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Binance, Huobi announces support for upcoming BitShares hardfork

Leading cryptocurrency exchange Binance has announced it will be supporting the upcoming Bitshares (BTS) hardfork. The fork which will be executed on September 10th was initiated by the New BitShares team.

According to a statement released by BTS China Association (BCA), the decision on the fork was made following a controversy over a BitShares developer tampering with the voting system code without voting by the community.

As all efforts by BCA and other concerned parties have not succeeded in resolving the matter, BCA has decided through voting to fork BTS. The decision was taken in the interest of both BTS and its investors.

“In order to adhere to the DPOS [Delegated Proof-of-Stake] consensus and maintain DEFI credit, while protecting the interests of investors and avoiding impacts on the stability of the existing BTS network, after discussion and voting by all members of BCA, BCA decided to fork BTS,” the announcement said.

New BitShares (NBS) to promote BTS technology

BitShares is a recognized technology in business that uses a distributed consensus mechanism to create global, transparent, trustworthy, efficient and profitable businesses. So far, some internal management problems have held BTS from reaching its full potential in disrupting the global business space.

BCA believes the problem has been with the style of management from the DAO [Decentralized Autonomous Organization] committee. It also believes that with BTS’ technical advantage and a strong team, NBS will surmount the management problems that have held BitShares back and bring the full implementation of the technology in the real world.

As a corrective measure, the fork will reverse the tampering functions which have not gained DPOS approval while the remaining BTS 4.0 functions will continue to be used.  

Binance and Huobi will distribute NBS to BTS holders

As part of the support for the fork, Binance will be distributing the new NBS tokens to Binance customers who already hold the BTS token. Based on the BTS balance during the last BTS block before the fork, each customer will be given one NBS for every BTS they hold. Withdrawal and deposits for BTS tokens will close on 9 September until the fork is completed. 

In the same vein, Singaporean crypto exchange Huobi will be supporting the fork with NBS airdrops for its BTS customers. While deposits and withdrawals will be suspended, trading of BTS will not be affected during the fork. 

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Jeremy is a content crafter and has experience in writing about finances and digital assets for over 5 years. At Finbold.com he covers news related to finance, regulations, startups and cybersecurity on a daily basis.