Binance BNB Chain will get major update soon

The BNB Chain, the blockchain network of Binance, the largest crypto exchange in the world, is going big very soon update implement. The so-called ‘Luban’ hard fork is expected on June 11 and will be specifically on block 29,020,050 implemented. The major update will bring three major changes.

What will the BNB upgrade include?

Three new elements are added to the BNB Smart Chain (BSC), part of the BNB Chain. The BSC specializes in conducting smart contracts while the BNB chain is made for transactions. Both blockchains together form Binance Chain. The new elements are called Binance Evolution Proposal (BEP) 126, BEP-174 and BEP-221. Their main purpose is to make the network safer and faster.

BEP-126 introduces a new mechanism called “Fast Finality”. It ensures that once finalized blocks cannot be reversed. This contributes to the security and stability of the network. Blockchain finality refers to the point at which a block on the blockchain can no longer be removed or modified. The period that a block has not yet reached finality, it is vulnerable.

BEP-174 reduces security risks for the Binance Bridge, a service that enables communication between blockchains. This kind bridges (bridges) forms often the biggest threat to security. Steps in this direction can therefore increase confidence in the network.

Finally, BEP-221 adds a new type of contract to the network. These are contracts that use CometBFT software. It is a unique piece of software that enables communication with other chains that manage the same computer program.

What does the upgrade mean for BNB?

With previously mentioned elements, the platform makes improvements in three areas: stability, security and interoperability. Network improvements generally increase usage and attract more investors. A successful update will only benefit the long-term proposition of the project.

Related News

Leave A Reply

Please enter your comment!
Please enter your name here