BNB Chain, the blockchain of the Binance ecosystem, is gearing up for a major upgrade later this month. The “ZhangHeng” upgrade is set to address blockchain exploit risks and enhance security features for users. This development comes at a crucial time when network security remains a top priority in the cryptocurrency industry.
Scheduled for July 19th, 2023, at 6:00 UTC, the hard fork will bring permanent changes to the way BNB Chain operates. It is essential for two-thirds of all BNB Chain validators to upgrade their nodes to process blocks post-upgrade. Importantly, no new BNB tokens will be issued as a result of this upgrade.
The upgrade aims to protect BNB Chain and its users by tracking user balance changes in each block and reconciling any issues that may arise. In the event of a reconciliation error, the blockchain will enter a panic mode, halting the production of new blocks to safeguard the chain and its users.
This news follows a turbulent period for BNB, the native coin of the Binance ecosystem, as it faced regulatory challenges in various jurisdictions. Despite starting the year on a high note, BNB has experienced a significant drop in value over the past month due to regulatory pressures in the United States and Europe.
As of now, the price of BNB stands at $246 per coin, reflecting a slight decline over the last 24 hours. The upcoming hard fork signals a proactive approach by the BNB team to enhance security and protect the interests of its users in an evolving cryptocurrency landscape.
