Leading exchange by market capitalization Binance has announced its support for hard forks and upgrades of the VITE (VITE) and Harmony (ONE) networks.
Binance will support upgrades and hard forks of the Harmony (ONE) and VITE (VITE) networks
The trading company will take care of all the technical work to ensure a smooth user experience.
Binance will temporarily suspend deposits and withdrawals of ONE and VITE funds while improvements are made, but trading will remain unchanged.
It is noteworthy that the Harmony update will occur at block height 64,847,872, which is scheduled for October 31 (13:00 UTC).
The exchange will pause deposits and withdrawals an hour earlier (at noon UTC) for a smooth transition.
In addition, VITE will begin a network upgrade at block height 166,869,900, scheduled for 14:30 UTC on October 31st.
Binance will stop all deposits and withdrawals of VITE funds at approximately 13:30 UTC on the same day.
Temporary interruption of service
Trading of ONE and VITE will develop without interruption during hard forks and updates.
Meanwhile, Binance will announce the resumption of deposits and withdrawals once stability is confirmed following the update.
The exchange urged investors and traders to remain vigilant during network improvements to process their transactions efficiently.
Binance will handle all operations and users will not have to go through any technical processes during hard forks and upgrades.
Understanding Hard Forks in Cryptocurrency
Hard forks occur when blockchains split into two networks, each operating independently.
This event often brings in new coins, although some struggle to keep them for the long term.
For example, none of the more than 100 BTC hard forks have been able to surpass Bitcoin in market capitalization, while Ethereum’s $ETH is a huge success.
It is noteworthy that forked blockchains operate independently.
While the resulting tokens may compete, what happens to one asset rarely affects the other (unless a hack occurs).
Moreover, related assets may be more vulnerable to market manipulation (unlike securities).
Why do developers carry out hard forks?
Developers may decide to implement hard forks for various reasons.
For example, the Ethereum network was forked after an attack on the DAO (decentralized autonomous organization).
The event canceled hacker transactions that caused the blockchain to lose millions of currencies.
Moreover, DAO token investors received stolen ETH funds.
However, some cryptocurrency miners remained on the old chain, which Ethereum enthusiasts decided to keep and launched Ethereum Classic (ETC).
ONE and VITE Price Actions
The native token remained bearish, reflecting the dominance of bears in the broader market.
Harmony is trading at $0.01337 after a 24-hour decline of 0.50%.
Meanwhile, VITE showed bullish trends after falling 11% last week, rising 0.55% on the 24-hour chart to hover at $0.01147.
This duo exhibits noticeable bearish influence, signaling a continuation of the downtrend in the near future.
However, enthusiasts can expect increased volatility in the days leading to blockchain improvements on October 31st.
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