BNB Chain to Undergo Major Hard Fork to Address Blockchain Exploit Risks
BNB Chain, the blockchain of the Binance ecosystem, is gearing up for a significant upgrade later this month. The upcoming “ZhangHeng” hard fork is set to address blockchain exploit risks and enhance security features for users.
The BNB development team has identified network security as a crucial concern within the cryptocurrency industry, prompting the need for this upgrade. The hard fork is scheduled to take place on July 19th, 2023, at 6:00 UTC.
During a hard fork, permanent changes are made to the network’s operation through software upgrades. In this case, no new BNB tokens will be issued as a result of the upgrade. However, two-thirds of all BNB Chain validators will need to upgrade their nodes to process blocks post-upgrade.
One of the key features of the ZhangHeng upgrade is the implementation of a mechanism to track user balance changes in each block and reconcile any discrepancies. If a reconciliation error is detected, the blockchain will enter a panic mode, halting the production of new blocks to protect the chain and its users.
BNB has been facing regulatory challenges globally, impacting its performance in the market. Despite starting the year strong, the coin has experienced a significant drop in value over the past month due to regulatory pressures in the United States and Europe.
At the time of writing, the price of BNB stands at $246 per coin, reflecting a slight decrease over the last 24 hours. The upcoming hard fork and security enhancements aim to safeguard BNB Chain and its users in the evolving cryptocurrency landscape.
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