Binance’s BNB Chain, which is expected to handle over 4.1 million daily active addresses, is preparing for a network upgrade. This upgrade is known as ‘Zhangheng,’ and it is set to go live on July 19. The primary goal of this upgrade is to increase the security features on the BNB Chain and reduce the likelihood of notorious cyber criminals attempting to exploit any vulnerabilities that may exist. The upgrade’s name pays homage to Zhang Heng, a Chinese polymathic scientist.
On the BNB Beacon Chain, a method known as ‘BEP-255’ will be introduced to ‘perform on-chain asset reconciliation,’ resulting in better network security.
The blockchain’s developers will add a ‘panic’ mode to the blockchain, which would halt the creation of new blocks if any risks or vulnerabilities are discovered during the reconciliation.
Until the issue is rectified, BNB Chain-related deposits and withdrawals, as well as downstreaming services, will be affected.
“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,” a Coindesk report quoted developers on GitHub as saying.
This blockchain change will have no effect on holders of the BNB Chain’s native BNB token. However, node operators must upgrade to version 0.10.16.
“New rules and logic changes will occur for this upgrade at block height of 328,088,888. After the upgrade kicks in, the blockchain can handle a series of new business rules and logic. If you fail to upgrade your software on time, your node will not sync with the upgraded BNB Beacon Chain peer/validator nodes. You will not be able to connect or send transactions,” said an official blog by Binance.
Binance debuted its blockchain in 2019.
Binance Smart Chain transactions per day are currently at 4.160 million as of Thursday, July 13, up from 4.045 million yesterday and down from 4.162 million one year ago, according to YCharts data.