As a seasoned researcher with a keen interest in blockchain technology and its evolution, I find myself intrigued by the upcoming Horizen (ZEN) network upgrade. Having witnessed numerous upgrades across various blockchains, I can attest that they are a testament to the dynamic nature of this rapidly evolving field.
Binance, a prominent worldwide cryptocurrency platform, has declared its intention to assist with the impending update of the Horizen (ZEN) network, set to occur on September 12, 2024.
As per a recent declaration made on Monday, Binance – a platform catering to more than 200 million global users – has decided to momentarily halt token deposits and withdrawals on the Horizen blockchain. This temporary measure is aimed at avoiding any potential technical snags during the Horizen 2.0 system upgrade.
Binance to Resume Trading After Successful Upgrade
Binance guarantees its users that they’ll manage all the necessary technical aspects during the upgrade, scheduled for around September 12, 2024, at approximately 8:00 AM UTC. The upgrade will occur at block height 1,627,572.
After the network has become steady and is prepared for transaction processing, the company plans to continue its operations on the Horizen blockchain.
“Binance announced that token deposits and withdrawals on the specified network can resume when the upgraded network has been confirmed as reliable and secure.”
The planned update is designed to boost the network’s functionalities, leading to better overall operation. As a blockchain that can work with the Ethereum Virtual Machine (EVM) and has zero-knowledge properties, Horizen 2.0 will bring numerous novel features and cutting-edge capabilities, such as increased scalability and efficiency.
The upgrade will optimize ZK applications, making decentralized applications (DApps) faster and more cost-effective for developers. It will also integrate advanced proving mechanisms and unify the mainchain and EON sidechain to maximize efficiency.
Horizen Upgrade to Address Key Issues
On July 30, 2024, Horizen published a document detailing the hurdles in the Zero-Knowledge (ZK) market that their upgrade intends to resolve. Among these obstacles are network congestion, expensive transaction costs, lack of unification, and insufficient proof methods.
The developers of the protocol aim to roll out innovative features, such as pre-compiled contracts for streamlined zero-knowledge proof validation and ZEN staking through the Delegated Proof of Stake (DPoS) mechanism, all integrated with the Nimbus Framework for efficient collator selection.
These tools are created for enhancing network efficiency and expandability, as they carefully choose collators in a productive and equitable manner to optimize performance.
Furthermore, Horizen’s flexible, modular design will boost the capabilities and compatibility among the chains within its system, all while ensuring strong security.
The update will additionally improve Ethereum Virtual Machine (EVM) compatibility, providing Solidity developers with user-friendly access to robust Zero-Knowledge (ZK) features within a familiar setting.
Not the First
Currently, Cardano (ADA) and the network aren’t the only blockchains undergoing updates for better performance. On Sunday, September 1, Cardano successfully implemented an upgrade aimed at increasing its decentralization. This update introduced a fresh governance mechanism that empowers the community to manage the chain.
The latest update signaled the commencement of the network’s ‘Voltaire phase’, the concluding step in its plan to establish a completely decentralized blockchain environment.
Apart from Horizen and Cardano, other blockchain networks like Ethereum (ETH) experienced a major update in 2022, which is called “The Merge.” This significant change transitioned Ethereum from a Proof-of-Work (mining) to a Proof-of-Stake (staking) consensus mechanism.
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2024-09-02 11:20