Binance, the world’s largest cryptocurrency exchange, announced that it will support a network upgrade of Blockchain focused on financial data protection. After the news, the altcoin price rose in a vertical move.
Binance announced it will support, altcoin price skyrocketed!
cryptocoin.comAs you follow, the cryptocurrency exchange Binance has been at the center of the market lately. Every step taken by the exchange and its CEO Changpeng Zhao (CZ) is being followed. As well as Binance’s listing and delisting news, the projects supported by the stock market are also attracting attention.
We witnessed the latest example of this in Binance’s support of network upgrade and hard fork of PIVX (PIVX). The altcoin price took a vertical rise after Binance announced that it would support the PIVX (PIVX) network upgrade and hard fork. While PIVX was sideways at $0.197 levels during the day, it suddenly made a rally to $0.2832. Although the altcoin price declined later, it continues to trade at $0.236, up 20% on a daily basis at press time.
Details on PIVX (PIVX) upgrade
According to Binance’s announcement, the PIVX (PIVX) network upgrade will first take place at block level 1,673,568,000, or approximately at 00:00 UTC on January 13. Deposits and withdrawals with PIVX will be suspended from approximately 11:00 PM (UTC) on January 12. The network upgrade and hard fork of the blockchain will then occur at PIVX block height 3,715,200, or approximately 7:30 pm (UTC) on January 22. Deposits and withdrawals with PIVX will be suspended from approximately 6:30 PM (UTC) on January 22.
Meanwhile, Binance stated that PIVX trading will not be affected during the network upgrade and hard fork. Binance also noted that it will fulfill all relevant technical requirements for all users holding PIVX in their Binance account. In addition, “PIVX (PIVX) network upgrade and hard fork do not result in the creation of new tokens. We will reopen deposits and withdrawals for PIVX once we consider the upgraded network stable and will not notify users at a further notice.”
Protected Instant Verified Transaction (PIVX) was launched on January 30, 2016. A decentralized, MIT-licensed open-source, fair-launch Blockchain project managed, developed and managed by a community-driven decentralized autonomous organization (DAO). Above all designed using advanced cryptography protocols to provide Financial Data Protection to the user. Therefore, PIVX provides financial data protection to its users. Although PIVX is primarily based on Bitcoin’s codebase, it has undergone significant custom enhancements and integrations. PIVX uses a Proof of Stake (PoS) consensus protocol with the native cryptocurrency called ‘PIV’.
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