BNB, the native token of the cryptocurrency exchange Binance, is preparing for a new upgrade. Blockchain network BNB Chain is expected to go through a network upgrade at block height 29,020,050, which is estimated to arrive on June 11, 2023 00:30, BNB developers have released.
BNB Chain Expected to Upgrade to 'Luban' in June
Network improvements often attract investors and users to blockchain ecosystems as they allow developers to deliver even better features.
BNB Chain uses the BNB token (BNB) for users to pay fees and vote on network changes. So such upgrades could add to BNB's value proposition in the future.
Luban Hard Fork includes three different Binance Smart Chain (BSC) Evolution Proposals (BEPs): BEP-126, BEP-174 and BEP-221, which aim to make the network faster and more secure for users.
BEP-126 introduces the "Fast Certainty" mechanism, which makes it impossible for a block to be reversed after it is terminated on the network. This makes it less likely that the chain will be rearranged by malicious people if such a situation arises.
BEP-174 introduces a "Cross Chain Relay Management" aimed at mitigating potential security issues in the BSC Bridge.
Recipients are on-chain messengers that help transfer tokens between different blockchains via bridges and play an important role in ensuring that such transactions are completed smoothly.
Finally, BEP-221 introduces "CometBFT Light Block Validation", a system that proposes to add a new contract to blockchains using CometBFT technology.
*Not investment advice.
