#Binance news update :

Binance will support the #Komodo ( $KMD ) network upgrade and hard fork, which will take place at the Komodo block height of 3,484,958, or approximately at 30-06-2023 07:07 PM.

Deposits and withdrawals of KMD will be suspended approximately starting from 30-06-2023 06:30 PM.

The trading of KMD will not be affected during the network upgrade and hard fork.

Binance will handle all technical requirements involved for all users holding KMD in their Binance accounts. The Komodo (KMD) network upgrade and #hardfork will not result in new tokens being created.

Binance will reopen deposits and withdrawals for KMD once Binance deems the upgraded network to be stable. Binance will not notify users in a further announcement.

What does this mean for KMD holders?

KMD holders should be aware of the network upgrade and hard fork and take the necessary steps to protect their funds. Binance will handle all technical requirements involved, but it is important for KMD holders to keep their funds in a secure wallet during the upgrade and hard fork.

What does this mean for Binance users?

Binance users who hold KMD will not be able to deposit or withdraw KMD during the network upgrade and hard fork. However, the trading of KMD will not be affected. Binance will reopen deposits and withdrawals for KMD once the upgraded network is deemed to be stable.

Stay tuned for more updates on the Komodo (KMD) network upgrade and hard fork.

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A hard fork combinator (first designed by IOHK) is a tool to combine protocols specifically on the Cardano blockchain after a hard fork has occurred.

How Does a Hard Fork Occur?

A hard fork normally occurs to implement upgrades to the blockchain. It requires multi-partner signatures and normally modifies certain parameters of the existing protocol. 

The hard fork is a split of a blockchain into two different protocols that run parallel to each other, where the new blockchain loses track and history of the previous one. 

Generally, hard forks cause some downtime on the blockchain, which disrupts the transactions and user experience. Another way is to implement a hard fork on the live blockchain, which may result in compromising blockchain integrity. For example, the Bitcoin hard fork in 2017 resulted in the splitting of the chain and the formation of Bitcoin Cash (BCH). This eventually affected the investor and trader interests. 

However, IOHK came up with the support of a hard fork combinator, which solves both of these problems efficiently.

What Is a Hard Fork Combinator (HFC)? 

A hard fork combinator is mainly used to merge pre and post-upgrade protocols after a hard fork so that the possibility of interruptions or restarts is removed.

When a hard fork takes place, it is virtually impossible for all the nodes to update to the new parameters and block headers at the same time without interruptions. Therefore, it becomes necessary to take the blockchain into downtime, which is disturbing for users. 

As a solution to this dilemma, IOHK Foundation came up with the hard fork combinator (HFC) for the Cardano (ADA) blockchain that allows multiple protocols to appear as one ledger so all the nodes don’t have to update to the new blockchain at the same time.

Cardano upgraded from Byron (wallet-only protocols) to Shelley (proof-of-stake supported protocols) in July 2020 where the hard fork modified the features and overall utility of the blockchain. Having a total of more than 1 million wallets at that time, a poorly executed hard fork would have meant the death of Cardano and its funds. 

However, the hard fork combinator was put to use for the first time, and on July 29, 2020, at 21:45 UTC, the transition from Byron to Shelley took place smoothly without any downtime or blunders. The users were informed but not restricted for usage and the hard fork took place in the background allowing the gradual transition of nodes with the passage of time. 

The Cardano blockchain, to this date, combines Byron and Shelley blocks. In further upgrades too, the transitions will be supported by the hard fork combinator. 

#hardfork #cardano #ada #cardanocommunity #blockchain $ADA $XRP $XLM

As a result of the completion of the first hard fork of the Shibarium network at block height 1,962,000, the Shiba Inu ecosystem has reached a significant milestone. This fork brings about considerable changes to the infrastructure of the network, with a particular emphasis on methods for token burning and the shift to a network layer that is more efficient.
A SHIB Burn Mechanism That Is Improved
According to DaVinci, who made this announcement in a Discord update, the strengthening of the token-burning process is one of the most noticeable developments that this hard fork has brought about. The statement made by DaVinci was as follows: "We are currently undergoing a swift hard fork at Bor Block- 1962000 in order to enhance our burning mechanism, which will enable support for multiple burn tokens, specifically BONE and SHIB."
The goal of this mechanism is to intentionally decrease the amount of tokens that are in circulation, which might result in an increase in the value of the tokens. In the beginning, the procedure will be controlled manually, but there are plans to eventually switch to an automated system. The significance of this shift lies in the fact that it has an effect on the economic model and tokenomics of the network.
As reported by Bitcoinist, the burning process will first be controlled manually, with the goal of ensuring that it is in sync with the health of the network. Subsequently, an automated method will be implemented in order to achieve more transparency.
Onward Movement to the Sepolia Network
The relocation of Shibarium's Puppynet from the Goerli Network to the Sepolia Network is an important change that should be considered in the infrastructure of the network. According to the explanation provided by NOWNodes, "This change is intended to align with infrastructures that are more scalable and efficient."
Decentralized finance and non-fungible token applications are in desperate need of increased scalability and decreased transaction costs, all of which the Sepolia Network promises to deliver. This move is a strategic alignment with infrastructures that are more resilient, and it has the potential to deliver increased speed and efficiency in the processing of transactions.
Continuous Improvements to the Network
Additionally, NOWNodes brought attention to the fact that the development team of Shibarium is dedicated to making ongoing improvements. The procedures of token burning are being streamlined as part of these updates, and the network is being adapted to accommodate the shifting dynamics of the network.
In addition, it is anticipated that future version updates would bring about enhanced transaction speeds as well as improvements in the functionality of smart contracts. When asked about it, NOWNodes stated, "Shibarium will go through several upgrades [...]" For the purpose of strengthening Shibarium's position as a premier blockchain platform, the network is concentrating on version upgrades that will result in increased transaction speeds, smarter contract functionality, and improved user experiences.
Impact on the Adoption of Masses
Based on the information provided by the node provider, it is anticipated that the hard fork will have a substantial influence on Shibarium's widespread adoption of Shiba Inus. In the event that the network becomes more scalable, it will be able to process a greater number of transactions in a shorter amount of time.
The significance of this was described by NOWNodes, which stated that "the network itself becomes more scalable as there are more features that developers have successfully integrated." It indicates that a greater number of transactions may be included and sent within a single block in a relatively short amount of time.
Shiba Inu: What Does the Future Hold?
In conclusion, NOWNodes makes the observation that the Shibarium hard fork is more than just a technical update; it is a strategic evolution of the Shiba Inu network and the foundation for the improvements that are to come.
What is going to happen after this? The response is clear and concise: there are a lot of things going on behind the scenes! NOWNodes made the observation that the developers of Shibarium Network have a lot of things that they need to focus right now. Some of these items include the creation of a new version of ShibaSwap, major CEX and DEX integrations, and more things.
#Shibarium #BinanceTournament #hardfork