BNB Chain should undergo a hard fork upgrade called Planck on April 12, 2023. The main purpose of the update will be to implement the security enhancements proposed in BEP-171 for the network’s inter-chain bridge. The information comes from the main team.
What is the new BNB Chain hard fork?
The BNB Chain Core Team has informed all concerned parties of the imminent Planck update. The objective is to prepare them so that the upcoming transition on April 12 goes smoothly. This is because validators and full node operators on the mainnet must upgrade to version 1.1.21 on this date.
The BNB Chain hard fork is intended to incorporate the security changes recommended in BEP-171. As we learn The Blockthis proposal aims to increase the cross-chain connection between the two Blockchains that make up the BNB Chain network. These are more specifically the Beacon Chain and the Smart Chain.
What are the benefits of the new hard fork?
In order to limit the generalized impacts of possible flaws in the inter-chain module, the BNB Chain hard fork makes it possible to:
- Upgrade IAVL evidence verification to ICS23 standard.
- Add a time lock on large cross-chain financial transfers.
- To stop inter-channel communications in the event of detection of evidence of tampering.
- Allow any validator to suspend cross-chain channels in the event of an emergency.
Ultimately, these changes will strengthen the security of the BNB Chain network. They will also help protect users’ money from potential cyber criminals. In addition, upgrading the BNB Chain hard fork could help improve the efficiency and interoperability of the network. This should first help to streamline the asset and data transfer process between the two blockchains. Second, the upgrade will make it easier for developers to build decentralized applications on the network.
At the end of this hard fork, the network could attract more users. The ability of specialist dApp developers to generate revenue from their apps will also increase. Could Lower Gas Fees Help Make Binance Smart Chain an even more popular Blockchain?
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