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Binance has reported the successful completion of scheduled Binance Chain Mainnet ‘Galileo’ hardfork upgrade that took place at block height 20,300,000.
The Binance Chain Mainnet has completed the upliftment of its testnet services right after the commemoration of its second anniversary. The number one cryptocurrency exchange by volume has recently confirmed the completion of its mainnet upgrade on its both CEX and DEX platforms most-commonly referred to as ’The Galileo Upgrade’. The upgrade was nicknamed, just in the spirit of innovative advancement, after the famous Scientist – Galileo Galilei.
According to the latest findings, the Binance Chain Mainnet has been released along with an introduction of a number of added features. Adding to this, the leading cryptocurrency trading platform published on its announcement channel that a stable version of testnet services has become available to the general public as at 2019/07/15 8:00 AM (UTC).
The list of the added platform’s functionalities includes:
- Matching Engine Revision. A user-friendly matching logic which includes Taker and Maker concepts has been introduced.
- Delist Trading Pairs on Binance DEX. Validators on the Binance Chain can now register a delisting proposal by means of governance. This voting mechanism is set in place to outsource tokens with credit issues as well as tokens with an elongated period of a reduced trading volume with regards to one of its trading pairs.
- Time Locking of Token Assets on Binance Chain. Now businesses can block a certain amount of tokens for pre-defined periods of time, and vest them in the future according to the schedules. For example, some projects may lock some issued tokens as a commitment by the founding team or as collateral for value.
- State Sync Enhancement. The state sync implementation has been refactored in order to improve user experience and reduce syncing time. Now users can specify the height from which they want to state-sync.
Commemorating the 2-year anniversary of Binance, the DEX arm of the exchange tweeted a post inviting its followers to get familiarized with more details of the updates.
#Binance Chain Galileo Upgrade Complete
What’s new and improved after upgrade:
– Matching Engine Revision
– Delist Trading Pairs on Binance DEX
– Time Locking of Token Assets on @Binance Chain
– State Sync Enhancement
Full details below????https://t.co/8SQPDH9AX2 pic.twitter.com/yq4ktCiqDx
— Binance DEX (@Binance_DEX) July 15, 2019
The HardFork Upgrade
During a Hardfork upgrade, the codebase of the underlying system architecture undergoes overhauling hence previously released codes become null and void. So, they become incompatible with the new system which results in a breach between the nodes involved with the recent upgrade and those still running on the previous code release.
In a detailed report posted on the platform announcement page, Binance revealed some more details related to its hardfork upgrade:
”A hardfork in Binance Chain requires +⅔ validators to choose to upgrade to keep producing blocks. If the existing full nodes in the network do not upgrade, they will not be able to receive and produce more blocks after the hardfork block height.”
However, the application logic modifications on the Binance Chain could only be initiated at a specific block height. As we have already reported, the block number for this new upgrade was scheduled for 20,300,000 blocks and was estimated to take place at about 7:00 AM (UTC) on Monday, 15th July 2019. After this event, the blockchain is able to handle and implement neoteric codebase as well as different transaction types.