BNB Chain, formerly known as Binance Smart Chain (BSC), is set to undergo a scheduled hard fork , christened the “Zhang Heng” upgrade.
The name refers to a Chinese scientist and stateman who was also renown for his many inventions and poetry.
This upgrade aims to improve security and stability within the network. With the implementation of the BEP-255 proposal, BNB Chain seeks to enhance user balance tracking and address reconciliation to identify and mitigate potential issues.
Mitigating Blockchain Exploit Risks With the Zhang Heng Hard Fork
The Zhang Heng hard fork introduces the BEP-255 proposal, which focuses on implementing on-chain asset reconciliation on the BNB Beacon Chain.
This critical enhancement aims to improve security by tracking user balance changes in each block and identifying any potential reconciliation errors. In the event of a reconciliation error, the blockchain will halt block production to safeguard the chain and its users from further complications.
The Zhang Heng upgrade also includes a bug fix for a security vulnerability known as the “Rogue Key Attack.”
This fix addresses an issue that could potentially compromise the security of the network. By rectifying this vulnerability, BNB Chain aims to strengthen its resilience against malicious attacks and ensure a more secure environment for users.
The BNB Chain’s Growing Importance in Web3
BNB Chain has witnessed significant growth in terms of total value locked (TVL), with $3.3 billion currently locked in various protocols on the network.
Despite recent fluctuations, BNB Chain remains the third-largest in terms of TVL, boasting a vibrant ecosystem with approximately 1.38 million active users. Notably, the PancakeSwap DEX holds the largest share of the TVL on the network.
However, $BNB prices have experienced volatility in recent times, facing downward pressure since the SEC’s lawsuit against Binance in early June. However, the upcoming Arkham token sale on Binance Launchpad on July 17 has sparked renewed interest in BNB, showcasing the continued relevance and demand for the token.
[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]
Featured Image Credit: ChainDebrief