Bitcoin : Binance Chain will be hard forked bringing BNB staking


A tribute to Charles Darwin

According to the Binance press release, this scheduled update will be done through a hard fork that will take place at the height of block 109,999,000. Full node operators will need to upgrade to version 0.8.0 of their software before this block is mined.

This hard fork for the Binance Chain has been named “Darwin”, in honor of the works of Charles Darwin, naturalist and paleontologist pioneer in the development of the theory of evolution:

“In 1859, he published his seminal book, The Origin of Species. Darwin’s work established the theory of evolutionary descent with modification as the dominant scientific explanation for diversification in nature, ”Binance points out.

It is with this idea that Binance clarified that after the update, the Binance Chain will be able to handle a series of new trading applications.

If you are a BNB holder on Binance or on a Ledger-type hardware wallet, don’t worry. The update will be completely transparent, unless your portfolio department decides otherwise.

Likewise if you are using the decentralized Binance DEX exchange, the logic of the platform’s matching engine will not be changed. No action on your part will be necessary.

An important update

The Darwin hard fork comes with 3 main new features. These BNB hodlers will certainly delight, the native corner of the Binance ecosystem.

The arrival of Darwin will bring a highly anticipated use case for BNB, staking. This will be possible in particular on the Binance Smart Chain, a sister blockchain of the Binance Chain dedicated to the creation of smart contracts. It will therefore soon be possible to delegate BNB for the election of Binance Smart Chain validators and to generate interest, at the still unknown rate.

The Darwin hard fork will also introduce cross-chain transfer, a new feature that will allow Binance Chain to communicate with other blockchains. This new tool has been designed with the aim of optimize the scalability of decentralized applications (dApps) requiring a smooth and fast user experience.

Finally, the Darwin hard fork will introduce a governance system for the Binance Smart Chain. A proposal voting process based on the staking of BNB validators and delegatees will decide the overall parameters of Binance Smart Chain.

Thus, the community will have the possibility to modify the inter-chain transfer fees and many other features. The BNB will therefore serve both gas for the execution of smart contracts, governance token and especially will now be eligible for staking.

👉 To learn more: Binance creates a new blockchain compatible with Ethereum

Much more than just a cryptocurrency exchange, the juggernaut Binance continues at breakneck speed to develop his empire. With the Darwin hard fork, its two blockchains will theoretically have the capacity to host decentralized finance applications.

It would therefore not be surprising that within a few months, Binance offers itself a new DeFi application. With the real enthusiasm that has recently started for this sector, it is undeniable that Binance intends to take advantage of it.

👉 To go further: The DeFi Serum (SRM) token climbs by 1500% in 12 hours

Newsletter 🍞

Receive a crypto news recap every Sunday 👌 And that’s it.

What to know about affiliate links

This page presents assets, products or services relating to investments. Some links in this article are affiliate. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our links.

About the Author : Clement Wardzala

twitter-soothsayerdatatwitter-soothsayerdata

Since 2017, I have been interested in Bitcoin, cryptocurrencies and associated blockchain technology. I firmly believe in these technological innovations and that they are already revolutionizing many sectors.
All articles by Clément Wardzala.