Binance’s blockchain network, Binance Chain has completed an upgrade to its mainnet. The major crypto exchange announced this news on July 15 via a post on its site. Binance unveiled that this version is titled “Galileo.” According to the exchange, this name was inspired by Galileo Galilei.
Per the announcement, Binance Chain implemented four big changes in Galileo. These include,
- Matching engine revision. Here the network has introduced Maker and Take concepts, making it more friendly for new users.
- Delist trading pairs on Binance DEX. Validators can now create a delisting proposal and vote on delisting trading pairs through governance.
- Time locking of token assets on Binance Chain. Projects will now be able to lock tokens for a specified amount of time.
- State sync enhancement. This would reduce the time used when syncing. Also, users can stipulate the height from which they want to state-sync.
Explaining the time locking concept, the exchange noted that,
Some business plans decide to lock certain amount tokens for pre-defined periods of time, and only vest in the future according to the schedules. For example, some projects may lock some allocation of the issued tokens as a commitment by the founding team; some business scenarios also need to lock some tokens as collateral for value.
Galileo is a Hardfork of Its Previous Version
According to the outline of Galileo, it as a product of a hardfork of its earlier version. It came to be after Binance Chain validators decided to have a scheduled hardfork upgrade at block height 20,300,000. This needed a consensus of more than two-thirds from the validators for the upgrade to be successful.
For BNB holders that use exchanges that support BNB, this upgrade would not change anything. Also, BNB holders that use wallets that support BNB or hardware wallets would not have to do anything unless instructed otherwise.
Binance DEX users would have to read about the imminent changes in DEX match engine logic.
On the other hand, full node operators would have to switch to v.0.6.0 before the hardfork block height, 20,300,000.
Instructions for making this upgrade are,
- If your node is already synced with the network, please download the new v0.6.0 mainnet binary and replace the previous version.
- Replace the config.toml and app.toml under home folder with the latest versions. You can customize those parameters.
- Stop the bnbchaind process and restart it with v0.6.0
This news comes after Binance launched its margin trading platform on July 11. Per Yi He, Binance’s co-founder, margin trading is “one of the most requested services from our community.” Reportedly, the exchange will have margin trading options for several leading crypto coins. These are BTC, ETH, XRP, BNB, TRX, and USDT.
Do you think Binance Chain’s upgrade to Galileo will have a positive impact on BNB’s price? Let us know in the comments below.
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