Binance Supports Klaytn (KLAY) 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 th
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
On April 12th, 2023, Binance, one of the world’s leading cryptocurrency exchanges, announced its support for the upcoming Klaytn (KLAY) network upgrades and hard fork. The Klaytn (KLAY) network upgrade and hard fork will be carried out at the Klaytn block height of 119750400, which is approximately at 16:01 (UTC) on April 16, 2023. As a result, KLAY coin recharge and withdrawal will be suspended around 15:00 (UTC) on that day.
What is Klaytn (KLAY)?
Klaytn (KLAY) is a blockchain platform that allows users to create and deploy decentralized applications (dApps). It was developed by Ground X, a subsidiary of South Korean Internet giant, Kakao. Klaytn combines the best features of both public and private blockchains and is designed to be enterprise-friendly.
Klaytn uses a unique consensus mechanism called Proof of Contribution (PoC). PoC rewards nodes for contributing to the ecosystem by validating transactions, storing data, and other actions. This consensus mechanism is more energy-efficient than Proof of Work (PoW), which is used by Bitcoin and other cryptocurrencies.
What is a Network Upgrade and Hard Fork?
A network upgrade is a new version of software that implements changes to a blockchain protocol. These changes can include bug fixes, performance improvements, and new features.
A hard fork is a type of network upgrade that is not backward-compatible. This means that nodes running the old version of the software cannot communicate with nodes running the new version. In order to participate in the new network, all nodes must upgrade their software.
What Changes Will the Klaytn (KLAY) Network Upgrade and Hard Fork Bring?
The upcoming Klaytn (KLAY) network upgrade and hard fork will introduce several new features and improvements to the platform. These include:
– **Multi-Chain Support**: Klaytn will support multiple chains, allowing developers to create more complex dApps.
– **Smart Contract Upgradability**: Smart contracts on Klaytn can now be upgraded without requiring a hard fork.
– **Transaction Fees**: Transaction fees on Klaytn will be reduced, making it cheaper to use the platform.
– **Improved Consensus**: The PoC consensus mechanism will be improved, making the network more efficient and secure.
How Will Binance Support the Klaytn (KLAY) Network Upgrade and Hard Fork?
Binance has announced that it will support the Klaytn (KLAY) network upgrade and hard fork. This means that Binance users who hold KLAY coins on the exchange will not have to take any action to participate in the new network. Binance will handle all technical aspects of the upgrade and hard fork, including the suspension of KLAY coin recharge and withdrawal.
Conclusion
The upcoming Klaytn (KLAY) network upgrade and hard fork is an important development for the platform. It will introduce new features and improvements that will make Klaytn more attractive to developers and users. Binance’s support for the upgrade and hard fork is a positive sign for Klaytn and shows that the platform is gaining traction in the cryptocurrency community.
FAQs
**Q1. Will KLAY coin holders receive any rewards after the network upgrade and hard fork?**
No, there are no plans to distribute any new coins or rewards to KLAY coin holders after the network upgrade and hard fork.
**Q2. Do I need to do anything as a Binance user holding KLAY coins?**
No, Binance will handle all technical aspects of the network upgrade and hard fork. You do not need to take any action as a Binance user holding KLAY coins.
**Q3. Can I still trade KLAY coins during the network upgrade and hard fork?**
No, KLAY coin recharge and withdrawal will be suspended around 15:00 (UTC) on April 16, 2023. Trading will resume once the upgrade and hard fork are complete.
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