Blockchain
Blockchain network BNB Chain is expected to undergo a network upgrade at block height 29,020,050, estimated to arrive on June 11 at 21:30 UTC, developers released on GitHub.
Network improvements typically attract investors and users to blockchain ecosystems as they allow developers to provide even better features. BNB Chain uses the bnb token (BNB) that allows users to pay fees and vote on network changes. This means that such upgrades could add to the value proposition for bnb in the future.
The Luban hard fork contains three different Binance Smart Chain (BSC) Evolution Proposals (BEPs): BEP-126, BEP-174 and BEP-221, which together aim to make the network faster and more secure for users.
BEP-126 introduces the “Fast Finality” mechanism, which makes it impossible to rollback a block once it has been completed on the network. This reduces the chance of a chain reorganization by malicious parties, should that situation ever arise.
Blocks refer to data within the blockchains where transaction data is permanently recorded and secured by cryptography. These are finalized by network entities called validators, and in theory can be reserved if a majority of those validators collude and decide to return to a data point in the past.
BEP-174 brings forth a “Cross Chain Relayer Management”, which aims to mitigate potential security vulnerabilities in the BSC Bridge. Bridge attacks were the biggest security threat in the crypto sector in 2022, making this a critical area to deploy solutions.
Relayers are on-chain messengers that help transfer tokens between different blockchains via bridges, playing an important role in ensuring that such transactions run smoothly. These relayers are usually whitelisted entities that currently require manual addition in a complex process.
However, BEP-174 will introduce “managers” for relayers selected by on-chain governance. These managers would be responsible for managing the registration of individual relayers in a way that makes it easy to remove or add relayers during a potential crisis.
Finally, BEP-221 spawns the “CometBFT Light Block Validation”, a system that proposes adding a new contract to blockchains using CometBFT technology.
This contract helps verify specific blocks of other CometBFT-enabled blockchains and enables the transfer of data between those blockchains, such as the storage-focused BNB Greenfield and the BNB Chain.