Blockchain network BNB Chain is gearing up for a significant network upgrade at block height 29,020,050, slated for June 11 at 21:30 UTC. Network enhancements of this nature are known to attract both investors and users, as they allow for improved functionality by blockchain developers. BNB Chain, in particular, leverages the BNB token for network fees and voting on changes, making these upgrades potentially valuable to BNB’s future prospects.
The upcoming Luban hard fork is set to incorporate three distinct Binance Smart Chain (BSC) Evolution Proposals–BEP-126, BEP-174, and BEP-221, all geared toward making the network faster and more secure for users. BEP-126 introduces the “Fast Finality” mechanism, designed to render block reversals impossible once finalized on the network. This, in turn, reduces the likelihood of chain reorganizations by malicious actors.
Within blockchain networks, blocks are secure repositories of transactional data. Validators, key network players, finalize these blocks, which can theoretically be reversed if the majority of validators collude to revert to an earlier data point. By adding an element of finality to the blocks in question, BEP-126 curtails this risk.
BEP-174, the second BSC Evolution Proposal, is dedicated to “Cross Chain Relayer Management,” aiming to address potential security issues within the BSC Bridge. In 2022, bridge attacks emerged as a major security concern in the crypto space, necessitating timely and effective mitigation strategies. Relayers play a vital role in the smooth transfer of tokens between blockchains via bridges; they are typically whitelisted entities requiring complex manual onboarding.
However, under BEP-174, on-chain governance-selected “managers” would oversee relayer registration, streamlining the process of adding or removing any relayer during a crisis.
Lastly, BEP-221 brings forth “CometBFT Light Block Validation,” a new contract for blockchains that employ CometBFT technology. This contract is capable of verifying specific blocks from other CometBFT-compatible blockchains and facilitates the exchange of data between them. Notable examples of such blockchains include the storage-focused BNB Greenfield and the BNB Chain.
In conclusion, the forthcoming BNB Chain upgrade promises to deliver enhanced security and performance, benefiting users and potentially bolstering the value proposition of the BNB token. While optimism is high for these improvements, a hint of caution is warranted, as unforeseen issues may arise during the implementation process. However, if successful, the Luban hard fork could mark a significant milestone in BNB Chain’s development.
Source: Coindesk
