By Samburaj Das
OKEx, the blockchain asset-only exchange launched by Chinese bitcoin giant OKCoin’s international arm has revealed details of measures being taken ahead of the potential user activated soft work (UASF) on August 1.
Launched in late May this year, OKEx became OKCoin International’s blockchain asset-only exchange offering spot and margin trading for global users. In an announcement today, OKEx revealed it will suspend Bitcoin deposits and withdrawals between July 31 and August 02 “due to potential technical risks such as replay attacks and other issues that may cause network instability.”
“We believe that the fight for the future of Bitcoin has been based on technical ideas, not on conspiracy theories,” the leverage-enabled trading exchange opined, “or politics amongst various companies and organizations.”
In the event of a spilt of the bitcoin blockchain, OKEx is promising users of every blockchain ownership of their coins. The digital asset-only exchange is also assuring users of support for any or every possible type of bitcoin as a result of the split.
“On OKEx contracts trading, for existing undelivered maturities, the calculation of the Index price will be the sum price of all Bitcoin types of the respective exchanges should they support them,” OKEx wrote. “After delivery, new OKEx contracts will be tied to a particular version of Bitcoin, and OKEx will take steps to support contract trading for all types of Bitcoin. “
In stating its stance to support any and all forms of Bitcoin to enable different options to customers, OKEx is also advising users to deposit Bitcoin in advance for uninterrupted trading while taking responsibility to “handle all resulting technical issues” during any potential forks.
The exchange also warned of measures including suspension of accounts or the roll back of trades if it determines any malicious manipulation of the market during the 3-day suspension.
Having previously enabled Ethereum trading for Chinese users on its platform, OKCoin urged the bitcoin community to “work together and resolve any outstanding technical issues” in order to solve Bitcoin’s scaling issues.
“No matter how dominant, how much market share you have, if you do not adopt the latest technology and fail to constantly improve on the core user value proposition, time will pass you by,” warned OKCoin in a plea at the time.
In revealing its plans ahead of the potential USAF on August 1, OKEx now wrote:
We believe in the years ahead, after a long period of market competition, one or several versions of Bitcoin will be widely adopted.