Binance, the world’s largest cryptocurrency exchange by volume, has announced its support for REI Network’s hard fork and network upgrade. According to the announcement, the cryptocurrency exchange will support the hard fork and network upgrade of REI Network.
Details of Binance’s Hard Fork and Network Upgrade Announcement
Binance has announced its support for the network upgrade and hard fork of REI Network. The hard fork and network upgrade supported by Binance will take place when the block height reaches 15,774,234 or approximately at 12:00 PM UTC today.
Prior to the hard fork and network upgrade, deposit and withdrawal operations for REI and other tokens on the network will be temporarily suspended at approximately 11:00 AM UTC today. Deposit and withdrawal operations will be resumed once the upgraded network is stable. Furthermore, trading of tokens, including REI, on the REI Network will continue unaffected by the hard fork and network upgrade.
What is a Hard Fork and Network Upgrade?
In the crypto world, a hard fork and network upgrade refer to the processes of modifying or updating the underlying software protocol of a cryptocurrency network. A hard fork is an update type where the software protocol of a cryptocurrency network is changed in a backward-incompatible way. This means that a new version of the existing network is created based on new rules, creating a distinction between the new and old versions. Hard forks are usually performed for significant changes and may require users of the network to accept software updates.
A network upgrade or network update refers to the process of updating the existing software protocol of a cryptocurrency network to add new features, security improvements, or performance enhancements. Such updates generally enable the network to operate more efficiently or add new features. Network upgrades tend to have wider acceptance among users as they usually do not create divisions and work in an integrative manner with the existing chain.
Both processes are significant events in the cryptocurrency world and are closely monitored as changes or divergences in the network can have major impacts on prices, users, and miners.
