The Syscoin 3.0 Upgrade Process Begins!
As announced at our official Syscoin Meetup and as stated in our last blog post, the Syscoin 3.0 upgrade process will begin taking place at exactly block number 683412.
We had previously estimated that block number 683412 would take place on April 30th, 2018, however, due to the recent increasing difficulty of the Syscoin network and longer-than-expected block times (currently averaging over 62.7seconds), the snapshot is now estimated to occur on May 1st, 2018.
We will be taking a snapshot of Syscoin 2.x at block number 683412 and will be running scripts to copy all offers, balances and aliases over which will take a few hours to run.
The exchanges will then need to audit the Syscoin 3.0 code, run their own scripts and verify that all balances are exactly the same as the 2.x chain and to verify the Syscoin 3.0 code.
The process for the Syscoin 3.0 upgrade will take time. Some exchanges have already begun the preparation for the Syscoin 3.0 fork and we have received confirmation from the most prominent ones. As the processes are different for most exchanges and many are located in different time-zones throughout the world(IE: Chinese Labor Day holiday between April 30th to May 1st), we cannot confirm how long it will take exchanges to resume trading and/or upgrade their wallets.
We are in contact with all exchanges, services & miners that publicly trade and support Syscoin. Bittrex, UpBit and Flyp.me have published their support for the Syscoin 3.0 upgrade, Poloniex has already disabled wallets and all others should be disabling their wallets before block number 683412 (and possibly halting trades).
Backup process: How do I upgrade to Syscoin 3.0?
The backup process is the same as for any upgrade. Just make sure you save your wallet.dat somewhere safe (we suggest you back it up in different locations such as more than one flash drive to ensure you have several backups at different locations).
How to find your wallet.dat on Blockmarket Desktop or Syscoin-qt:
On Windows:
1) Go to your C:\Users\[USERNAME]\AppData\Roaming\Syscoin\ folder and find the file called wallet.dat
2) Copy this to a flash drive or a private cloud account
On Mac:
1) Go to your /Users/[USERNAME]/Library/Application Support/Syscoin/ folder and find the file called wallet.dat
2) Copy this to a flash drive or a private cloud account
If your wallet is encrypted(password-protected), be sure to write down the passphrase and keep it in a separate location from the flash drive.You may make as many backups as you feel is necessary.
How to Backup Your Private Keys
Backing up your private keys is also recommended, however your wallet may contain multiple addresses. Be sure to backup all addresses with balances using this guide.
My coins are already on an exchange
If you are keeping your Syscoin on a cryptocurrency trading exchange, the exchanges should all eventually be upgrading to Syscoin 3.0. Your Syscoin 2.x balance should convert over to Syscoin 3.0 when they have finalized their end of the wallet upgrade.
For more information about Syscoin or Blockchain Foundry Inc., visit Syscoin.org or Blockchainfoundry.co
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Trade Syscoin at Bittrex.com, Poloniex.com or Binance.com
