, 2018
Currently no stats are available for Bytecoin on CoinMarketCap, while a message reads that “BCN is currently under maintenance or experiencing wallet issues. Deposits and withdrawals are disabled.”
However, the Bytecoin team has reached out to CoinMarketCap in order to reinstate the value of the cryptocurrency on their platform wherein it said that they have solved the bug at their end.
Dear @CoinMarketCap, could you please reinstate us on your site so our users can accurately see our value? We have been trying to contact you for the last 24 hours, we have fixed the major bug in our software that caused issues for our community. #BCN #CoinMarketCap #Bytecoin
— Bytecoin BCN (@Bytecoin_BCN) May 10, 2018
Following this, the Bytecoin has also released an update on 3.0.4 Adoption rate. In their blog post, the Bytecoin team wrote:
“All users are strongly advised to help the network by upgrading their Bytecoin Daemons v.3.0.4 (for merchants) and Bytecoin Desktop v.2.0.4 (for individuals).”
“Please, notice that there’s no need to download the entire blockchain from scratch, as long as the new versions are compatible with the previous database. You only need to import the backup wallet file to the new client version,” reads further instruction.