• BNB Beacon Chain is preparing for a hard fork on July 19, that will introduce security enhancements and bug fixes.
• The primary focus of the upgrade is to implement BEP-255, an “on-chain asset reconciliation” mechanism to prevent cross-chain bridge exploits.
• The hard fork will also rectify a bug associated with rogue key attacks and improve the chain’s ability to handle more complex business rules.
BNB Beacon Chain Upgrades with Hard Fork
The BNB Beacon Chain, managed by Binance, is preparing for an upcoming hard fork that will introduce substantial enhancements to its blockchain network’s security and functionality. In an announcement on July 12, the “ZhangHeng” upgrade will be on July 19 at block height 328,088,888. The primary focus of this upgrade is integrating Binance evolution proposal BEP-255 which aims to implement an innovative mechanism known as “on-chain asset reconciliation” in order to prevent potential cross-chain bridge exploits such as the incident on BNB Smart Chain in October 2022. Additionally, validators must add their addresses again after the hard fork in order to guarantee continued participation and reinforce the network’s security.
The hard fork will also improve the chain’s capability to handle more complex business rules and logic further enhancing its overall functionality. This includes rectifying a bug associated with rogue key attacks which involve malicious actors generating valid aggregate signatures for transactions using private keys that do not belong to them.
Binance has emphasized that taking action may cause temporary disruptions such as bridges deposits or withdrawals on exchanges however protecting the blockchain and its users is necessary. A subsequent hard fork will be required to effectively address any identified reconciliation errors or other issues in order to restore full functionality of services downstream from it.
For a smooth transition during the hard fork, Binance emphasizes the importance of two-thirds of validators adding their addresses again following the upgrade in order for it take place successfully without disrupting downstream services like bridges deposits or withdrawals on exchanges etc..
The upcoming hardfork looks set bring substantial improvements with regards both security and functionality across bnb beacon chain when it goes live on july 19th 2021 at block height 328 088 888 .