Binance has published a post announcing its support for the Firo network upgrade and hard fork. The process is scheduled for June 16, 2022, at 12:00 UTC. Deposits and withdrawals of FIRO will be suspended on the same day at 11:00 UTC.
The time announced is for reference only. Upgradation of the network will not affect the trading activities of the community. Deposits and withdrawals will be resumed after the upgrade is deemed stable.
All the technical requirements for the holders will be taken care of by the Binance team. Upgradation and hard fork of the network are exclusive of creating a new token.
After the process, the block time will reduce from 5 to 2.5 minutes with no changes to the inflation rate and maximum supply. The allocation of FIRO block rewards is expected to include a community fund.
Binance is a crypto exchange platform with a presence worldwide, subject to regulations and licenses. The ecosystem of Binance comprises services related to eWallet, Launchpad, Academy, Research, and Info.
The crypto exchange platform has registered a 2 billion average daily volume. It supports more than 1,400,000 transactions every second and offers 24/7 availability of representatives for traders looking for help.
BNB is the native token of Binance with the core responsibility of fueling the ecosystem as an underlying gas. The community’s vision is to foster financial freedom for all the people across the globe to improve their lives significantly.
Binance was founded in 2017, with headquarters in Malta. At least a hundred cryptocurrencies are listed on the platform that supports 19 fiat currencies.Many more features about the crypto exchange platform can be explored through a Binance review that highlights reasons for choosing Binance as your trading platform. Users can opt to trade in any of the hundred trading pairs listed on Binance.
Key features of Binance include:
- Mobile Trading: It helps traders to review their crypto portfolio in any part of the world. They can also execute a trade through their fingertips.
- eWallets: The official wallet of Binance is Trust Wallet, a decentralized wallet that enables holders to store their wealth securely on the internet.
- Trading Account: Two types of Trading Accounts are available on the platform, namely Basic & Advanced. These can be customized as per the requirement of a trader.
The update shared by Binance follows the announcement related to its presence in VivaTech 2022 from June 15, 2022, to June 18, 2022. The Europe-based event brings together more than 150,000 participants from the industry to share the recent digital transformation in the start-up ecosystem.
Speakers include Changpeng Zhao, the Chief Executive Officer of Binance, and Vitalik Buterin, the Founder of Ethereum, along with 498 other business leaders & innovators.