In this article we will discuss about the hard fork that will take place on the BNB blockchain.
What is the BNB’s Blockchain
BNB Chain, formerly known as Binance Smart Chain (BSC), is a leading smart contract blockchain developed by the leading centralized exchange Binance.
Depending on the data considered, the BSC is the second blockchain in number of decentralized applications, 597 protocols according to DefiLlama, or the third blockchain in terms of Total Value Locked ( TVL ) .
This TVL amounts to $4.65 billion, behind Tron (TRX) with $5.45 billion and Ethereum (ETH) for $27.07 billion.
Source : news.coicu.com
What will happen
It is expected to have a hard fork on its mainnet at block height 29,020,050. Through the current block generation speed, Binance Chain core developers expect the Luban hard fork to take place on June 12, 2023. As a result, the BNB Chain validators and full node operators have been advised to switch their software version to v1.2.4 before the hard fork takes place ( Learn more ). To be clear a hard fork doesn’t necessarily mean a new token . If you want to know more about the hard fork go here.
There will 3 major changes : BEP-126, BEP-174 and BEP-221
BEP-126 : It allow faster transaction speed
BEP-174 : BEP-174 aims to introduce a new way of managing the public keys of the Relayer Manager. Thus, these will be stored in the genesis contract on the BSC.
BEP-221 : The last proposal, BEP-221, concerns the CometBFT Light Block Validation. In practice, this proposal aims to improve compatibility between the BNB Chain and CometBFT channels.
Conclusion :
This hard fork might trigger a reaction from investor if everything goes according to plan but we don’t know for sure. If you have any question, feel free that leave them in the comment section. Have a nice one.
Thumbnail source : Shutterstock
Disclaimer : This not a financial advice be careful !
As always, thank you for reading !
