- July 12, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
BNB’s Beacon Chain will soon undergo its “ZhangHeng” upgrade, according to an announcement from the project’s blog on July 12.
That post indicates that the beacon chain mainnet will undergo a hard fork upgrade at block height 328,088,888 on July 19, 2023, at 6:00 UTC.
The project’s announcement described two major changes in this upgrade. First, the upgrade will introduce BEP-255, which proposes on-chain asset reconciliation on the BNB Beacon Chain. This addition improves security by tracking user balance changes in every block and reconciling them to identify discrepancies. If there are any reconciliation errors, the blockchain will halt the production of new blocks.
The upgrade also introduces a bug fix that addresses a vulnerability called the Rogue Key Attack, which could jeopardize the correctness of the network’s Fast Finality mechanism. The upgrade fixes this by clearing all existing vote addresses at the height of the hard fork; validators must add vote addresses again later.
Apart from improving general security, the upgrade will not directly affect most users. Those who hold BNB or use exchanges or hardware wallets that support BNB do not need to take any action unless otherwise notified by their service provider.
Node operators, however, need to take action in advance of the hard fork. They must update their software version to v0.10.16 prior to the hard fork block height. Node operators must enter a recovery process if they fail to upgrade in time.
BNB Chain was created by Binance
This upgrade concerns BNB Chain (BNB), which is currently the fourth-largest blockchain by market cap. BNB has a supply valued at $38 billion.
BNB Chain was created and developed by the major cryptocurrency exchange Binance. It is operated as a decentralized community project, although Binance remains one of many contributors, according to the company’s website.
Binance and associated companies were sued by U.S. securities regulators in June. BNB is one asset that is identified as a security in that case.
The post BNB Beacon Chain to introduce two security updates in upcoming hard fork appeared first on CryptoSlate.
