The BNB Smart Chain mainnet, which is a blockchain network that supports decentralized applications (dApps) and smart contracts, has announced a scheduled hard fork upgrade named “Planck”.
According to the announcement, this hard fork upgrade is to improve the performance and efficiency of the Binance Smart Chain network. This new upgrade will involve changes to the network’s consensus rules, which determine how transactions are validated and added to the blockchain.
How Will This New Upgrade Benefit The BNB Chain?
According to the announcement, the BNB Chain network’s core developers team has designed an upcoming hard fork upgrade to implement security enhancements. The new upgrade is set to strengthen the cross-chain bridge between the Beacon Chain and Smart Chain, the two blockchains that form part of the BNB Chain network.
The cross-chain bridge is an essential component of the BNB Chain network, as it allows for the transfer of assets and data between the two blockchains. However, it also presents a potential vulnerability that could be exploited by attackers. Although, the security enhancements proposed by the BNB developers team aim to address these vulnerabilities and improve the overall security of the network.
In addition to improving security, the hard fork upgrade is also expected to enhance the efficiency and interoperability of the BNB Chain network. This can help to streamline the process of transferring assets and data between the two blockchains and make it easier for developers to build decentralized applications on the network.
Furthermore, as the new hard fork will enhance all of the above, this new upgrade can attract more users to the platform and increase the potential for dApp developers to generate revenue from their applications, as the improved network performance and lower gas charges can result in a better user experience.
For the successful implementation of the Planck hard fork upgrade, validators and full node operators on the BNB mainnet are advised to switch their software version before April 12th. This will ensure that they are using the latest version of the software that is compatible with the new consensus rules.
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Overall, the upcoming hard fork upgrade scheduled for April 12th for the network is an important milestone in the network’s development. By enhancing the network’s performance, security, and efficiency, the upgrade can create a more efficient and reliable blockchain ecosystem that may support a wide range of dApps and use cases.
As a result, the chain’s market capitalization has been growing steadily, and as of this writing, it has almost reached the $50 billion mark. This growth can be attributed to the increasing adoption of the BSC network and the growing interest in its use cases.
BNB's market capitalization is just below the $50 billion mark on the 1-day chart | Source: BNB on TradingView.com
Featured image from Unsplash, chart from TradingView.com