Today at around 12:20 UTC there will be a split in the block chain. You can read our statement regarding this split here.
In the latest version of Samourai Wallet (0.95) we have introduced a couple new features designed to empower users in the event of a chain split.
We needed a way to communicate important information and events to wallet users who many not read this blog, or follow our twitter. We’re going to be extending the alerting system in the future, but today here is how it works: Our servers will be tracking BTC1 and BitcoinABC nodes and will enable an alert that will become visible in your wallet if they diverge from our Bitcoin Core node.
The basic concept of replay protection is putting in place a mechanism that prevents coins from being replayed (stolen) by malicious actors after a block chain split. Most responsible splits have replay protection built in to their software so users do not have to worry.
However is also possible to enable replay protection on the wallet side – meaning the user can initiate replay protection themselves – this is useful in the case of irresponsible splits that do not implement good replay protection.
In the update today (0.95) we have enabled wallet side replay protection for the BitcoinABC split. You can tap on the alert to begin the process.
Here is how the wallet side replay protection works for this particular chain split:
Please note, the developers of this particular split have enabled good replay protection into their software so you can safely choose to dismiss this replay protection method.
- All inputs are merged into a single transaction that is sent to the next address in your wallet and is broadcast to both chains
- Using RBF (Replace by fee) the initial transaction is invalidated by a new higher fee transaction.
- BitcoinABC will reject the new transaction, and Bitcoin Core will accept the new transaction.
- Once there has been at least 6 transactions the coins in your wallet are considered split.
Unfortunately, we feel that Bitcoin users will have to put up with many more of these types of split events. We want to be proactive and begin giving the tools our users need to truly remain financially sovereign.
Wallet side replay protection may not be needed for this particular split because of responsible replay protection built into their software, however that is not a guarantee of future split behavior. Our users will be ready.