BNB Chain, the blockchain of the Binance ecosystem, is set to undergo its “ZhangHeng” upgrade later this month. According to the development team, the upgrade will massively improve security features for users.
The hard fork is set to take place on 19th July 2023 at 6:00 UTC, and will not result in the issuance of any new BNB tokens. In addition, two-thirds of all BNB Chain validators will need to upgrade their nodes for the process to be complete.
The network developers revealed in the BEP-255 proposal that user balance changes will be tracked in each block and reconciled to pinpoint any issues. If a reconciliation error occurs, the blockchain will stop producing new blocks. 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.
This news comes following an interesting couple of months for BNB, the native coin of the Binance ecosystem. BNB’s performance has been erratic since the start of the year, with Binance facing multiple regulatory pressures globally. At press time, the price of BNB stands at $246 per coin, down by less than 1% over the last 24 hours.
Key takeaways:
– BNB Chain is set to undergo its ZhangHeng upgrade later this month.
– The upgrade will address blockchain exploit risks, and no new BNB tokens will be issued.
– User balance changes will be tracked in each block and reconciled to pinpoint any issues.
– BNB’s performance has been erratic since the start of the year, with Binance facing multiple regulatory pressures globally.
