Binance to Support Filecoin (FIL) Hardfork. Here’s What Changes in Filecoin

Binance to Support Filecoin (FIL) Hardfork. Here’s What Changes in Filecoin
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Vladislav Sopov

Leading cryptocurrency exchange Binance (BNB) will support the upcoming hardfork of Filecoin


Filecoin (FIL), a decentralized file-sharing network, will undergo a hardfork on April 12, 2021. What’s new in version v11 of the most ambitious distributed file network?

Filecoin (FIL) network will hardfork on block 665280 to implement FIP-0014

On block 665280, which is estimated to be added on April 12, 2021, at 10:00 p.m. (UTC), the Filecoin (FIL) network will activate a mandatory upgrade. It will update the network structure to v11 and implement Filecoin Improvement Proposal (FIP) 0014.

Filecoin (FIL) will activate hardfork on Apr.12
Image via Twitter

In accordance with this proposal, the lifetime of some sectors in the Filecoin (FIL) network will be prolonged. Namely, sectors that are cryptographically sealed in version 7 will be active until May 21, 2022.

According to the details of proposals shared in the main Filecoin (FIL) GitHub repository, the only motivation behind the hardfork was to ensure that all sectors (including “outdated” ones) are treated by Filecoin (FIL) mechanisms equally.

The design of this proposal was authored by Filecoin (FIL) core maintainer Steven Li (@steven004) and submitted in late February 2021.

Binance (BNB) will support Filecoin (FIL) network update: see details

Cryptocurrency exchange Binance (BNB), which accounts for almost 15 percent of the Filecoin (FIL) trading volume, has announced that it will support the activation of such an upgrade.

To ensure a seamless transition, Binance (BNB) will halt deposits and withdrawals on April 12, 2021, at 4:00 p.m. UTC. Trading in FIL pairs will not be affected. Binance (BNB) will handle all technical requirements necessary for a seamless upgrade.

Also, the exchange outlined that no new tokens will be created as a result of the hardfork.

As covered by U.Today recently, Filecoin (FIL) was added to the trusts structure of Grayscale Investments, a top-tier digital assets manager.

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