Band Protocol BAND: Hard Fork
If the proposal passes, we will proceed to upgrade the network at block 4172935 which is expected to be around October 14, 2020 2:00 pm UTC and GuanYu chain will start 1 hour precisely after the upgrade time. If the proposal fails, we will not upgrade our mainnet and collect feedback to submit a new proposal that fixes all raised concerns.
What is a hardfork?
The cryptocurrency mainnet operates according to certain rules. To improve network performance or correct errors, changes are periodically introduced into it. A hard fork represents changes that are not compatible with previous versions of software supporting the cryptocurrency network. In order to continue to mine the cryptocurrency, miners need to update the software.
In some cases, as a result of a hard fork, a completely new cryptocurrency may appear, as happened with Bitcoin Cash and EthereumPoW.
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