Binance has made an important announcement for its community. Quite soon the Binance Chain Mainnnet will be upgraded. This decision just followed a successful testnet upgrade. Binance Chain validators agreed to schedule an hardfork upgrade at block height 20,300,000.
In accordance with the currently observed speed of block generation, the hardfork will happen on July 15, 2019. It is planned that all the full node runners and the validators will switch their software version to v0.6.0 by July 10, 2019.
Binance has a tradition of naming chain upgrades after scientists well-known for breakthrough advancements. This hardfork update has been named after Galileo Galilei.
— Binance DEX (@Binance_DEX) July 4, 2019
What Changes Galileo Will Bring
According to the company’s announcement, Binance Chain node will have a row of new features including a proposal for delisting trading pairs from the Binance DEX. Listing of new trading pairs takes place via listing proposals that are created and are to be voted for by validators. Now the same principle will be applied to delisting trading pairs. Validators will be able to create a delisting proposal and vote on delisting trading pairs. It can be a useful tactic to improve the overall liquidity by dropping inefficient trading pairs.
The next update to be introduced is a time-locking feature of tokens on Binance Chain. Now projects will have a possibility to lock certain amount tokens for pre-defined periods of time.
The hardfork will also bring a state sync enhancement. It is expected that this enhancement of existing state sync implementation will improve user experience. First of all, it is aimed at the reduction of the syncing time. Secondly, a user himself will be able to define the height from which it is necessary to state-sync.
Moreover, with the update, the match logic will be more friendly to new users and reduce the risk of unpleasant surprises. The terms of “Maker orders” and”Taker orders” have been introduced. The leftover orders are called “Maker orders”, at the same time all new orders are to be referred to as “Taker orders”.
A very important new feature is a possibility to conduct offline transactions. Users will get a possibility to generate and sign their transactions on an offline machine. And then another machine can be used to broadcast the transactions to the network.
Also, there will be some other updates related to the Mainnet’s Tendermint dependency and the network’s API services.
Binance has also informed its community that those customers who use any exchanges that provide BNB support (for example, Binance.com, BitMax or Gate.io), any of the hot wallets, or a hardware wallet, do not need to perform any specific actions to get updated. Everything will be done without their efforts. If some actions are required from their side, the exchange or wallet service will ask them to perform them.