Deutsch한국어 日本語中文EspañolFrançaisՀայերենNederlandsРусскийItalianoPortuguêsTürkçe
Portfolio TrackerSwapCryptocurrenciesPricingBlogAlertsWalletNewsEarnBuy Crypto With CardNFTWidgetsCoinStats MidasDeFi Portfolio Tracker24h ReportPress KitAPI Docs

Anticipating the Next Evolution of The BNB Chain: Three Crucial Upgrades

16d ago
bullish:

0

bearish:

0

image

BNB Chain stands poised for a significant network upgrade at the formidable block height of 29,020,050 in the dynamic world of blockchain technology. This milestone is projected to be reached on the evening of June 11 at 21:30 UTC, as announced by the network’s developers on GitHub.

The Impetus for Network Upgrades and Their Significance

Network upgrades are more than routine software updates. Instead, they represent evolutionary leaps that can fundamentally enhance the capabilities of a blockchain ecosystem, magnetizing investors and users alike with their promise of improved features and functionalities. 

The BNB Chain is no exception, wielding its native token (BNB) as a dual utility for users to pay fees and vote on network alterations. Thus, every upgrade potentially amplifies the value proposition of BNB for the future.

The forthcoming upgrade, known as the Luban hard fork, is set to integrate three distinct Binance Smart Chain (BSC) Evolution Proposals (BEPs): BEP-126, BEP-174, and BEP-221. These proposals converge to bolster the network’s speed and security for an enhanced user experience.

BEP-126: Fast Finality Mechanism for BNB Chain

BEP-126 introduces the revolutionary “Fast Finality” mechanism, a safety net that prevents a finalized block from being reversed. This ingenious feature mitigates the risk of chain reorganization by ill-intentioned actors, ensuring the integrity of every transaction.

In the realm of blockchain, blocks are cryptographically secured repositories of transactional data, their finality ratified by entities known as validators. 

While it’s theoretically possible for these validators to conspire and revert to a past data point, the Fast Finality mechanism renders such an attempt futile, preserving the trust in the network.

BEP-174: Cross Chain Relayer Management – Enhancing Interoperability, Mitigating Risks

The second proposal, BEP-174, presents a “Cross Chain Relayer Management” system, a strategic countermeasure to potential security breaches in the BSC Bridge. With attacks on bridges being the primary security threat in the crypto landscape of 2022, this proposal is a timely initiative.

Relayers, essentially on-chain messengers, facilitate the transfer of tokens between distinct blockchains via bridges, ensuring seamless transactions. While these entities are typically whitelisted and require manual addition—a process that can be rather intricate—BEP-174 is set to introduce “managers” chosen by on-chain governance. 

These managers will oversee the registration of individual relayers, enabling the addition or removal of any relayer swiftly and efficiently during crisis periods.

BEP-221: CometBFT Light Block Validation Comes to BNB Chain

The final proposal, BEP-221, unveils the “CometBFT Light Block Validation” system. In addition, this proposal suggests the inclusion of a new contract to blockchains that employ CometBFT technology.

This forward-thinking contract aids in verifying specific blocks from other CometBFT-compatible blockchains, facilitating data transfer between these blockchains, such as the storage-focused BNB Greenfield, and the BNB Chain.

The post Anticipating the Next Evolution of The BNB Chain: Three Crucial Upgrades appeared first on CryptoMode.

16d ago
bullish:

0

bearish:

0

Manage all your crypto, NFT and DeFi from one place

Securely connect the portfolio you’re using to start.