The Network Upgrade And Hard Fork For Firo Gets Binance Support
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.
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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.
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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.
