Binance to Support Klaytn Network Upgrades and Hard forking

On April 12th, it was announced that Binance will support Klaytn (KLAY) network upgrades and hard forking. The Klaytn (KLAY) network upgrade and hard fork will be carried out at the Klaytn block height of 119750400 or approximately at 16:01 (UTC) on April 16, 2023. KLAY coin recharge and withdrawal will be suspended around 15:00 (UTC) on April 16, 2023.

Binance will support Klaytn (KLAY) network upgrades and hard forking

Introduction

On April 12th,2023, the announcement was made that Binance, a leading cryptocurrency exchange, will support Klaytn(KLAY) network upgrades and hard forking. The upgrade and hard fork will take place at the Klaytn block height of 119750400 or approximately 16:01(UTC) on April 16, 2023. As a result of this upgrade, KLAY coin recharge and withdrawal will be suspended around 15:00(UTC) on April 16, 2023.

What is Klaytn (KLAY) Network?

Klaytn is a blockchain platform that was created by the South Korean internet giant, Kakao Corp, in 2019. It was designed to offer a favorable environment for the development and deployment of decentralized apps(DApps). The network is known for its high performance as it is capable of handling up to 3000 transactions per second. KLAY is the native cryptocurrency of the Klaytn network.

Network Upgrade and Hard Fork

A network upgrade is when a blockchain network undergoes maintenance to enhance its features and capabilities. This involves a modification in the underlying code of the network. A hard fork, on the other hand, is a significant change in the network’s protocol that enforces the consensus rules on all nodes in the network. This results in a divergent blockchain.

Why Upgrade the Klaytn Network?

The Klaytn network is regularly updated to improve its scalability, security, and usability. This upcoming KLAY network upgrade is designed to enable KLAY coin holders to have a seamless user experience while interacting with the Klaytn ecosystem. The upgrade will enable more efficient transaction processing, reduce conflicts, and will make the network more sustainable.

How Will the KLAY Upgrade Benefit Users?

The blockchain market is characterized by stiff competition, with each network striving to offer the best services to its users. This upgrade will help Klaytn become an even more competitive blockchain platform, offering speedier transactions, resilience, and scalability to both individuals and enterprises.

What to Expect During the Upgrade and Hard Fork?

To avoid invalid transactions that might occur during the process, KLAY coin recharge and withdrawal functions will be halted around 15:00(UTC) on April 16, 2023. The upgrade will take place at the Klaytn block height of 119750400 or approximately at 16:01(UTC) on April 16, 2023. After the upgrade is complete, KLAY coin recharge and withdrawal functions will be resumed.

Conclusion

Binance’s decision to support the Klaytn network upgrade and hard fork is a significant step towards improving the entire ecosystem’s functionality. This upgrade will have a considerable impact on the entire Klaytn network community by improving efficiency and transaction speeds. KLAY coin holders are advised to keep updated with the latest project updates and to avoid trading or transferring KLAY coins during the downtime.

FAQs

1. What is a hard fork?
A hard fork is a significant change in a network’s protocol that enforces the consensus rules on all nodes in the network, resulting in a divergent blockchain.

2. When will the KLAY network upgrade occur?
The KLAY network upgrade will occur at the Klaytn block height of 119750400, which is approximately 16:01(UTC) on April 16,2023

3. What should KLAY coin holders do during the upgrade?
KLAY coin holders should avoid transferring or trading KLAY coins during the downtime when recharge and withdrawal functions are halted.