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Ify Egede
May 9, 2022
by Ify Egede

Binance to Support CKB Upgrade and Hardfork

Binance CKB Upgrade Hardfork
Earlier today, Binance shared a post from their site on their official Twitter account. Their aim is to let all Binancians know that they will be supporting the CKB upgrade and hardfork scheduled on 10th May.

Binance Plans to Support the CKB Upgrade and Hardfork 

The CKB upgrade and hardfork would occur around 10th May 2022, 01:00 UTC, during the Nervos Network transaction level of 5,414. Once the upgrade and hardfork process commences, both withdrawals and deposits of CKB will no longer be allowed.

Binance will take care of all the technical details for anyone with CKB in their Binance profiles. There wouldn't be any new tokens issued due to the CKB hard fork and upgrade. 

Last month, Jordan Mack said that Nervos Network would go through a hard fork to add new functionality to the network. There aren't any parties who oppose the modifications in this hard fork. On 10th May, there will be a total upgrade to the entire network. It's not just the hard fork itself that's being updated, but many other libraries and protocols. 

While the network is being upgraded and a hard fork is taking place, there will be no impact on CKB trading. The Nervos Network (CKB) would be upgraded and split in two at a block peak of 5,414. The anticipated time is provided solely for the convenience of the users.

The Consequences of Not Upgrading

If you don't upgrade, CKB nodes can go out of synchronization with the network and lose their functionality. As a result of this issue, it cannot accurately represent balances, and it's unable to process transactions.

If the CKB2021 hardfork upgrades go live, your dapp may be unable to use some of the new functionality that will be available. There's a possibility that your dapp won't be able to understand the new CKB2021 wallet addresses. It means that users will be unable to correctly transfer cash between new dapps that offer the new address type compatibility.

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Binance CKB Uprade and Hardfork
Binance to Support CKB Upgrade and Hardfork
Ify Egede
Ify is an experienced and versatile writer and researcher. He has have keen interest in blockchain technology, Bitcoin, cryptocurrencies, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.

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