Binance Announces Support for Zilliqa Network Upgrades and Hard Fork

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

On April 21st, Binance, a global cryptocurrency exchange, announced its support for the Zilliqa (ZIL) network upgrades and hard fork. The upgrade and hard fork are scheduled to take place on April 25, 2023, at 16:00 Beijing time, and ZIL will suspend recharging starting from approximately 15:00 on the same day. Despite the suspension of recharging, ZIL transactions will remain unaffected during the network upgrades and hard forks.

What is Zilliqa (ZIL)?

Zilliqa is a high-performance blockchain platform that uses sharding technology to increase network capacity and improve transaction speed. The Zilliqa project was launched in 2017 as an initiative to address the scalability issues that plague existing blockchain networks. ZIL is the native cryptocurrency of the Zilliqa platform and is used to pay for network fees and rewards.

What are Network Upgrades and Hard Forks?

Network upgrades and hard forks are essential processes for maintaining the health and functionality of a blockchain network. Network upgrades involve introducing new features and improvements to the network, while hard forks involve making significant changes to the network’s underlying code.
During a network upgrade or hard fork, nodes on the network must update their software to ensure that they are using the latest version of the network’s code. Failure to update software can lead to nodes being disconnected from the network or even making erroneous transactions. Therefore, it is essential for users to follow the recommended upgrade and hard fork procedures to avoid any potential issues.

What Does Binance’s Support Mean for Zilliqa (ZIL) Holders?

Binance’s support for the ZIL network upgrades and hard fork means that ZIL holders will benefit from a seamless upgrade experience. Binance has announced that it will handle all technical requirements related to the upgrade, including wallet maintenance, deposit, and withdrawal suspensions.
ZIL holders on Binance need not worry about losing their assets during the upgrade. Instead, their funds will be safely stored until the network upgrades and hard forks have been completed, after which deposit and withdrawal services will resume. Binance has advised ZIL holders to allow sufficient time for deposits to be processed before recharging is suspended.

What are the Benefits of the Zilliqa (ZIL) Network Upgrades and Hard Fork?

The Zilliqa network upgrades and hard fork aim to improve the performance, security, and scalability of the Zilliqa platform. The upgrades will bring new features to the network, including support for new payment methods, more efficient transaction handling, and improved smart contract execution.
The hard fork will implement significant changes to the Zilliqa platform, including upgrading the consensus algorithm to make it more secure and efficient. The upgrade will also introduce new pricing models that reduce the cost of transactions and network fees, making the platform more accessible for everyday users.

Conclusion

Binance’s support for the Zilliqa (ZIL) network upgrades and hard fork offers reassurance to ZIL holders that their funds are safe during this process. The upgrades and hard fork are essential for maintaining the health and functionality of the Zilliqa platform, and they introduce new features and improvements that benefit all users.
ZIL holders should follow Binance’s guidelines closely to ensure a smooth upgrade experience. This announcement further strengthens Binance’s position as a leading cryptocurrency exchange that is committed to backing and supporting innovative blockchain technologies.

FAQs

1. Will ZIL transactions be affected during the network upgrades and hard forks?
No, ZIL transactions will continue as usual during the network upgrades and hard forks.
2. How will Binance support ZIL holders during the upgrade?
Binance will handle all technical requirements related to the upgrade, including wallet maintenance, deposit, and withdrawal suspensions.
3. What benefits will the Zilliqa (ZIL) network upgrades and hard fork bring to the platform?
The upgrades will bring new features to the network, including support for new payment methods, more efficient transaction handling, and improved smart contract execution. The hard fork will implement significant changes to the consensus algorithm and pricing models, making the platform more accessible for everyday users.