Note, Zilliqa (Zil) holders and Bithumb Crypto Exchange users! An important announcement has been made that requires your immediate attention. If you want to keep or trade Zil on Bithumb, mark your calendar as temporary service confusion is coming.
Bithumb temporarily stops Zilliqa transactions: what you need to know
The major Korean crypto exchange, Bithamofficially announced a temporary suspension of Zilliqa (Zil) deposits and withdrawals. This required scale is scheduled to be done at June 2nd 02:00 UTC. There are two reasons behind this temporary suspension: Planning Zilliqa Network Upgrade Update required servers through exchanges.
Exchange said on its official website that these services will only resume after the stability of the Zilliqa network has been fully verified after the upgrade process. This type of suspension is a standard practice within the industry in the event of major blockchain network upgrades, ensuring the safety and integrity of user funds and transaction data during the transition.
Understanding Zil Upgrades: Why is it happening?
a Zil Upgradeor more broadly, the upgrade of the blockchain network is similar to software updates for the underlying technology that drives cryptocurrency. These upgrades are important for the long-term health, security, and functionality of your network. They can be introduced:
- Improved scalability allows the network to process more transactions faster.
- Enhanced security features to protect against potential threats.
- New features or capabilities that extend the capabilities of a network (e.g., improvements to smart contracts, tweaking new consensus mechanisms).
- Performance optimization to make your network more efficient.
for zilliqa Specifically, regular upgrades are part of the ongoing development roadmap aimed at maintaining their position as a competitive blockchain platform known especially for sharding technology.
Why does crypto exchange need to suspend services?
When important Network upgrade Just as Zilliqa’s stuff occurs, Cryptocurrency exchange Platforms like Bithumb need to take precautions. Here’s why:
- Data Integrity: This can result from the processing of transactions on a network undergoing significant changes to prevent potential conflicts or data loss.
- Transaction Issues: Transactions initiated during the upgrade window can be lost, delayed or mishandled if the Exchange system is not fully synchronized with the new network version.
- Wallet compatibility: The replacement wallet must be updated and tested to ensure it is fully compatible with the post-upgrade network.
- User Protection: Stopping services is a proactive step to protecting users from potential issues that can arise if they try to deposit or withdraw during volatile or unstable periods of network transitions.
By temporarily suspending ZIL deposits and drawers, Bithumb ensures that all user assets are secure, that once upgrades are complete and network stability is verified, services can resume smoothly.
Practical insights for Bithumb’s Zilliqa (Zil) holders
When managing Jills using Bithumb, here are the key points and practical steps:
- Be aware of the deadline: Make sure that any Zil deposits or drawers that need to be created on Bithumb complete well before 02:00 UTC.
- Avoid trading while suspended: Do not attempt to send Zil to Bitham Wallet during the suspension period. These transactions are likely to fail or you may lose your funds.
- Continue to provide information: Please be aware of Bithumb’s official announcement for the latest information on resuming services. The exact time service resume will depend on how smoothly your Zilliqa network upgrades progress and subsequent testing of Bithumb takes place.
- Transactions may continue: Typically, network upgrade replacement halts only affect sediment and drawers. Trading Zil pairs on Bithumb may still be active, but if trading is important during this period, check this directly in Bithumb’s announcement.
This temporary inconvenience is a necessary part of the Zilliqa network to maintain its health and future potential.
Benefits of Zilliqa Network Upgrade
Temporary suspension on Bithumb may be inconvenient, but it is at the root Network upgrade Zilliqa is ultimately a positive development. These upgrades are designed to make your network better – more efficient, safer and support future distributed applications and growth. Think of it as a critical maintenance that paves the way for future innovation and potentially maintains an increase in ZIL adoption.
Looking ahead: Bithumb post upgrade
one time Zil Upgrade Completed successfully, Bithumb confirms that the network stability, deposits and withdrawals are resumed. Users can expect the same reliable service Cryptocurrency exchangecurrently interacting with a potentially robust and improved Zilliqa network. Patience during the suspension is important and we highly recommend you stay up to date through official channels.
Summary: A short pause for a stronger future
In conclusion, Bithumb’s decision to halt Zilliqa (Zil) deposits and withdrawals on June 2nd is Zilliqa Network Upgrade Related server maintenance. While temporarily restricting access, this step is important to ensure the security and functionality of ZIL transactions in platform upgrades. Users should plan accordingly and monitor Bithumb’s official channel for updates on service reopening. This short pause is a step towards a potentially powerful and efficient Zilliqa network.
For the latest details, check out our article on the major developments that shape the crypto market.
Disclaimer: The information provided is not trading advice, bitcoinworld.co.in is not responsible for any investments made based on the information provided on this page. We strongly recommend independent research and consultation with qualified experts before making an investment decision.
