3 distinct enhancements intend to make the network quicker and more secure.
Blockchain Tech network BNB Chain is expected to undergo a network upgrade at block height 29,020,050, estimated to arrive on June 11 at 21:30 UTC, developers released on GitHub.
Network improvements typically attract investors and users to blockchain tech ecological systems as they allow developers to provide more great features. BNB Chain utilizes the bnb crypto token (BNB) for users to pay charges with and vote on network changes – meaning such upgrades could contribute toward the value proposition for bnb in the future.
The Luban hard fork incorporates 3 different Binance Crypto exchange Smart Chain (BSC) Evolution Proposals (BEPs): BEP-126, BEP-174 and BEP-221, which cumulatively intend to make the network quicker and more safe for users.
BEP-126 introduces the “Fast Finality” mechanism, which makes it impossible for a block to be reversed once it is finalized on the network. This reduces the likelihood of a chain reorganization by bad actors, if that situation ever arises.
Blocks refer to data within the blockchains teck where transactional data is permanently recorded and secured by cryptography. These are finalized by network entities was known validators, and can theoretically be reserved if a bulk of those validators collude and decide to revert to a data point in the past.
BEP-174 brings forth a “Cross Chain Relayer Management,” which intends to mitigate any potential security issues in the BSC Bridge. Attacks on bridges were the largest security threat in the cryptocurrency sector in 2022 – making this a critical area to deploy solutions.
Relayers are on-chain messengers who help transfer crypto tokens betwixt different blockchains teck via bridges, playing an important role in ensuring that such transactions are completed smoothly. These relayers are typically whitelisted entities that as of now must be manually added in a complex process.
Nonetheless, BEP-174 will introduce “managers” for relayers that are selected by on-chain governance. These managers would be in charge of managing the registration of individual relayers in a way that makes it easy to remove or add any relayer within a potential time of crisis.
Lastly, BEP-221 brings forth the “CometBFT Light Block Validation,” a system that proposes adding a new contract to blockchains teck that use CometBFT technology.
This contract helps verify specific blocks from other CometBFT-compatible blockchains teck and enables the transfer of data betwixt those blockchains teck, such as the storage-focused BNB Greenfield, and the BNB Chain.