Monday, June 27, 2022
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Binance To Temporarily Hold Tezos Operations In 4 Days

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Binance Pledges Support For The Upcoming Tezos Network Upgrade.



The Tezos network is implementing an upgrade and Binance exchange is preparing to support it.

Tezos (XTZ) has announced that it will be upgrading its network on 27th, June, 2022. The upgrade, dubbed “Jakarta 2,” will be the 10th upgrade the network has undergone. According to an update by Tezos, the upgrade proposal has already been approved by the community.

The upgrade will need support from exchanges like Binance. On its part, Binance exchange has issued a statement, saying that it will support the upgrade.

“Jakarta 2”

According to Tezos, the Jakarta 2 upgrade is meant to solve issues and flaws within the network. All reported bugs will be fixed to improve the efficiency and security of the network. These flaws could allow an attacker to manipulate and possibly stall the network if left unsealed. The Tezos team wants to prevent this from ever happening.

“we reported two critical bugs in the original Jakarta protocol proposal 11, affecting the implementation of the experimental Transaction Optimistic Rollups (TORUs) 9 feature. Fortunately, we have been able to confidently fix both issues”

The upgrade is expected to occur at Tezos blockchain at block 2,490,369 on the 27th of this month of June at around 23:27 UTC.

Binance Support

Binance has already said it will play its part to support the upgrade. As such, all withdrawals and deposits for XTZ will be suspended prior to the upgrade and will be re-opened once the upgrade is in place and the network has stabilized.

“The Tezos (XTZ) network upgrade will take place at the Tezos block height of 2,490,369, or approximately at 2022-06-27 23:27 (UTC). Deposits and withdrawals of XTZ will be suspended approximately starting from 2022-06-27 22:27 (UTC).”

However, XTZ trading will not be affected during that time. The exchange will also handle all technical needs for user accounts associated with Tezos.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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