HomeNewsBinance (BNB) Unveils Plans for Aug. 30 Smart Chain Upgrade and Hard...

Binance (BNB) Unveils Plans for Aug. 30 Smart Chain Upgrade and Hard Fork: Essential Insights

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  • Binance will temporarily pause deposits and withdrawals on its BNB Smart Chain on August 30, 2023, as it activates its much-awaited Hertz hard fork.
  • The Hertz upgrade incorporates elements from Ethereum’s London and Berlin hard forks, aimed at enhancing cross-network compatibility and optimizing gas mechanisms.

Hertz: The Evolutionary Milestone for Binance Smart Chain

On the morning of August 30, 2023, at precisely 7:30 a.m. UTC, Binance, the world’s leading cryptocurrency exchange, will enact an evolutionary upgrade to its BNB Smart Chain (BSC). Termed as Hertz, this hard fork arrives at the block height of 31,302,048 and will necessitate a brief 15-minute cessation of all deposits and withdrawals on the BSC. It’s crucial to delineate that this stoppage is an operational necessity to ensure the seamless activation of the hard fork, and trading activities will not be affected.

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The Hertz upgrade constitutes the second segment of the BNB Smart Chain’s v1.2.9 software release, following the successful activation of its predecessor, Plato, on August 10. Official announcements were disseminated through Binance’s website and various social media channels, clearly stating that no new tokens would be generated as a result of this hard fork. Deposits and withdrawals will resume automatically post-stabilization of the Hertz-implemented network.

Inter-Blockchain Synergy: Berlin and London Upgrades

The most compelling aspect of Hertz lies in its imitation of some pivotal Ethereum Improvement Proposals (EIPs) from Ethereum’s own Berlin and London upgrades. The objective here is to enhance the cross-compatibility features between Ethereum’s blockchain and the BNB Smart Chain. For the technically inclined, Hertz will implement BSC equivalents of EIP 2565, EIP 2718, EIP 2929, and EIP 2930 under the Berlin category, which collectively refine the gas mechanics of the network and introduce Optional Access Lists. The London upgrades will involve the introduction of a new Ethereum Virtual Machine (EVM) opcode, dubbed BASEFEE, and restrictions on the deployment of certain types of smart contracts through EIP 3198 and EIP 3541.

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Deductively, the Hertz upgrade doesn’t merely serve as another iteration for the BNB Smart Chain; it significantly contributes to the blockchain world’s continuous striving for interoperability and efficiency. While the short-term operational pause may appear as an inconvenience, its long-term implications hint at a more harmonious, scalable, and user-friendly blockchain ecosystem.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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