- The Binance-operated BNB Beacon Chain mainnet plans a security-focused upgrade ‘’ZhangHeng’’ on July 19, 2023.
- Validators must update nodes for improved user protection and balance tracking.
- The upcoming upgrade is poised to address various concerns head-on, bolster network security, and foster a safe user environment.
BNB Beacon Chain is set to add a new feature in its upcoming hard fork, aptly named ‘’ZhangHeng’’, according to an announcement from the project’s blog on July 12. The announcement revealed that the beacon chain mainnet would undergo an upgrade at block height 328,088,888 on July 19, 2023, at 6:00 UTC.
This significant upgrade aims to enhance two major changes. 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.
Further, in a Github post concerning BEP-255, it explained that:
‘’Although some enhancements have been made to improve cross-chain security, such as BEP171, the security of assets on the BNB Beacon Chain itself should also be guaranteed, especially after the bridge exploitation.’’
Binance explained that under the BEP-255, user balance changes will be tracked in each block and reconciled to identify issues. It noted:
‘’ If there are any reconciliation errors, the blockchain will halt the production of new blocks
The exchange further noted some of the impacts of these actions, including downstream services such as bridges, deposits, and withdrawals on exchanges. However, drastic action is necessary to protect the chain and its users.
Resuming the blockchain will require a hard fork, and the reconciliation issue will need to be fixed, which can entail blacklisting or updating pertinent accounts.
‘’For example, related accounts should be blocked or corrected if exploitation exists. Once the blockchain is resumed, downstream services can be brought back up as well,’’ the exchange explained.
‘’Rogue attacks’’ Upgrade
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. However, all existing vote addresses will be cleared up at the hard fork’s designated height to fix this bug, requiring validators to add vote addresses again.
The hard fork also intends to improve the BNB Beacon Chain’s capacity to manage logic and business rules that are increasingly intricate. At least two-thirds of validators must upgrade to version v0.10.16 before the hard fork, according to Binance, for a smooth transition. Full nodes won’t be able to process new blocks after the hard fork block height unless they upgrade.
Besides improving security, the upgrade will only affect some users. However, the users 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.
BNB Chain
BNB Chain (BNB) is currently the fourth-largest blockchain by market cap, with a supply valued at $38 billion. BNB Chain was created and developed by the significant cryptocurrency exchange Binance. According to the company’s website, it is operated as a decentralized community project, although Binance remains one of many contributors.
It is worth noting that the upcoming upgrade is poised to address various concerns head-on, bolster network security, and foster a safe environment for its users.
Meanwhile, on June 19, BNB Chain launched opBNB, a brand-new layer-2 scaling solution based on Optimism’s OP Stack compatible with the Ethereum Virtual Machine (EVM).
