Binance, the world’s leading cryptocurrency exchange by volume, has declared its support for the upcoming network upgrade of Ethereum Classic (ETC). The exchange will pause deposit and withdrawal services for ETC on February 4th to facilitate the upgrade process. This suspension is set to occur at 16:00 local time, in anticipation of the network upgrade expected at block height 19,250,000, around 16:50 local time on the same day.
Despite the temporary halt in deposit and withdrawal functions, ETC trading on Binance will remain unaffected during the upgrade. Binance aims to handle all necessary technical preparations for its users and plans to reinstate full services for Ethereum Classic once the network is deemed stable post-upgrade.
Understanding Network Upgrades
Network upgrades in the cryptocurrency realm refer to modifications or enhancements to a blockchain’s protocol or software, aiming to improve aspects such as performance, security, and scalability. These upgrades are typically proposed by developers and require community consensus to be implemented.
After thorough testing on a test network and resolving any potential issues, developers propose these upgrades to the community, including users and miners, to gain approval. If consensus is reached, the upgrade is executed on the main network at a predetermined block height.
Following an upgrade, users and miners must adapt by updating their software to maintain compatibility with the new network version. The network’s performance is closely monitored after the upgrade to ensure stability and address any emergent issues.