Binance, one of the leading exchanges in the cryptocurrency industry, announced its support for the planned network upgrade of Ethereum Classic (ETC). As part of this support, deposits and withdrawals of ETC will be closed for a certain period on February 4.
ETC trading will continue smoothly during the upgrade process. Users will be able to make deposits and withdrawals again once the network upgrade is completed and the network is confirmed to be stable.
Network upgrade is a critical process for altcoins and generally aims to improve the performance, security and scalability of the Blockchain. In this process, the community creates consensus by approving changes.
Upgrades are first tested on test networks and then implemented on the mainnet. Developers work diligently to resolve issues and ensure reliability.
All users and miners perform software updates or migrate to compatible versions to support the network upgrade. After the upgrade, the performance and security of the network is constantly monitored and any problems are quickly remedied.
