As an analyst with over two decades of experience in the tech and finance industries, I find the upcoming Cardano upgrade and hard fork to be an exciting development. The fact that Binance, one of the leading global cryptocurrency exchanges, is fully prepared for this event underscores the growing maturity and stability of the crypto market.
On September 1st, Binance, the prominent worldwide cryptocurrency exchange by market volume, has shared that they will temporarily halt deposit and withdrawal operations linked with the Cardano (ADA) blockchain. This move is to offer support for the network’s eagerly anticipated upgrade and Chang hard fork, which is scheduled for the same date.
In a blog update shared last Friday, the firm – established by Changpeng Zhao (CZ) – revealed that this action is in line with their pledge to assist the protocol as it transitions into the Conway period, which is set to commence this weekend on Sunday around 21:45 UTC.
Crypto Exchanges Are 92% Ready for Cardano Upgrade
As a researcher, I was eagerly anticipating the upgrade scheduled for Wednesday, August 27. However, it appears that several crypto exchanges, such as Binance, were not quite ready for this transition. Just last week, Charles Hoskinson, the founder of Cardano, announced that the hard fork has been delayed until September 1. This extension offers additional time for companies to properly prepare and organize their operations.
The magic of deadlines is that people who aren’t taking upgrades seriously suddenly say damn we got to get moving. When they get moving, we converge quickly.
It seems that Binance and some others require additional time to sort things out, so we’ll have to postpone the launch for now.
— Charles Hoskinson (@IOHK_Charles) August 23, 2024
Based on the revised schedule, many cryptocurrency platforms are exerting efforts to hit the new cutoff date. As per Intersect’s statistics, stake pool operators have attained a preparedness rating of 92%, while decentralized applications surpass the halfway mark in their readiness for the hard fork.
Major cryptocurrency exchanges have almost entirely prepared themselves, reaching a readiness level of 92%, suggesting they’re well-equipped for the Chang hard fork. Prominent platforms like Binance, Binance.US, Coinbase, Bybit, KuCoin, HTX (previously Huobi Global), and Kraken are all set and ready for this upcoming upgrade.
Temporary Suspension of Transactions
During the process of updating and making significant changes to the Cardano network (hard fork), Binance will momentarily suspend all transactions, such as deposits and withdrawals, to ensure that no technical glitches occur. This is being done to support the Cardano upgrade.
From around September 1st, 2024 at 8:45 PM (UTC), Binance will temporarily halt deposits and withdrawals of tokens linked to the Cardano network. This action is taken to accommodate the network’s upgrade and hard fork, aiming to deliver an optimal user experience.
1. Apart from managing all the technical complexities related to its gigantic user pool of 200 million, the companies will also be responsible for:
Cardano to Transform to a Fully Decentralized Network
The imminent Cardano upgrade is projected to deliver substantial enhancements to the network, improving usability and overall efficiency. As per Hoskinson’s statements, this transition will metamorphose the platform into a completely decentralized ecosystem, empowering the community to manage the blockchain.
As a researcher involved in this project, I want to clarify that the governance system we’re implementing will unfold progressively, becoming increasingly intricate over time. It is important to note that the community won’t assume full decision-making control of Cardano immediately. Instead, the process of transitioning to a fully decentralized structure requires a gradual and thoughtful approach, one that takes into account the need for thorough planning and execution.
The governance system implemented on Cardano is referred to as the Voltaire phase, marking the start of the last leg of the project’s plan. This phase is designed to establish a completely decentralized blockchain environment.
With the upgrade, it will eventually become possible for ADA owners to elect Delegate Representatives (DReps), as detailed in the Cardano Improvement Proposal 1694.
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2024-08-30 19:16