Major cryptocurrency exchange Binance continues to offer network upgrade and hard fork support for the altcoins it lists. The exchange recently announced that it will support the network upgrades and hard forks for IoTeX (IOTX) and Optimism (OP).
Binance to Support Network Upgrades for Optimism (OP) and IoTeX (IOTX)
Binance has announced its support for the network upgrades and hard forks of IoTeX and Optimism to provide the best user experience. Accordingly, deposit and withdrawal services for these two altcoins will be suspended.
The network upgrade and hard fork for IoTeX will take place at block height 28,516,681, or approximately on February 19 at 03:58 AM local time. Binance will suspend IOTX deposit and withdrawal services starting from around 03:00 AM on that day. The network upgrade and hard fork for Optimism will occur on February 22 at 03:00 AM local time. The cryptocurrency exchange will suspend OP deposit and withdrawal services starting from around 02:00 AM on February 22.
Binance stated that the network upgrade and hard fork support for both IOTX and OP will not affect the trading of these altcoins. The exchange will handle all the technical requirements for its users and will reopen deposit and withdrawal services once the upgraded networks are deemed stable.
Essential Information About Network Upgrades and Hard Forks
Network upgrades and hard forks are two common processes in the development of altcoins. Network upgrades are planned improvements in the technology and features of an altcoin. A hard fork is a significant protocol change that causes a permanent divergence in the transaction history of a Blockchain.
Network upgrades refer to improvements or changes made to the core technology, protocol, or features of an altcoin’s network, while a hard fork is a significant change in a Blockchain network’s protocol that makes previously invalid transactions valid, or vice versa. Network upgrades can include enhancements in security, scalability, privacy, and functionality, while a hard fork involves a differentiation in the Blockchain’s transaction history.
