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Binance‘s BNB Chain will undergo two hard forks in August 2023 to reduce the possibility of malicious blockchain reorganization and increase compatibility with other Ethereum Virtual Machine (EVM) blockchain networks.
2 Upgrades for BNB Chain
The Plato and Hertz upgrades are scheduled to take place on August 10th and August 30th, respectively, following extensive testing. The recently implemented Plato upgrade introduces BEP-126, which applies a fast finality mechanism expected to eliminate the reversibility feature of blocks.
Arno Bauer, the senior solution architect of BNB Chain, revealed the features of the network upgrades in an interview. The fast finality mechanism is expected to reduce the possibility of chain reorganization, stabilize block production, and enable users to instantly access accurate information from the latest finalized block. Bauer stated:
In general, BEP-126 aims to enhance blockchain security and efficiency on the BNB Smart Chain by introducing a fast finality mechanism.
Bauer added that finality is a fundamental concept in blockchain technology, referring to the point where a transaction or block cannot be altered or reversed. Finality is crucial for preserving trust and preventing double-spending in blockchain systems.
BEP-126 achieves fast finality through a series of steps. Validators begin by proposing a block to the network, which then propagates to other validators. Validators then sign the block using their private keys and create a voting message. Subsequently, the votes of the validators are collected in a pool, and if the main block has sufficient votes, the voting process is finalized.
When voting for blocks, validators must adhere to certain rules, such as not publishing two different votes for the same height. Additionally, finalization rules determine if a block is “justified” if there is an attestation in the header of a sub-block, and if both the block and its direct sub-block are justified, they become finalized.
The fork containing the highest justified block is considered the longest chain, even if other chain forks have a higher total difficulty. The production of blocks and their finalization also have different requirements in terms of the necessary number of validators.
Eyes on August 30th for BNB Chain
Finally, validators of the BNB Chain are rewarded for voting by cutting off those who violate the voting rules, similar to Ethereum’s proof-of-stake protocol. The Hertz hard fork will take place on August 30th and aims to keep the BNB Chain up to date with the latest developments of the EVM blockchain. As Bauer explained, the BNB Chain needs to maintain compatibility with the fundamental EVM, matching Ethereum’s recently implemented Berlin and London forks. The following statement was made regarding the matter:
Therefore, for compatibility reasons, it is important to enable these EIPs to be activated on BSC to ensure smooth development and ecosystem growth.
Bauer stated that the fast finality mechanism should provide a more secure environment for decentralized applications (DApps) and that faster finalization should enhance responsiveness and efficiency for DApps operating on the BNB Chain.
