The highly anticipated “ZhangHeng” upgrade for BNB Chain is set to take place later this month, aiming to revolutionize security features and provide enhanced protection for users, according to developers. With network security consistently posing a concern in the crypto markets, this upgrade comes as a significant step forward.
Scheduled for implementation on July 19, 2023, at 6:00 UTC, the upcoming hard fork represents a permanent alteration in the network’s functioning through a software upgrade. It is important to note that no additional BNB tokens will be issued during this process. However, it is crucial that two-thirds of all BNB Chain validators upgrade their nodes to ensure the seamless processing of blocks after the upgrade.
Validators, acting as entities utilizing computing power, play a pivotal role in processing transactions and maintaining network security through blockchain software known as nodes. In the proposed BEP-255, developers have outlined their intention to track user balance changes in each block, facilitating the identification of any discrepancies. Should a reconciliation error arise, the blockchain will initiate a “panic” response, effectively halting the production of new blocks.
The GitHub announcement from developers elaborated on the gravity of such an action, stating, “This drastic measure is necessary to safeguard the chain and its users. Core developers and community members must promptly investigate any reconciliation errors to mitigate potential downstream disruptions to bridges, deposits, and withdrawals on exchanges.”
By implementing these measures, the upgrade seeks to protect users’ token holdings during times of exploitation, such as those witnessed in bridge attacks. Bridges serve as crucial tools in the crypto ecosystem, enabling seamless token transfers between different networks. Unfortunately, they also represent a highly vulnerable component, with DefiLlama reporting losses of approximately $2.66 billion due to bridge-based exploits over the past years.
With the forthcoming “ZhangHeng” upgrade, BNB Chain aims to fortify security protocols, creating a more robust and trustworthy environment for users. By proactively addressing network vulnerabilities and instituting crucial protective measures, the upgrade signals a significant step toward enhancing the overall integrity of the cryptocurrency ecosystem.
Source: https://bitcoinworld.co.in/bnb-chains-zhangheng-upgrade-bolsters-security-safeguarding-users/