Binance’s BNB Chain is set to undergo two hard forks in August 2023 in order to enhance security and compatibility with other Ethereum Virtual Machine (EVM) blockchain networks. The upgrades, named Plato and Hertz, are scheduled for August 10 and August 30, respectively, following extensive testing. The Plato upgrade, which has already taken place, introduced BEP-126, a fast finality mechanism that eliminates the ability for blocks to be reverted.
Arno Bauer, senior solution architect at BNB Chain, explained the details of the network upgrades in an interview with Cointelegraph. The fast finality mechanism aims to reduce the chance of chain reorganization and stabilize block production, while allowing users to access accurate information from the latest finalized block instantly. Finality is a core concept of blockchain technology as it ensures transactional integrity, maintains trust, and prevents double-spending in blockchain systems.
The fast finality mechanism introduced by BEP-126 involves several steps. Validators propose a block to the network, which is then propagated to other validators. Validators sign for the block using their private key, creating a vote message. Voting aggregation occurs when validator votes are gathered into a pool and aggregated if the direct parent block has enough votes. Validators must adhere to specific rules during voting, such as not publishing two distinct votes for the same height. The finality rules state that a block is “justified” if there is an attestation in the child block’s header, and it is “finalized” if both the block and its direct child are justified.
Validators in the BNB Chain are rewarded for voting, while those who violate the vote rules are slashed, similar to Ethereum’s proof-of-stake protocol. This incentivizes validators to follow the rules and maintain the integrity of the network.
The upcoming Hertz hard fork on August 30 is aimed at keeping the BNB Chain up to date with the latest developments of EVM blockchains. Bauer emphasizes the importance of enabling Ethereum Improvement Proposals (EIPs) on the BNB Chain to ensure a smooth development and ecosystem growth. By implementing the fast finality mechanism, BNB Chain hopes to provide a more secure environment for decentralized applications (DApps) and improve the responsiveness and efficiency of DApps running on the platform.
Overall, the hard forks in August 2023 mark an important step for BNB Chain in enhancing its security, compatibility, and efficiency. The introduction of the fast finality mechanism through BEP-126 aims to prevent malicious blockchain reorganizations and provide users with instant access to accurate information from the latest finalized block. The Hertz hard fork further aligns the BNB Chain with the latest developments in the EVM ecosystem, ensuring a seamless integration and growth of the platform.
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