Binance, the world’s largest cryptocurrency exchange, is known for supporting hard forks and network upgrades of listed altcoins. The exchange recently announced its support for the network upgrade of IRISnet (IRIS), an altcoin it has listed. This move aims to enhance user experience by ensuring the network’s smooth operation during the upgrade.
To facilitate the upgrade, Binance suspended IRISnet token deposits and withdrawals starting at 07:30 local time today. The network upgrade began at block height 23,170,081, around 08:30 local time, and on-chain data indicates a successful transition.
While IRISnet token deposits and withdrawals are suspended during the upgrade, trading on the network will continue unaffected. Binance will handle all technical requirements for its users, and token transactions will resume once the upgraded network is confirmed to be stable.
Network upgrades for altcoins typically involve replacing the current version of a blockchain network with an improved version, enhancing aspects like security, scalability, and transaction speed. These upgrades aim to improve the technical features of an altcoin project and often encourage community and developer participation.
Such upgrades can include security enhancements, increased scalability, faster transaction speeds, new functionalities, community feedback, and changes in consensus algorithms. They require broad consensus among stakeholders such as developers, community members, and miners, and are usually implemented with the majority of the network’s agreement.