The Horizen network, a popular blockchain platform, is gearing up for a significant node upgrade expected on June 7, 2023. Developers confirmed this information earlier this week on GitHub, sparking a wave of anticipation within the crypto community. According to Messari data, the hard fork is planned to occur on Horizen mainnet at block 1,363,115, adding a substantial milestone to the platform’s development timeline.
As the deadline approaches, node operators are urged to update to Zen v4.0.0 before May 31, 2023. This upgrade is primed to bring many enhancements to Horizen’s sidechain version 2 while simultaneously addressing any minor bugs that have surfaced in the current node version.
For those unfamiliar with the concept, sidechains are essentially independent networks operating on top of a main blockchain – in this case, Horizen. These sidechains share some similarities with layer 2 networks. However, a critical distinction sets them apart: sidechains come equipped with their own unique security mechanisms, whereas layer 2 networks depend on the security of their parent network.
This key difference allows for various sidechains to be specialized for specific purposes, such as governance-focused sidechains or decentralized finance (DeFi)-focused sidechains. Consequently, this customization provides a robust security buffer, ensuring that any exploit occurring in one sidechain does not directly impact others.
The forthcoming upgrade has seemingly contributed to a positive market reaction, as Horizen’s ZEN tokens have already seen an 8% upswing over the past week, according to Coingecko.
While the node upgrade is widely anticipated and praised for its potential, it’s also essential to consider potential drawbacks that may emerge. For instance, the customized security mechanisms employed by sidechains could introduce new vulnerabilities that attackers might exploit. Additionally, the node upgrade and hard fork process itself can be a source of risk if proper implementation and testing measures aren’t strictly followed.
Overall, the Horizen network’s upcoming node upgrade represents an exciting leap forward in blockchain technology, showcasing the potential of sidechains and the continued evolution of the platform. As always, it is crucial for both node operators and users to remain vigilant, ensuring the stability and security of this promising technology.
With all eyes on the Horizen network’s progress, the community eagerly awaits the update on June 7, 2023. The surging interest in blockchain technology, paired with innovative developments such as this node upgrade, continues to demonstrate the immense potential blockchain platforms have to revolutionize various industries across the globe.
*Edited by Parikshit Mishra.
Source: Coindesk
