Binance Smart Chain (BSC), the network that powers the BNB altcoin and hosts many decentralized applications, is preparing for a major update.
The update, called Luban, will be a hardfork version that will bring new features and improvements to the BSC network.
BNB Update Coming on June 12
The Luban hardfork is expected to occur at a block height of 29,020,050, which is predicted to occur around June 12, 2023.
Hardfork will include three Binance Evolution Proposals (BEPs), which are the standards used to propose changes to the BSC network.
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 for users to pay fees and vote on network changes, meaning that such improvements could add to the value proposition for BNB in the future.
BEP-126 introduces the "Fast Finality" mechanism, which makes it impossible for a block to be reversed once 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 Relayer Management" that aims to mitigate potential security issues in the BSC Bridge. Attacks on bridges were the biggest security threat in the cryptocurrency industry in 2022, making this a critical area for deploying solutions.
Relayers 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. These relays are typically whitelist entities that currently need to be added manually in a complex process.
However, BEP-174 will introduce "administrators" for relayers selected by on-chain management. These managers will be responsible for managing the registration of individual relays, making it easy to remove or add any relays in the event of a potential crisis.
*Not investment advice.
