Binance to Support Horizen (ZEN) Network Upgrade on September 12

Coinspeaker
Binance to Support Horizen (ZEN) Network Upgrade on September 12

Leading global cryptocurrency exchange Binance has announced it will support the upcoming Horizen (ZEN) network upgrade, scheduled for September 12, 2024.

According to an official announcement on Monday, Binance, which serves over 200 million users worldwide, will temporarily suspend token deposits and withdrawals on the Horizen blockchain to prevent any technical issues during the Horizen 2.0 upgrade.

Binance to Resume Trading After Successful Upgrade

Binance has assured users that it will handle all the technical requirements during the upgrade which will take place at the block height of 1,627,572, or approximately at 2024-09-12 08:00 (UTC).

Once the network stabilizes and is ready to process transactions, the company will resume trading on the Horizen blockchain.

“Deposits and withdrawals for token(s) on the aforementioned network will be reopened once the upgraded network is deemed to be stable,” Binance said.

The upcoming upgrade aims to enhance the network’s capabilities, improving overall performance. As a zero-knowledge (ZK) blockchain compatible with the Ethereum Virtual Machine (EVM), Horizen 2.0 will introduce several innovative features and advanced capabilities, including improved scalability and efficiency.

The upgrade will optimize ZK applications, making decentralized applications (DApps) faster and more cost-effective for developers. It will also integrate advanced proving mechanisms and unify the mainchain and EON sidechain to maximize efficiency.

Horizen Upgrade to Address Key Issues

On July 30,  2024,  Horizen released a whitepaper outlining the challenges facing the ZK market, which the upgrade aims to address. These issues include network congestion, high transaction fees, fragmentation, and limited proofing mechanisms.

The team behind the development of the protocol plans to introduce new tools like precompiled contracts for efficient ZK proof verification and ZEN staking using the DPoS consensus model with the Nimbus Framework for collator selection.

These tools are designed to improve network performance and scalability by ensuring an efficient and fair selection of collators.

Additionally, Horizen’s future-proof modular architecture will enhance the functionality and interoperability between chains within the network, while maintaining robust security.

The upgrade will also enhance EVM compatibility, making it easier for Solidity developers to access powerful ZK capabilities in a familiar environment.

Not the First

Meanwhile, the network is not the only blockchain undergoing an upgrade to boost performance. On Sunday, September 1, Cardano (ADA) completed an upgrade to become more decentralized, introducing a new governance mechanism that allows the community to govern the chain.

The new development marked the beginning of the network’s Voltaire era, which is the final stage in its roadmap toward creating a fully decentralized blockchain ecosystem.

In addition to both Horizen and Cardano, other blockchain network’s such as Ethereum (ETH) underwent a significant upgrade in 2022 known as The Merge transitioning from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism.

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Binance to Support Horizen (ZEN) Network Upgrade on September 12