Binance to Support Zilliqa Network Upgrades and Hard Forking

On April 21st, according to official sources, Binance announced that it will support Zilliqa (ZIL) network upgrades and hard forking. It is reported that the Zilliqa (ZIL) network upgrade and hard fork will be carried out at 16:00 Beijing time on April 25, 2023, and ZIL will suspend recharging starting from approximately 15:00 on April 25. ZIL’s transactions will not be affected during network upgrades and hard forks.

Binance will support Zilliqa (ZIL) network upgrades and hard forking, with charging suspended from 15:00 on April 25th

Introduction

On April 21st, Binance announced its support for the upcoming Zilliqa (ZIL) network upgrades and hard forking. The event is expected to take place on April 25th, 2023, at 16:00 Beijing time. During the upgrade, ZIL will suspend recharging starting from approximately 15:00 on April 25th. However, ZIL’s transactions will not be affected. In this article, we will take a closer look at the network upgrade and its significance.

What is Zilliqa?

Zilliqa is a blockchain platform that focuses on providing scalable and secure infrastructure for developers to build decentralized applications (DApps) and conduct transactions. It utilizes sharding technology, a technique that breaks down the blockchain network into smaller parts, allowing for greater efficiency and higher transaction throughput.

Why is Zilliqa Upgrading?

The main reason for the upgrade is to introduce a new consensus mechanism. The network upgrade will introduce a new consensus mechanism known as Proof-of-Hybrid-Consensus (PoHC). The PoHC mechanism aims to create a more secure and efficient network by combining proof-of-work (PoW) and proof-of-stake (PoS) consensus mechanisms. The combination of these two mechanisms will allow for greater stability, security, and scalability of the Zilliqa network.

Benefits of the Upgrade

The Zilliqa network upgrade will provide numerous benefits to its users. For one, PoHC will enable a much faster confirmation time for transactions, reducing the confirmation time to just seconds. In addition, the upgraded network will be more reliable and secure, with a higher level of protection against 51% attacks.
Furthermore, the system update will introduce the ability for developers to build and deploy smart contracts on the network. These smart contracts will be non-fungible, allowing for the creation of unique digital assets such as tickets or collectibles.

How to Prepare for the Upgrade

ZIL holders and traders must note that ZIL will suspend recharging starting from approximately 15:00 on April 25th, and it is advisable to withdraw ZIL from the platform prior to that time. Once the upgrade is complete, users can deposit and trade as usual.

Conclusion

The Zilliqa network upgrade and hard fork is a major development for the platform, bringing numerous benefits for users and developers alike. The introduction of PoHC and the ability to build and deploy smart contracts will provide new opportunities for innovators and budding entrepreneurs. This upgrade also shows that the Zilliqa team is committed to providing a secure and scalable infrastructure for users to conduct blockchain transactions.

FAQs

1. What is Zilliqa?
Zilliqa is a blockchain platform that provides scalable and secure infrastructure for the development of decentralized applications and transactions.
2. What is the Zilliqa network upgrade and hard fork?
The Zilliqa network upgrade and hard fork introduce a new consensus mechanism and the ability for developers to build unique digital assets on the network.
3. How can I prepare for the Zilliqa network upgrade?
Users can withdraw ZIL from the platform prior to the upgrade, which will suspend recharging starting from approximately 15:00 on April 25th.