Chiliz launches Dragon8 hard fork on June 17

The major update will improve Chiliz Chain efficiency and reduce gas fees

Scheduled for June 17, the Chiliz Dragon8 hard fork will bring substantial updates to the Chiliz Chain in an attempt to keep up with Ethereum and Binance Smart Chain (BSC). These improvements are expected to strengthen the capabilities of the blockchain and ensure the long-term utility of the $CHZ token.

Founded in 2018 on the Ethereum mainnet, Chiliz offers a distinctive method for sports fans to interact with their favorite teams through blockchain technology. The project expanded onto Binance Smart Chain in 2019, which provided cheaper fees and higher scalability. In 2023, Chiliz Chain was established allowing more independence for the platform as well as setting up the stage for future innovations.

The Dragon8 hard fork is a critical update that brings Chiliz in line with recent advancements in blockchains. One of its key features includes enabling Solidity version 0.8.25 which will give developers access to more powerful tools within Ethereum’s ecosystem such as opcodes and precompiles which increase efficiency while reducing gas costs.

Another major component of Dragon8 involves changing the economic model behind the $CHZ token itself. Under this new system, there will be an annual deinflation rate starting at 8.80% before gradually tapering off over fourteen years until reaching 1.88%.

Additionally, transaction fee burning mechanisms have been implemented into the new tokenomics so as to incentivize long-term community involvement with ecosystem-building activities.

Investor excitement surrounding this upcoming hard fork can be seen by looking at recent price movements exhibited by $CHZ tokens across various exchanges. Such a surge comes when other altcoins have stayed relatively stable pointing out positive sentiment around the Dragon8 event.

Between the end of May and the beginning of June, $CHZ experienced a notable upward trend reaching a high of $0.1647 by the end of last month which was followed by a subsequent decline to around $0.1127 on June 7. Despite these oscillations though investor interest has remained strong with prices trading within narrow ranges over the past week.

The Chiliz Dragon8 hard fork signifies the platform’s commitment to staying relevant and competitive within the rapidly changing world of blockchains. Through the introduction of advanced features as well as improved economic models the developers’ experience can be enhanced while ensuring network sustainability at all times.

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Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.

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