Binance, the world’s largest cryptocurrency exchange, has announced its support for Sei (SEI), IOTA (IOTA), and Arweave (AR) network upgrades and hard forks. Here is the statement from Binance and what you need to know.
Full Support from Binance to Sei, IOTA, and Arweave
The major cryptocurrency exchange Binance has announced that it will support the planned network upgrades and hard forks of Sei, IOTA, and Arweave. Sei’s planned network upgrade will take place at block height 29,772,820 or approximately 18:00 (GMT) today. Binance will temporarily suspend SEI deposits and withdrawals from approximately 17:00 (GMT) today to support Sei’s network upgrade and hard fork.
For IOTA, which Binance announced its support for, the network upgrade and hard fork will take place at the 7,669,900th milestone or approximately 09:00 (GMT) on October 4. Binance will temporarily suspend IOTA deposits and withdrawals from approximately 08:00 (GMT) on October 4 to stop them.
Lastly, Binance announced its support for Arweave, and the network upgrade and hard fork will take place at block height 1,275,480 or approximately 10:00 (GMT) on October 5. AR deposits and withdrawals will be suspended from approximately 09:00 (GMT) on October 5.
The network upgrades and hard forks for these altcoins will not affect the trading operations on Binance. The cryptocurrency exchange will meet all the technical requirements for its users. Deposits and withdrawals for the tokens/coins on the networks will resume once the stability of the upgraded networks is confirmed.
What are Network Upgrades and Hard Forks?
Network upgrades and hard forks in cryptocurrencies refer to the processes of updating or modifying the cryptocurrency protocols and software.
A network upgrade is an update made to a cryptocurrency protocol to make its current version more secure, efficient, or functional. Such upgrades can improve the performance of the network, help address security vulnerabilities, or add new features. Network upgrades are usually discussed and implemented with the participation of software developers, miners, node operators, and the cryptocurrency community. Upgrades can ensure the continuity of an existing cryptocurrency by keeping it compatible between versions.
On the other hand, a hard fork is a type of network upgrade where there is an incompatibility between the old and new versions of a cryptocurrency protocol, resulting in the creation of two separate chains. This can happen when there is a significant change in the protocol rules or when a new chain needs to be created. A hard fork can lead to the creation of two separate cryptocurrency chains: one following the old rules and one following the new rules. Users have to use software that complies with the new rules during this hard fork. For example, the distinction between Bitcoin (BTC) and Bitcoin Cash (BCH) arose from a hard fork.
