Binance Will Help Upgrade The eCash Network

According to the latest blog post shared on its official Twitter account, Binance revealed that the eCash network would be undergoing an upgrade at the XEC block level of 1,652,616,000 or around 12:00 UTC on 15th May. Binance will be putting all XEC withdrawals and deposits on hold at about 11:00 UTC on 15th May. Amid the network update, there will be no disruption in XEC trading.

eCash Network Upgrade

The eCash network is planning to start an upgrade at the eCash block level of 1,652,616,000 or around 12:00 UTC on 15th May. The anticipated time is provided solely for the convenience of the network users. It indicates that the upgrade would not start at that moment but rather around one hour later, after six blocks with timestamps larger than the duration for activation have been created.

As long as users have XEC in their Binance account, Binance will handle any technical issues. Binance will not issue any new XEC coins after upgrading the eCash (XEC) network. Users can resume eCash withdrawals and deposits after determining that the updated network is stable.

Features Added to the eCash Network Upgrade

There will be a change to the Miner Infrastructure Fund wallet address as part of the 15th May upgrade. This modification mostly affects mining pool providers, who will need to adjust their pool set up to ensure that the Coinbase incentive is sent to the new wallet address: ecash:prfhcnyqnl5cgrnmlfmms675w93ld7mvvqd0y8lz07.

Due to the automated replay security included in the six-month update cadence, every full node provider must upgrade to 0.25.x to continue using the eCash network. Only full nodes are affected by the network update. For example, wallets like Electrum ABC will be unaffected by the network change.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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