REI Network to Hard Fork on October 11th
REI Network has announced that it will suspend withdrawals and deposits on Upbit due to a hardfork in the network. The suspension will start on October 11th at 3:00 AM UTC.
Refer to the official tweet by REI:
REI Network｜From #GXChain!@GXChainGlobalOtt 09, 2023📣@upbitglobal has announced the suspending withdrawals/deposits after the REI Network hardfork on Oct 11. https://t.co/s8HE8hOKRd
⏳Duration: 3:00 AM, Oct 11, UTC - until separate announcement after confirming the stability of REI hardfork. pic.twitter.com/rTcIBqJYYS
REI Info
REI Network, previously known as GXChain, is a restructured EVM-compatible blockchain. With its focus on lightweight structure and optimal performance, it aspires to provide a no-fee blockchain infrastructure, while retaining compatibility with the Ethereum Virtual Machine (EVM).
The operational foundation of REI Network is built on a DPoS+BFT consensus algorithm, which accentuates efficiency and energy conservation. The network comprises System Contracts, a suite of intrinsic contracts that facilitate essential functionalities such as staking, inter-blockchain communication (IBC), and resource allocation.
REI, the proprietary token of the network, serves multiple crucial roles within the ecosystem. It is a medium for transaction gas fees, enabling smooth transaction verification. REI also empowers its holders with governance capabilities, allowing them to actively participate in REI DAO’s decision-making process. Additionally, individuals aiming to validate transactions within the REI Network can stake REI tokens to pledge their commitment as network validators.