Announcement on Suspension of SIMPLE Deposit, Withdrawal, Trading & Inter-user Transfer – CoinEx Announcements

Dear CoinEx users,

Due to the brand upgrade of SIPC, we will suspend its deposit, withdrawal, trading and inter-user transfer in a designated period for your assets security. The details are as follows.

SIPC Deposit, Withdrawal, Trading & Inter-user Transfer
Closes on: 2:00 July 1, 2020 (UTC)
Estimated time to reopen: Depends on SIPC brand upgrade progress

Notes
1. We will keep you updated if there’s any latest information of SIPC brand upgrade.

2. SimpleChain’s native digital asset will be marked as SIMPLE on CoinEx, as of July 1^st, 2020. Both SIPC and SIMPLE will represent the native digital asset of SimpleChain. This decision is for the purpose of meeting regulatory requirements, and it will not affect any current or future usage of the SimpleChain digital asset, which will continue to play a key role in connecting community developers, application users and other participants of the SimpleChain ecosystem.

3. For more SIPC upgrade details, please click HERE.

About SIPC
The underlying structure of the SimpleChain has been set as the Proof of Work with innovative algorithm. For encouraging the computing power to be distributed,

SimpleChain Node Client is published for any computing devices to run as the computing power source easily. SIPC is SimpleChain (main-chain) token which will be consumed in the formation, development, positive cycle of sub-chains ecological community

The Proof of Work blockchain layered as the bottom of SimpleChain architecture, which is called the Main Chain. The primary goal for the Main Chain is to secure the unification and finality of distributed ledger data. However, the flexibility could be provided by a second layer on top of the Main Chain, which is called Sub Chain. The Sub Chain periodically interchanges data with the Main Chain to make sure the network stability and ledger security is in line with the whole network, meanwhile, the Sub Chain is customisable for any specific consensus algorithm for applications. As a Sub Chain, apart from the blockchain head, transaction data structure is also flexible in different cases to maximise the compatibility of the SimpleChain.

SimpleChain has a single main-chain with multiple sub-chain network ecosystem that provides extension of high degrees of freedom for different application scenarios based on the final certainty. Supporting multiple applications also increases the integrity and diversity of SimpleChain ecosystem since the supported sub-chain projects involving the fields of digital entertainment, luxury goods, real estates, stable-coins, copyright protection and so on. Linking to the judicial consortium blockchain provides the legal effect for the whole network. SimpleChain forms a good and stable ecosystem through distributed data exchange in multiple industries and value exchange under compliance framework.

CoinEx reserves the right of final interpretation of this announcement.

CoinEx Team
June 30, 2020

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