BNB Chain will be implementing a hard fork on July 19 aimed at raising security and enhancing the currency as a whole.One of the major concerns of the crypto market is its security.Although major projects are focussed on blockchain technology that requires multiple consensus to give an outcome, it is not without its security risks.This is why the industry is looking forward to BNB Chain’s upcoming July fork.According to its developers, BNB Chain is expected to make a major move to upgrade on July 19, which will significantly improve its security features.
The update is set to make two major improvements.big announcement coming today 👀 — BNB Chain (@BNBCHAIN) July 13, 2023 The BEP 255 Proposal The first major improvement is the BEP 255 Proposal.This BEP is titled the Beacon Chain Asset Reconciliation for Security Enhancement.
As per its GitHub, it “proposes implementing on-chain asset reconciliation on BNB Beacon Chain to improve security”.As blockchain technology continues to evolve, scalability remains a critical challenge.
But fear not! Enter opBNB, a game-changing Layer 2 scaling solution designed to overcome the limitations of Layer 1 (L1) networks.Let’s discuss opBNB below 🧵https://t.co/irYn1OPtfQ — BNB Chain (@BNBCHAIN) June 19, 2023 The proposal explains that BNB Chain is a beacon chain, and thus it already ensures the security of the BNB Chain ecosystem.However, there have not been any measures taken to extend the protection to the security of assets on the BNB Beacon Chain.The developers felt a pressing need for this after the bridge exploitation.Thus, they proposed this BEP on implementing on-chain asset reconciliation to enchase BNB Chain network security.
How Will It Work? BNB Chain’s developers explained on GitHub that BNB Beacon Chain issues many tokens and is considered a highly valuable asset by its users.
Thus, the current reconciliation focuses on the balances of all the users.The challenge is that millions of users are there on the BNB Beacon Chain, and it is not an easy task to review all their accounts and balances.To overcome this challenge, a new method is now proposed.As per the new proposal, only the accounts that are changed in each block will be reconciled and not all the user accounts.
This will reduce the magnitude of the task and make it achievable.It will track the account changes and their related sender and receiver.Then the changes in their account balances and related token supply will be calculated.This will be done by comparing the current and previous version with the IAVL trees, which stores each update.
Then finally, asset reconciliation will be conducted.Also, check out our guide on how to buy Binance coins.What Will Happen If There Is an Asset Reconciliation Error? In case an asset reconciliation error occurs, it will force the blockchain to stop producing new blocks and have an impact on services such as bridges, deposits, and withdrawals.Developers believe that this drastic measure is necessary to safeguard the chain and its users.When this happens, the core developers and other members of the BNB Chain community would investigate the matter.To resume the network again, a hard fork will be needed, during which the error should be correctly addressed.Upgrade to Fix Rouge Key Attack The second major change is related to fixing an existing issue called the Rogue Key Attack.This issue stands to endanger the BNB’s Fast Finality mechanism, which was introduced via BEP-126.
The Fast Finality mechanism means that if a full node sees that more than 3/4th of validates have signed on the block, it will be treated as finality and can never be reversed.How the Upgrade Will Affect BNB Chain’s Users? The upgrade is only targeted at improving the security of the network and will have no visible impact on its users.Users who use the BNB Chain for exchanges are not expected to take any action as per Binance.
However, before the hard fork happens, 2/3rd of BNB Chain validators will have to upgrade their nodes to version v0.10.16 for a successful transition.Earlier today, BNB Chain posted on Twitter about a big upcoming announcement.This could be related to opBNB, which is deemed a game changer in Layer-2 scaling solutions and is designed to overcome the limitations of Layer1 networks.Related Binance Review Binance Coin Price Analysis Wall Street Memes – Next Big Crypto Rating Early Access Presale Live Now Established Community of Stocks & Crypto Traders Featured on BeInCrypto, Bitcoinist, Yahoo Finance Rated Best Crypto to Buy Now In Meme Coin Sector Team Behind OpenSea NFT Collection – Wall St Bulls Tweets Replied to by Elon Musk Learn More Join Our Telegram channel to stay up to date on breaking news coverage.
