Binance Announces Support for Zilliqa (ZIL) Network Upgrades and Hard Forking

04/21/2023 03:03 • Blockchain Buzz • 119 views

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

As reported by official sources, Binance has announced its support for Zilliqa (ZIL) network upgrades and hard forking, set to take place on April 25th, 2023. ZIL will suspend recharging at approximately 15:00 on April 25, with the upgrade and hard fork scheduled for 16:00 Beijing time on the same day. However, ZIL’s transactions will remain unaffected during this period.

Understanding Zilliqa (ZIL)

Before diving into the details of this announcement, it’s important to understand what Zilliqa (ZIL) is. Zilliqa is a high-throughput, public blockchain platform designed to increase transaction processing speeds while maintaining network security. It utilizes sharding technology to partition its network into several chains, making it more efficient than traditional blockchain platforms.

The Role of Binance in ZIL’s Network Upgrades

As the world’s leading cryptocurrency exchange, Binance has been at the forefront of supporting various blockchain technologies. Its decision to support Zilliqa (ZIL) network upgrades is a significant step towards the widespread adoption of this blockchain platform.
According to official sources, Binance will be responsible for supporting the technical aspects of ZIL’s network upgrades, which are aimed at improving the blockchain’s functionality, security, and overall performance. Binance’s support is a testament to the potential of ZIL and its ability to revolutionize the cryptocurrency industry.

Benefits of Zilliqa’s Network Upgrades

The network upgrades and hard forking of Zilliqa (ZIL) come with several benefits for users of the platform. First and foremost, users will experience faster transaction processing speeds, resulting in reduced transaction confirmation times.
Additionally, the upgrades will enhance the scalability of the network, enabling it to support a larger number of transactions without compromising its security. Zilliqa (ZIL) network upgrades are also geared towards enhancing user privacy and reducing transaction fees.

What to Expect Following the Network Upgrades and Hard Forking

Following the network upgrades and hard forking of Zilliqa (ZIL), users are advised to update their wallets and other related software to the latest versions. This is to ensure compatibility with the new upgrades and to continue using the platform seamlessly.
Users should also be aware of the temporary suspension of ZIL recharging, which is set to take place on April 25th. However, this will not affect the ability to make transactions on the platform, which will continue to run as usual.

Conclusion

Binance’s support for Zilliqa (ZIL) network upgrades and hard forking is a positive move towards improving the performance and functionality of the blockchain platform. The upgrades are set to improve transaction processing speeds, scalability, privacy, and reduce transaction fees. As such, users can look forward to a more seamless and efficient experience on the Zilliqa (ZIL) platform.

FAQs

1. What is Zilliqa (ZIL)?
Zilliqa is a high-throughput, public blockchain platform designed to increase transaction processing speeds while maintaining network security.
2. What is the purpose of Zilliqa’s network upgrades?
Zilliqa’s network upgrades are aimed at improving the blockchain’s functionality, security, and overall performance.
3. Will ZIL’s transactions be affected during the network upgrades?
No, ZIL’s transactions will not be affected during the network upgrades and hard forks.

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