The mainnet of BNB Smart Chain, a blockchain network that supports decentralized applications (dApps) and smart contracts, has announced a scheduled upgrade of its hard fork named “Planck.”
According to the announcement, this hard fork upgrade aims to improve the performance and efficiency of the Binance Smart Chain network. This new upgrade will include changes to the network’s consensus rules, which define 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 core developer team has designed an upcoming hard fork upgrade to implement security improvements. The new upgrade is set to strengthen the cross-chain bridge between Beacon Chain and Smart Chain, the two blockchains that are part of the BNB Chain network.
A cross-chain bridge is an essential component of the BNB Chain network, as it allows the transfer of assets and data between the two blockchains. However, it also represents a potential security vulnerability that attackers could exploit. Although the security improvements proposed by the BNB developer 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 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.
Moreover, since 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 improved network performance and lower gas fees can bring to a user experience better.
For the successful implementation of the Planck hard fork upgrade, validators and full node operators on the BNB mainnet are advised to switch the 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 of the network is an important milestone in the development of the network. By improving network performance, security, and efficiency, the upgrade can create a more efficient and reliable blockchain ecosystem that can support a wide variety of dApps and use cases.
As a result, the market value of the chain has grown steadily and, as of this writing, 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