As regards the last update on the fake deposit of BNC to the Bnoinxchange made by some bnoincoin investors. Unfortunately, the message that we were trying to convey has been misapprehended by the bnoincoin investors which say “All the BNC accounts that were involved on the fraudulent acts will face moratorium or total nullification”
As needs be, BNC was distributed to the investors via bounty offer, crowd sale, merchants/marketers, and free claim. Whereas, we observed that some investors acquired coins from the fake reserve. This occurred when some users made a fake deposit of BNC to the Bnoinxchange trading platform by entering the amount that is more than their balance or when some users that have no BNC coin or with zero BNC account balance also entered a certain amount of BNC to their bnoinxchange accounts which in due course they withdraw the fake coins to their testnet wallet. Thereupon, the users with the fake coins sell the coins to BNC investors willing to acquire more coins or distributed the coins to new investors that are just joining the bnoincoin project.
Besides, bnoincoin system has proprietary algorithms that monitor and flag suspicious or fraudulent transactions on the network. Following this, we have introduced another strategy to deposit BNC into the mainnet swap wallets of the users; we have automatically disabled the deposit interface on the mainnet wallets. Henceforth, BNC users can only deposit coins into the mainnet swap wallet by means of a deposit request form. The system will only credit your wallet with original coins you purchased or acquired during bounty offer, crowd sale and free claim to mainnet swap wallet after receiving your BUIN.
Unhesitatingly, we guarantee bncoincoin investors that we are no more blocking accounts. The system will only credit the original coins and delete the fake coins from the user wallet of those that acquired coin from fake reserve. We inform the concerned users that were involved in the fraudulent acts to relax. The system will remove the fake coins and credit your original coins.
Moreover, we heard it circulating among the BNC investors that bnoincoin has no authority over the locking of users’ wallet accounts, without letting users have access to their asset (BNC). In reality, private blockchains give an invitation to participate in the network which is required “and must be validated by either the network starter or by a set of rules put in place by the network starter.” That latter, definition, as we’ll see, can be applied to consortium blockchains. Permissioned blockchains will generally default to transactional privacy giving only counterparties or approved entities like regulators access to underlying details. Also, private blockchain will typically allow only a selected entry of verifiable participants, like those for a private business. This network requires an invitation and must receive validation. A participant is able to join this kind of blockchain only through an authentic proposal. A confirmation is necessary either by the network operator(s) or by a set protocol that the network implements. Hence, bnoincoin has the authority to disable withdraw interface and to lock the asset of the users on the network which have no BUIN.
As a rule, Private Blockchains can process many more transactions per second than public Blockchains. Indeed, access is limited to a certain number of participants, which mechanically makes it possible to reach a consensus much more quickly on the network. For this purpose, we disabled the withdrawal interface on the wallets so that the system can recognize those with BUIN. One other thing, we want to inform users that have coins on the bnoinxchange platform which they are waiting for the mainnet swap exchange to commence so that they can have access to trade their BNC on the alternative gate without possessing BUIN. Well, before passing a final verdict, we have deeply studied that it’s impossible for users without BUIN to trade on the bnoinxchange. Candidly, the bnoinxchange trading platform and swap exchange application works together which both of them will enhance the better function. We strongly advise BNC users to order for BUIN which serves as a private key for user BNC wallet to connect to BTC or ALTCOIN blockchian, also users without BUIN after the countdown will be denied access to their accounts on bnoinxchange and mainnet swap application. We above-mentioned the reasons why bnoincoin has the authority to make such a decision. Most importantly, bnoincoin is operated on a private blockchain system.
A debt of gratitude is in order for your comprehension.