Binance has released the latest version of its mainnet known as Galileo. Earlier this month, Binance announced that it’s going to name its mainnet upgrades after scientists, bearing on breakthrough advancements. And just on 15th of this month, it announced the completion of an upgrade to its mainnet dubbed Galileo named after the scientist Galileo Galilei. The latest mainnet version is called Galileo v.0.6.0.
Following the upgrade, four major changes were implemented in the Galileo mainnet. These upgrades include:
1) Matching Engine Revision: in the Galileo, Taker and Maker concepts have been introduced in the matching logic. And according to Binance, the new match logic will be more friendly to new users and reduce surprises.
What Does Taker And Maker Concepts Stand For?
Among all the orders to be allocated between buy and sell sides, there will be at least one side that only has new incoming orders from the current block, while the other side has orders left from the previous blocks, or new incoming orders, or both sides only have new incoming orders from the current block. “Maker orders” are the leftover orders, while all new orders are called “Taker orders”.
2) Delist Trading Pairs on Binance DEX: Here, Binance explained that when a token has a credit issue or when one of its trading pairs has little trading volume for an extended time, the community might consider dropping this trading pairs. The sole aim of this delist trading pairs is to improve the overall liquidity. With this mechanism, validators have the opportunity to create a delisting proposal and also vote on delisting trading pairs.
3) Time Locking of Token Assets on Binance Chain: With this new upgrade, time locking of token assets is guaranteed. Some projects which decide to lock certain amount of tokens for some periods of time, perhaps, with the aim of vesting in the future according to a predetermined schedule can do so.
How Does Time Lock works?
Time locking of assets can only be done on your own account.
“TimeLock will transfer locked tokens to a purely-code-controlled escrow account and before the lock time expires, the specific user will not be able to claim them back, including restrictions where they cannot use, transfer or spend these tokens,” Binance explained in BEP9.
We have other terms such as timeRelock, timeUnlock, QueryTimeLocks, and QueryTimeLock.
4) State Sync Enhancement: With the Galileo upgrade, the sync implementation is refactored to improve user experience. It aims to reduce syncing time. Also, the downloading of blocks can be resumed. Now, the user can specify the height from which they want to state-sync.
Binance, the highest cryptocurrency exchange by daily trade volume is really making waves into the cryptosphere. It has really distinguished itself in the crypto market and has aimed recognition in the eyes of the crypto community. With its steady innovation and improvement, it has continued to make the cryptosphere an interesting space. Binance Galileo has come to make Binance Chain an interesting space for the users.
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