Summary: BNB Chain, the blockchain of the Binance ecosystem, will be undergoing a major hard fork called the “ZhangHeng” upgrade later this month. The upgrade aims to improve security features for users and address blockchain exploit risks. The hard fork will occur on July 19, 2023, at 6:00 UTC and will not result in the issuance of new BNB tokens. To ensure the smooth transition, two-thirds of all BNB Chain validators will need to upgrade their nodes. The developers believe this hard fork is necessary to protect the chain and its users.
BNB Chain, the blockchain of the Binance ecosystem, is set to undergo its “ZhangHeng” upgrade later this month. The upgrade aims to address blockchain exploit risks and improve security features for users. The hard fork is scheduled to take place on July 19, 2023, at 6:00 UTC. Unlike previous hard forks, this upgrade will not result in the issuance of new BNB tokens. Instead, it focuses on enhancing network security and protecting the chain and its users.
The BNB team highlights that network security remains a concern in the cryptocurrency industry. The ZhangHeng upgrade is expected to mitigate these risks and strengthen the BNB Chain’s infrastructure. Hard forks in the Web3 ecosystem are permanent changes implemented through software upgrades. In this case, the hard fork will require two-thirds of all BNB Chain validators to upgrade their nodes to process blocks after the upgrade is complete.
One of the key features of the hard fork is the tracking and reconciliation of user balance changes in each block. This process helps identify any issues and ensures the accuracy of the blockchain. If a reconciliation error occurs, the BNB Chain will enter a panic mode, halting the production of new blocks. This measure is crucial to protect the chain and its users, and it highlights the importance of investigating and resolving any issues promptly.
BNB, the native coin of the Binance ecosystem, has faced regulatory pressure globally, impacting its performance. Starting the year at $245 per coin, BNB reached its 2023 high of $354 but has since experienced a decline of over 30% in value due to regulatory challenges in the United States and Europe. As of now, BNB is trading at $246 per coin, with a minor fluctuation of less than 1% over the last 24 hours.
Frequently Asked Questions
What is the purpose of the ZhangHeng upgrade?
The ZhangHeng upgrade aims to improve security features and address blockchain exploit risks in the BNB Chain, the blockchain of the Binance ecosystem.
When will the hard fork take place?
The hard fork is scheduled for July 19, 2023, at 6:00 UTC.
Will new BNB tokens be issued as a result of the hard fork?
No, the hard fork will not lead to the issuance of new BNB tokens.
What will happen if there is a reconciliation error during the hard fork?
If a reconciliation error occurs, the BNB Chain will enter a panic mode, halting the production of new blocks. This measure is essential to protect the chain and its users.
How has BNB performed in recent months?
BNB has experienced volatility due to regulatory challenges. It reached a high of $354 in 2023 but has declined by over 30% in the past 30 days. At present, BNB is trading at $246 per coin.