As a seasoned analyst with over two decades of experience in the ever-evolving world of cryptocurrencies, I find it fascinating to witness the continuous evolution of blockchain networks. The recent surge in Firo’s FIRO token following Binance’s announcement of support for its upcoming upgrade and hard fork is a testament to the faith investors have in privacy-centric projects.
On Binance‘s announcement of their support for Firo Network’s upcoming upgrade and hard fork in September 2024 (at block height 958,655), the value of FIRO, the native token of this privacy-focused blockchain, has experienced a boost of almost 4%.
Initially priced near $1.09 on Monday, this digital coin climbed up to $1.12 by the end of the week as reported by CoinMarketCap, a well-known cryptocurrency market data provider.
Binance to Suspend Transactions on Firo
As a crypto investor, I received an update from Binance on Thursday stating that they’ll be temporarily halting deposits and withdrawals for FIRO starting September 16, 2024, at 04:00 (UTC) to facilitate a network upgrade and hard fork. The upgrade is scheduled for the same day, at 05:00 (UTC). This action is part of Binance’s commitment to delivering an optimal user experience.
As per the statement, Binance will handle all technical matters concerning the update for their users. After the update has been completed and the network has been confirmed as stable, deposits and withdrawals will once again be permitted by the company.
The upcoming network revamp in Firo will bring about substantial adjustments to its token distribution system. In the forthcoming Firo v0.14.14.0 version, FIRO coins will no longer undergo further reductions (halvings), and the total amount of tokens in circulation will reach 21.4 million sooner than anticipated within a period of approximately 5 to 6 years. Once this supply limit is reached, the annual inflation rate, currently set at 0.98%, will begin to decline.
Moreover, the FIRO system has planned to allocate 10% of its total supply towards community initiatives, and another 5% for miners. The platform also mentioned that masternodes will receive approximately 70% of the entire supply, and a further 15% will be earmarked for the development fund.
Firo confirmed that these changes were approved through a community vote.
Not the First
At the same time as Firo, another blockchain named Cardano is also undergoing an update this month. On September 1st, it executed the Chang hard fork. The purpose of this upgrade was to bolster the network’s decentralization, primarily by transferring more control to its community members, who were founded by Charles Hoskinson.
During the update, Binance temporarily halted deposits and withdrawals on the Cardano network to provide a seamless move for Cardano.
After taking a cue from Cardano, the Enjin blockchain underwent an upgrade on September 9, unveiling its new iteration, “Kampong Glam.” This development is expected to substantially enhance the network’s efficiency and user experience.
Last week, the blockchain platform Polygon, which functions as a layer-2 scaling solution on Ethereum, underwent its own network upgrade and rebranded its native cryptocurrency from MATIC to POL. Users were instructed to exchange their existing MATIC tokens for an equal amount of POL.
According to Polygon, this transition moves them a step nearer to their aim of establishing a “unified system of multiple blockchain networks.
Read More
Sorry. No data so far.
2024-09-12 15:57