Binance, the globe’s preeminent cryptocurrency exchange by volume, recently declared its backing for Horizen’s (ZEN) imminent network upgrade and hard fork. Scheduled for February 7, the event marks a significant evolution for the cryptocurrency and its underlying technology.
Anticipated Horizen Enhancement Attracts Major Exchange Support
This strategic move by Binance, expected to occur at 3:00 PM local time or block height 1,502,800, will see the suspension of deposits and withdrawals for ZEN tokens. This pause, commencing roughly one hour before the event, aims to secure a seamless transition during the upgrade. However, Binance has assured that trading activities for ZEN will proceed as usual throughout this period.
Binance has committed to handling all necessary technical accommodations for its users, promising the restoration of deposit and withdrawal functions once the Horizen network demonstrates reliable performance post-upgrade.
Understanding Network Upgrades and Hard Forks
Network upgrades and hard forks are pivotal changes in the protocol of altcoins like Horizen, intended to enhance security, speed, or scalability. Such upgrades necessitate a consensus among network users, often leading to the adoption of new software versions and protocol compliance. While soft forks maintain compatibility with older versions, hard forks involve a decisive split from the former protocol, necessitating a unanimous update across the network.