Binance has launched its key network Binance Chain and expects to accomplish the change of its native token Binance Coin (BNB) on 23rd of April.
Binance Chain Validators has recently announced that date of the hard fork on the Mainnet.
The test of Binance Chain, Galileo, held June 26, a Hard Fork at the height of the block 24,020,000. The updates will have many improvements with bug fixes to the existing chain, and greater performance is expected in the trade.
Here is the first date of Galileo hard fork:
Galileo will hit on the Binance Chain Mainnet on 15th of July – 2019. It is scheduled at 9 am CEST or 7 am UTC. The set block for this update is the 20,300,000 number.
As announced previously, since this upgrade is not compatible backwards with the last version of the protocol, this time it will result in a right hard fork. According to a report of the press release, all the details have been given to the owners to update their clients to version 6.0 before forking or else this nodes will not work in a proper way in a right chain and it can become out-of-sync.
What about the end users?
As far as the end users of Binance are concerned, there is nothing to do. Binance has already announced that those people who are holding BNB tokens in their accounts or wallets on Binance DEX, Binance, and any other exchanges will not be needed to update.
Let us learn more about this most important news on hard fork upgrade.
An announcement made by Binance for the community:
As the recent announcement made by Binance for the community is that its validators agreed to schedule a hard fork upgrade at block height 20,300,000. This hardfork will happen on 15th July 2019. It is scheduled that all the validators and full node runners will switch their software version to v0.6.0 by 10th of July, 2019.
This hardfork update has been named after Galileo Galilei.
The notice was made on Twitter, where all the features that this new updates will include for its users of the decentralized Exchange (DEX), or any Exchange that includes BNB, were detailed. The Blockchain of Binance will provide access to validators to create an “exclusion protocol” and vote on the elimination of trade pairs that have very less volume for a long time, through governance.
The change in Galileo will also provide a “time lock” function for the token elements, while improving the matching engine in Binance DEX.
That is according to the blog “is not optimized in some cases”.
After this movement in the testnet, the mainnet will follow the same steps. The blog added:
“Binance Chain Mainnet will also undergo an update a few weeks later (please be aware of the subsequent announcement).”
In addition, the Exchange warned about the release of Binance 2.0 for all, which also includes the margin trading function. This renewal will have its own website, and the previous one will be terminated soon.
While some users complained that there were problems depositing USDT, others claimed that the margin trading function was not yet available. To which Changpeng Zhao replied:
“A year ago, we increased our ability to register in advance of this. It should work, in theory, to see what happens. The inscriptions are definitely gaining speed.”
Know what are the new improvements of Binance Chain Hard Fork?
There will be many new improvements among the main new features of this hard fork:
• In the case of low trading or any other issues, the Delist of trading pairs will be launched for a long period of time.
• Time Locking feature on the Binance Chain.
• State Sync will also be improved and expanded.