New Galileo Upgrade For Binance Chain Mainnet Is Now Complete, Adding In Four Distinct Features
One of the largest cryptocurrency exchanges in the world, Binance, has now completed its latest upgrade. The upgrade, called Galileo, is named after the famous Italian astronomer, physicist and engineer and its latest version, the v.0.6.0, was announced on Monday the 15th of July, by Binance.
The Galileo is a hard fork upgrade meaning that it is incompatible with previous versions and any nodes who participate in the upgrade will be unable to communicate with any other nodes still using any previous versions. Furthermore, as a strict requirement, all hardforks on the Binance Chain must have at least two-thirds of all validators in accord, before any progress can be made.
The announcement according to Binance Community’s official page, has it that the new completed Galileo upgrade deploys four significant improvements. Firstly, there is the Matching Engine Revision. This now includes Taker and Maker concepts which generally make the new match logic a lot “more friendly to new users and reduce surprises.”
Secondly, trading pairs can now be delisted on the Binance Decentralized Exchange (DEX). The community now has the option of delisting trading pairs for reasons including credit problems or if a particular trading pair’s volume is a little too low and has been that way for a long time. This new feature allows validators to “create a delisting proposal” and vote via governance, especially to help boost liquidity levels. According to the BEP-6 proposal:
“The purpose of delisting is to prioritise computing resources on healthy assets and provide a way to optimise trading markets on DEX.”
Time locking of token assets will now also be supported on the Binance Chain. This allows for the locking of a specified amount of tokens also for a specified amount of time for varying reasons. According to the initial BEP-9 proposal, there is a “TimeUnlock” feature and unless this is run by the tokens’ owner under conditions already agreed upon, it will be impossible to transfer tokens out of the escrow account where it has been locked.
This same proposal also explains that,
“Some business plans decide to lock certain amounts tokens for pre-defined periods of time, and only vest in the future according to the schedules. For example, some projects may lock some allocation of the issued tokens as a commitment by the founding team; some business scenarios also need to lock some tokens as collateral for value.”
The fourth improvement is the State Sync Enhancement. This enhancement considerably improves the available state sync method, making user experience significantly better. It will do this by greatly reducing the time it takes to sync and also allowing users to decide the exact height they would prefer state-syncing to begin.
The BEP-18 Proposal explains that there were too many complains about the state-syncing testnet’s snail speed and in some cases, it gets stuck. The team hopes that this enhancement would make things a lot faster.
“In this enhancement, we want data to respond more evenly across peers so that syncing can continuously make progress and the overall syncing time can reduce from 30-45 min to around 5 min.”
Also Binance announced its new margin trading service on Thursday the 11th of July to satisfy its customers. Yi He, the Binance co-founder, says there is a high demand from the Binance community for margin trading services. At the moment, cryptocurrencies supported include Bitcoin (BTC), Ether (ETH), XRP, Binance Coin (BNB), Tron (TRX), and Tether (USDT).