Verge announces hard fork, here’s all you need to know

Verge has announced that the currency will hard fork at block 1,824,150. They also tweeted out (@VergeCurrency) a list of Q&As but in picture form.

Here are the highlights:

  • Hard Fork to occur at block 1,824,150
  • Purpose is for code base update as previous soft fork was not adopted enough to be effective
  • The fork will allow processing & confirming previous invalid/unconfirmed stealth transactions
  • ACTION TO TAKE IF YOU HAVE XVG: You have 6 (SIX) days to update your wallet. After that period, you can copy your wallet.dat file to the new wallet, and still have access to your funds.

Updated 1.23.18: Here is the link to the official Mac/Windows clients post hardfork: Verge Github


 

Here is the Q&A from Verge in text:

Verge Hodler: “What is a hardfork btw !!??”

Verge team: A hardfork is a change in protocol that makes previous invalid blocks/transactions valid, and as such requires all nodes or users to upgrade to the latest version of the protocol software.

Hodler: What is the reason behind Verge hardfork?

Verge team: We have noticed that some mining pools were not running the latest codebase. As a result some stealth transactions did not get confirmed. We tried to soft fork but not enough pools participated so that’s why.

Hodler: Alright, makes sense man. How will it affect Verge?

Verge team: Well, actually, the hardfork will assure that miners are up to date, and process stealth transactions. In other words, the hardfork will make sure all transactions will be processed and confirmed even faster. Not bad, right?

Hodler: Yes yes ok, uhm…at what block will the Hard Fork be activated?

Verge team: The hard fork will be activated at block 1,824,150.

Hodler: Right. But my coins!?!$%! Are my XVG coins safe ????

Verge team: Absolutely! This will not effect any coins in your wallet. If you have unconfirmed stealth, the hardfork will make sure it is processed. That’s it! Pretty simple, right?

Hodler: Gotcha. But actually I stored my coins on a wallet. Should I do anything?

Verge team: After the hardfork, you have 6 days to update your wallet. After that period, you can copy your wallet.dat to your new wallet and still have access to your funds.

Hodler: Ok but i have some coins on a paper wallet too. What should i do there?

Verge team: In that case, nothing!

Hodler: And if i had them stored on an exchange?

Verge team: Also nothing! Even though in general we do not advice to keep your coins on an exchange, balances at an exchange will not be affected by the hard fork.