BNB Chain conducts large-scale hard fork to address risk of blockchain abuse

adminDecember 4, 2023

Key Takeaways

The BNB chain is scheduled to undergo the ZhangHeng upgrade later this month.
The upgrade addresses the risk of blockchain abuse and no new BNB tokens will be minted.

BNB Chain to conduct large-scale hard fork at the end of this month

BNB Chain, the blockchain in the Binance ecosystem, is scheduled to undergo the “ZhangHeng” upgrade at the end of this month.

According to the development team, this upgrade will significantly improve security features for users.

The BNB team believes that network security remains a cause for concern within the cryptocurrency industry. The hard fork is scheduled to take place on July 19, 2023 at 6:00 UTC.

In the Web3 ecosystem, a hard fork is a permanent change to how the network operates and is accomplished through a software upgrade.

A hard fork will not result in the issuance of any new BNB tokens. Additionally, 2/3 of all BNB chain validators will need to upgrade their nodes to process blocks once the upgrade is complete.

Hard fork protects BNB chain and users

Network developers said in their BEP-255 proposal, changes to user balances would be tracked and reconciled in each block to pinpoint problems. If there is a reconciliation error, the BNB chain goes into panic mode and the blockchain stops creating new blocks.

The developers added:

“If a reconciliation error occurs, the blockchain will stop creating new blocks and affect downstream services such as bridging, deposits, and withdrawals on the exchange. “These drastic measures are necessary to protect the chain and its users, so core developers and community members should investigate the issue as quickly as possible.”

this Latest Cryptocurrency News It’s been an exciting few months for BNB, the native coin of the Binance ecosystem. BNB’s performance has been erratic since the beginning of the year as Binance has faced various regulatory pressures globally.

BNB started the year trading at $245 per coin and rose to a 2023 high of $354. However, BNB has lost more than 30% of its value in the past 30 days due to regulatory issues in the US and Europe.

As of press time, the BNB price is $246 per coin, down less than 1% in the last 24 hours.