Casper Network to Release Network Peregrine v.1.5.5 on January 9th
Casper Network will release the Peregrine (v.1.5.5) update, significantly enhancing network operations. Key improvements include halving block times to 16 seconds, lowering the block gas limit to 4,000 CSPR, and reducing the seigniorage rate. A new refund system now returns 99% of unspent funds, and control flow opcode costs for various operations have been decreased. While new contracts will automatically benefit from these changes, existing contracts must be upgraded to utilize the reduced costs.
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.