The world’s largest cryptocurrency exchange, Binance, is known for supporting hard forks and network upgrades for the altcoins it lists. The crypto exchange recently announced that it will support the network upgrade of IRISnet (IRIS), one of the altcoins it lists.
Support for IRISnet (IRIS) Network Upgrade from Binance
The giant cryptocurrency exchange Binance has announced that it will support the network upgrade of IRISnet (IRIS) to ensure the best user experience. In line with this, the crypto exchange has suspended deposit and withdrawal transactions on the IRISnet network starting from today at 07:30 AM local time in order to support the network upgrade. The network upgrade of IRISnet is set to begin at block height 23,170,081 or approximately at 08:30 AM local time today, and on-chain data indicates that the process is being completed smoothly.
Although deposit and withdrawal transactions on the IRISnet network will not be possible during the network upgrade, trading of tokens on the network will continue without interruption. Binance will meet all technical requirements for all users. Deposit and withdrawal transactions on the network will be restarted after the upgraded network is confirmed to be stable and accepted.
What is a Network Upgrade for an Altcoin?
A network upgrade for an altcoin involves replacing the current version of the altcoin’s Blockchain network with an improved version, usually in terms of security, scalability, transaction speed, or another technical feature. Such upgrades aim to enhance the technical features of an altcoin project and are often done to encourage community and developer participation.
Altcoin network upgrades can occur for various reasons, such as security enhancements, scalability, increased transaction speed, adding new functions to the network, community requests and feedback, and changes to the consensus algorithm.
Altcoin network upgrades require broad consensus among participants such as project developers, community members, and miners. These types of upgrades generally need to be accepted and implemented by the majority of the network to be successfully applied.
