Binance’s BNB chain, which is estimated to handle around 4.1 million daily active addresses, is gearing up to receive a network upgrade. The name of this update is ‘Zhangheng’ and it is scheduled to roll out on July 19. The main goal behind this update is to improve the security features on the BNB chain and reduce the chances of notorious cyber actors trying to exploit any vulnerabilities if any. The name of the update is a tribute to Zhang Heng, a polymathic Chinese scientist.
A mechanism called ‘BEP-255’ will be introduced into the BNB Beacon Chain, which would ‘execute on-chain asset reconciliation’, leading to improved security on the network.
The developers behind the blockchain will add a “panic” mode to the blockchain, which will stop the production of new blocks if threats or issues are identified during reconciliation.
This panic mode will affect deposits and withdrawals related to BNB chain and download services until the issue is resolved.
“This drastic action is necessary to protect the chain and its users, so core developers and community members should investigate the issue as soon as possible,” Coindesk said. report developers quoted on GitHub as saying.
Holders of the BNB Chain’s native BNB token will not be affected by this blockchain transition. However, node operators must switch to version 0.10.16.
“New rules and logic changes will occur for this update at a block height of 328,088,888. Once the upgrade starts, the blockchain can handle a number of new rules and business logic. If you do not update your software on time, your node will not sync with the updated BNB Beacon Chain peer/validator nodes. You will not be able to connect or send transactions,” said one official blog by Binance.
Binance launched its blockchain in 2019.
As of Thursday, July 13, Binance Smart Chain transactions per day are at a current level of 4.16 billion, up from 4.045 million yesterday and down from 4.162 million a year ago, data shows by YGraphics.