Binance Chain Hardfork: Binance Announces Testnet Ugrade. Here’s why!


Binance chain

Binance Chain Hardfork: Binance Announces Testnet Ugrade. Here’s why!

Binance chain testnet is expected to have a hardfork upgrade at block height 24,020,000. The fork is scheduled around 7:00am UTC on the 26th June 2019. The mainnet will also undergo an upgrade a few weeks from now as officially announced by the management.

What is Galileo?

This upgrade is called “Galileo”, named after Galileo Galilei, and all future upgrades will be named after the famous scientists in order to honor their memories and works.

The Hardfork Upgrade

A hardfork is an upgrade that is not compatible with the previous release because of the introduction of some breaking changes that come with the latest release… A hardfork in Binance Chain requires +⅔ validators to successfully upgrade to keep making blocks. If the existing full nodes in the network eventually get upgraded, they will be able to receive and execute further blocks normally after the hardfork block height.

At a specific block number, the changes made to the application logic are activated. After the activation of the upgrade, the blockchain will be able to handle new transaction types.

As A BNB Holder

Holders using any exchanges which are compatible with BNB (such as Binance.com, BitMax or Gate.io), will not need any further action unless stated otherwise.

As a Binance DEX user

According to the official announcement, Binance Dex users will have to follow a set of instructions outlined below:

Introduction of the definition of Maker and Taker:
Among all the orders to be allocated, between buy and sell sides, there will be at least one side that only has new incoming orders, while the other side has orders left from the previous blocks, or new incoming orders, or both. Here the side with leftover orders is called “Maker side”, while the leftover orders are called “Maker orders”.

The upgrade will feature an offline transaction. This will allow Binance client support to generate and signs transactions offline. Users will also generate and sign their transactions using an offline machine, and then broadcast it to the network using another machine.

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Binance Chain Hardfork: Binance Announces Testnet Ugrade. Here's why!
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Binance Chain Hardfork: Binance Announces Testnet Ugrade. Here's why!
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Binance chain testnet is expected to have a hardfork upgrade at block height 24,020,000. The fork is scheduled around 7:00am UTC on the 26th June 2019. The mainnet will also undergo an upgrade few weeks from now as officially announced by the management.
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Coingape
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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Dare Shonubi

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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Dare Shonubi 58 Articles

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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