Upcoming BNB Chain Hard Fork Will Include ‘Panic Button’
Reading Time: 2 minutesThe upcoming upgrade of the BNB Chain includes a panic button as part of the blockchain’s numerous new security features
The feature allows the chain to stop producing new blocks in case of a reconciliation error that can be caused by a hack on a cross-chain bridge
The upgrade is contained in the chain’s improvement proposal BEP-255 and is expected to be activated on July 19
The upcoming upgrade of the BNB Chain carries numerous new security features including a panic button to allow the blockchain to stop the creation of new blocks in case of “a reconciliation error” that can be caused by, among other things, a hack on a cross-chain bridge. The upgrade, dubbed ‘ZhangHeng,’ is contained in the chain’s improvement proposal BEP-255 which is expected to be activated on July 19 or when the block height reaches 328,088,888.
Pressing the Panic Button Leads to a Hard Fork
Binance believes the feature can help reduce losses incurred in case a bridge is hacked. According to developers, the effect of stopping the creation of blocks on the BNB Chain trickles down to exchanges and other services powered by the protocol attracting an investigation into the matter.
Important information about our latest upgrade https://t.co/4sJkTJbGeZ
— BNB Chain (@BNBCHAIN) July 12, 2023
Once a solution to the error is found, the blockchain will need to go through a hard fork for reactivation and resumption of other services dependent on the chain such as asset deposits and withdrawals on exchanges.
It Includes a Bug Fix Feature
According to Binance, the upgrade will allow the blockchain to track asset balances block by block enabling it to catch anomalies in their earlier stages. The hard fork also brings with it a bug fix feature that prevents impersonation of private key holders. Binance disclosed that the upgrade will help BNB Chain handle complex instructions.
The scheduled BNB Chain hard fork comes nine months after Binance thwarted a $541 million hack on the chain and coincides with Polygon announcing an overhaul of its architecture to make it the “value layer of the Internet.”
Although the panic button looks good on paper, it’s yet to be seen how effectively it can stop the likes of Multichain hackers in their tracks.
The post Upcoming BNB Chain Hard Fork Will Include ‘Panic Button’ first appeared on FullyCrypto.
The post Upcoming BNB Chain Hard Fork Will Include ‘Panic Button’ appeared first on FullyCrypto.
Filed under: Bitcoin - @ July 16, 2023 7:52 am