Binance, the leading crypto exchange by transaction volume, confirmed June 16th on its adoption of the Neo (NEO) N3 network upgrade and hard fork. The procedure is slated to commence on June 19, while NEO withdrawals and deposits will be restricted from 11:00 (UTC) that day.
#Binance will support the Neo N3 $NEO network upgrade & hard fork.https://t.co/skgZyAbilz
— Binance (@binance) June 16, 2022
Network of Neo N3 update
The hard fork and Neo N3 network update will strike at the block level of 1,730,000. Upgrades of networks will have no effect on NEO trades. Binance shall manage all technical needs for all Binance clients that own NEO in their wallets.
There’ll be no additional tokens created as a part of the Neo (NEO) N3 network upgradation and hard fork. Binance will begin NEO deposits and withdrawals after the establishment of a strong network.
The update will include 2 additional operation codes (opcodes), MODMUL and MODPOW, and also improvements to the performance. Users would be able to build MultisigAccounts, and the system’s affordable cost, storage key optimisation, and deserialization will also be improved.
Binance also supports Firo (FIRO) network upgrades. The update reduces block duration from 5 to 2.5 minutes while leaving the rate of inflation and max supply the same. The disbursement of FIRO block rewards will also include a public fund.
The price of Neo (NEO) was $9.53, with a transaction volume of $132,545,020 and a market capitalization of $672,050,584. In the previous 24 hours, Neo has gained 3.38%.
Hard fork
A hard fork is a significant alteration to the guidelines of a blockchain network. In basic words, a hard fork divides a single coin into 2 and results in the validity of originally incorrect blocks and transactions, or vice versa.
NEO
Neo is an entirely accessible community-oriented blockchain platform for building dApps. Employing smart contracts, Neo allows the developer to integrate and optimize wealth management. It also features strong native characteristics like decentralized storing, oracles, and website domain service, establishing the framework for the Next-Generation Web.
Neo was modified to version 3.0, abbreviated as N3, in 2021. The N3 upgradation, launched in July 2018, is the most major innovation in Neo’s past. It aspires to provide the industry’s first-ever blockchain development platform, equipped with extensive native features. Furthermore, the Neo N3 features a cleaner and more versatile architecture than its predecessors, along with a superior administrative and finance strategy.
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