Binance prepares the ground for the Cardano network upgrade
The post Binance prepares the ground for the Cardano network upgrade appeared on BitcoinEthereumNews.com.
Binance is preparing to accompany the evolution of the Cardano network with the imminent hard fork and the governance update. The technical support will ensure a smooth transition for the platform’s users. Let’s see all the details below. Towards the Voltaire era of the Cardano network and Binance’s help for the update As anticipated, Binance has announced its commitment to support the upcoming Cardano (ADA) network upgrade and the Chang hard fork, scheduled for September 1st. The exchange made this decision after postponing the necessary technical preparation by the initial deadline of August 27. To avoid possible technical issues during the update, Binance suspends deposits and withdrawals of tokens on the Cardano blockchain starting from 20:45 (UTC) on September 1st. Once the hard fork is completed and the network is established, the platform will reopen these functionalities. The founder of Cardano, Charles Hoskinson, explained that the postponement of the Chang hard fork to September 1st was necessary to allow trading platforms of criptovalute to adjust. This update, known as Chang, is crucial for implementing concepts such as liquid democracy and a constitutional republic, which will revolutionize network governance. The hard fork marks the beginning of the “Era di Voltaire” for Cardano, a period that promises significant transformations in the political system of the blockchain. Also known as CIP 1694, the update will introduce Delegate Representatives (DReps), whom ADA token holders will be able to elect to actively participate in the network’s governance. Implications of the Cardano update This transition is seen as a crucial step towards a fully decentralized governance for Cardano. The developers have worked intensely to prepare the blockchain for the Chang hard fork, which represents not only a technical upgrade but an opportunity to revolutionize the entire ecosystem. The implementation of the hard fork Chang is awaited…
Filed under: News - @ August 30, 2024 4:18 pm