Binance Chain to Add Controversial Feature Allowing Network Shutdown
In Brief
- Binance Chain, the world's largest cryptocurrency exchange, introduces a controversial network shutdown feature with the new update, named ZhangHeng. Despite criticism, Binance believes this feature can mitigate potential network attack damages. The impact of this new function on the BNB coin value can be observed after July 19.
- Binance's BNB Beacon Chain is set to receive a contentious update, which could completely halt the blockchain network. While this may spur controversy, Binance expects to reduce damage from potential attacks.
- The reactions of the community and the effect on the price are anticipated following the implementation of the update on July 19.
Despite not making much progress dealing with regulations, it is not possible to say the same for Binance‘s blockchain network, Binance Chain. Developments on the Binance Chain network continue at full speed, and the latest added feature is a good example of this. With a new hard fork, BNB Beacon Chain, the network of Binance, will gain a highly controversial feature and the blockchain network will officially be able to be halted.
Panic Button for BNB Chain
The ZhangHeng update, announced by the BNB Chain team on July 12, could be implemented as early as July 19 according to current data.
The aforementioned hard fork will include the Binance Evolution Proposal BEP-255 update and will come with an asset-focused “consensus” feature. Binance believes this could minimize the damage caused by potential attacks on bridges with multiple network support. The Binance Smart Chain experienced a similar situation on October 7, 2022, resulting in millions of dollars in damages.
In a statement by the Binance team, it was announced that with this update, the assets of users will be tracked in each block and will be used to detect any issues. In case of potential problems, there will be a function to completely stop the network and with a single command, the entire network can be halted and the production of new blocks can be prevented. This seems to be a relatively useful but highly controversial application.
How Will the BNB Price React?
- Binance Chain has announced a new update named ZhangHeng, which will allow users to track their assets in each block and, if necessary, halt the entire network.
- This shutdown feature aims to reduce damages that may arise from potential network attacks, but it could provoke controversy as it gives the power to halt the network.
- Nonetheless, developments on Binance Chain continue rapidly, and it will be possible to observe the impact of this new feature on the price after July 19.
Binance stated that with this operation, all bridges, deposit and withdrawal transactions, and everything would be halted. However, it was pointed out that this would only be used when necessary. In the ongoing regulation pressure, Binance’s step of adding a function to halt the blockchain network could undoubtedly provoke controversy and receive reactions from the community. Despite this, the development in the BNB network continues at full speed, and the best way to see its impact is to observe the price. The price developments after July 19 will be binding in this context.
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