BNB Chain, a renowned blockchain network, is poised to step up its game with an anticipated network upgrade slated for June 11 at 21:30 UTC, revealed by developers on GitHub. This revamp, expected to occur at block height 29,020,050, promises to boost the network's speed and security, making it a compelling draw for investors and users.
Crucial to the operations of BNB Chain, the native token (BNB) functions as a means to pay fees and vote on network modifications. This imminent upgrade, therefore, could bolster the token's value proposition down the line.
Dubbed the Luban hard fork, this upgrade is a fusion of three distinct Binance Smart Chain (BSC) Evolution Proposals (BEPs): BEP-126, BEP-174, and BEP-221, whose cumulative objectives aim to supercharge the network's speed and enhance security measures for users.
The BEP-126 introduces a mechanism known as "Fast Finality", which prohibits a block from being reversed once it is finalized on the network. This strategic move mitigates the chances of a chain reorganization by potential adversaries.
In the blockchain sphere, blocks serve as secure repositories for transactional data, which are secured by cryptography and then finalized by validators. In theory, these blocks could be reversed if a majority of validators conspire to revert to a previous data point.
Next, BEP-174 ushers in a "Cross Chain Relayer Management" solution to address potential security vulnerabilities in the BSC Bridge. Given that bridge attacks were a major security concern in the crypto world in 2022, this is an essential area for deploying preventive measures.
Relayers, the on-chain couriers that facilitate token transfers between different blockchains via bridges, play a pivotal role in ensuring seamless transactions. While currently, these whitelisted entities need to be manually added via a complex process, BEP-174 will appoint "managers" through on-chain governance to handle individual relayer registrations, thereby simplifying the process of adding or removing any relayer in crisis times.
Finally, BEP-221 introduces the "CometBFT Light Block Validation", a proposal to integrate a new contract to blockchains that utilize CometBFT technology. Stay tuned for more details as this network upgrade unfolds and watch as BNB Chain prepares to revolutionize its operations, offering users an enhanced experience.
