BNB Chain, the native blockchain of the Binance ecosystem, will undergo a major upgrade in July to increase security measures and protect user assets.
BNB 'ZhangHeng' Update Coming
Known as “ZhangHeng”, the upgrade aims to address blockchain attack risks and strengthen network security.
The ZhangHeng upgrade, scheduled for 09:00 on July 19, 2023, will bring significant improvements to the security features of BNB Chain.
As the update approaches, BNB was trading at $244 at the time of this writing.
During an update, a permanent change is made to the software of a blockchain, altering its functioning. However, no new BNB tokens will be issued as a result of this upgrade.
To ensure a successful migration, approximately two-thirds of all BNB Chain validators, entities that process transactions and ensure network security, will need to upgrade their nodes to process blocks following the upgrade.
This joint effort will contribute to enhancing the overall security of the BNB Chain ecosystem.
As outlined in the BEP-255 proposal, one of the key features of the ZhangHeng upgrade is tracking of user balance changes in each block.
This monitoring mechanism will ensure that potential problems or errors are detected. In the event of a consensus failure, the blockchain will enter “panic” mode, stopping the production of new blocks.
The security enhancements of the ZhangHeng update are particularly important in light of recent bridge attacks highlighting vulnerabilities in the crypto ecosystem.
Bridges that facilitate token transfer between different networks have been targeted by malicious actors, resulting in significant financial losses. According to DefiLlama, bridge-based exploits have resulted in losses of approximately $2.66 billion in recent years.
*Not investment advice.