An important announcement was made by Binance team for its community members. As per the announcement, there will be a hardfork of the mainnet on 15 July. They have decided the date after watching the current speed of block generation.
After the successful upgradation of the testnet, they have planned to upgrade the mainnet. The validators of the Binance chain have planned to schedule the hardfork at 20,300,000 block height. For the expected upgrade all the validators and node runners will have to upgrade their software to the latest version by 10 July. If they fail to update, they will face difficulties to synchronize with the new chain.
Binance follows the tradition of naming the upgrade after the name of renowned scientists. This time they have decided to name the update as Galileo Galilei.
Previously the Binance Chain undergone hardfork on 26 June to activate the updates of Galileo. It is informed that Binance DEX, the decentralized exchange got affected by the upgrade.
As per the announcement, the upgradation will bring some changes to the Binance chain node. The changes may include delisting of transaction sets from Binance DEX. Delisting of the transaction pairs will take place after voting by the validators. New transaction pairs will be added after the voting by the validators and listing proposals. This technique is followed to remove the inefficient transaction pairs and increase the overall liquidity.
The forthcoming update will add time locking feature on the Chain of Binance. After this, the venture will have the ability to lock a certain quantity of tokens for an explicit period.
State sync enhancement will also be added after the hardfork. With this enhancement, the user will be capable to select the height of necessary state-sync. It will also reduce the syncing time. The most significant feature that is going to be added is the user will be able to do offline transactions.
The firm has told the customers of any exchange that supports BNB will not have to update their hot or hardware wallet. They will not have to put any effort from their end if any attempt is needed, they will be intimated.