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As Binance prepares to launch a new version of its BNB Beacon Chain mainnet, a notable feature is set to debut: the ability to halt block production under certain circumstances. This mechanism, aimed at maintaining the security of on-chain assets, is expected to be activated during the upcoming hard fork scheduled for block height 328,088,888, anticipated to take place on July 19.
Named "ZhangHeng," this substantial upgrade will introduce Binance evolution proposal BEP-255, designed to provide on-chain asset reconciliation. Binance believes that this feature could help mitigate the impact of potential cross-chain bridge exploits, such as the one experienced by the BNB Smart Chain in October 2022.
Binance has dedicated significant efforts to strengthen cross-chain security, including the implementation of BEP171. However, the upcoming BEP-255 proposal aims to further enhance the security of assets on the BNB Beacon Chain, especially in the aftermath of bridge exploits. To achieve this, the blockchain will monitor changes in user balances within each block to detect potential issues.
If the system identifies reconciliation discrepancies, it triggers a "panic" mode, temporarily suspending the creation of new blocks. Binance acknowledges that this response will impact downstream services, including bridge operations, deposits, and withdrawals on exchanges. Despite the disruption, the company considers this drastic measure necessary to protect the chain and its user base.
Resuming normal operations will require a hard fork to address any reconciliation errors. Binance notes that once the issue is rectified, downstream services can be restored.
The hard fork will also address a bug causing rogue key attacks and enhance the chain's capability to handle complex business rules and logic. Validators are required to switch their software to version v0.10.16 before the hard fork to avoid potential complications. Binance provides detailed instructions for node operators to ensure a smooth upgrade, but assures BNB token holders using centralized exchanges or cold wallets that no immediate action is necessary.
Binance's upcoming hard fork represents a significant step in safeguarding its blockchain and protecting users against potential exploits.
