Binance Chain Runners Should Be Aware of Mainnet Hard Fork Upgrades

Published at: Aug. 23, 2020

The Binance Chain mainnet, a blockchain software system developed by Binance and its community, is scheduled to do a hard fork upgrade around August 28 at 6:00 AM UTC. 

According to the company’s post on August 23, the full node runners on the mainnet are expected to switch their software version to v0.8.0 by the hard fork date.

The change will have no impact on the BNB token holders and Binance Decentralized exchange users. However, full node operators of the Binance chain should follow the upgrade instructions on the main site to avoid disconnection and fail to send transaction troubles.

Source: Binance Official Announcement

The upgrade is named after the evolution theorist Charles Darwin. It is expected to handle “a series of new business logic”, such as BNB staking, cross-chain transfer, on-chain governance procedure for Binance Smart Chain, says the post.

Binance Chain wallet providers or service consumers should also pay attention to the new staking, cross-chain related business model features.

The new version of the Binance Chain will also fix the bug of the distributed staking rewards that were reported a few days back. 

Binance Chain was reportedly launching a smart contract-enabled chain to let its developers build decentralized apps in April this year. The Smart Chain was said not to issue new tokens as block rewards. The rewards would be within the chain’s transaction fees instead.

Tags
Decentralization
Blockchain
Cryptocurrencies
Defi
Binance
Hard Fork
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