BNB Chain Plans Hard Fork For Faster Block Generation Speed

Apr. 6, 2023
BNB Chain Plans Hard Fork For Faster Block Generation Speed

The BNB Smart Chain mainnet, a blockchain network designed to facilitate decentralized applications (dApps) and smart contracts, announced a scheduled hard fork upgrade named “Planck”.

According to the statement, the hard fork upgrade would improve the performance and efficiency of the BNB Smart Chain network. The upgrade will include changes to the network’s consensus rules, which govern transaction confirmation and addition to the blockchain.

As per the announcement, the core development team of the BNB Chain network has planned a forthcoming hard fork update to implement security enhancements. Furthermore, this upgrade will reinforce the cross-chain bridge connecting the Beacon Chain and Smart Chain, forming a part of the BNB Chain network.

The cross-chain bridge facilitates the transfer of assets and data between the two blockchains, a crucial element of the BNB Chain network. Nonetheless, the bridge also exposes potential vulnerabilities that malicious actors could exploit.

Nevertheless, the BNB development team has proposed security enhancements to tackle these vulnerabilities and elevate the network’s security. The hard fork upgrade is expected to improve the security of the BNB Chain network and its compatibility and performance.

Moving assets and data between the two blockchains will be accelerated. This will simplify the task for developers who aim to construct decentralized applications on the network.

Attracting More Users & Increasing Revenue Opportunities

Moreover, the upgraded platform will entice more users and offer greater revenue-generating potential for app developers with the upcoming hard fork that enhances the aspects mentioned above.

Additionally, the enhanced network performance and reduced gas fees will improve user experience. Validators and full node operators on the BNB Chain mainnet must switch software versions by April 12.

This ensures compatibility with new consensus rules for Planck hard fork upgrade. The upcoming hard fork improvement, scheduled for April 12th, represents a big step forward in the network’s evolution.

Therefore, the upgrade could establish a more dependable and effective blockchain ecosystem. It can cater to various dApps and use cases through performance, security, and efficiency improvements.

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The chain’s market value has been experiencing a consistent rise and is close to reaching the $50 billion threshold. This growth is due to the growing acceptance of the BSC network and the increasing curiosity surrounding its potential applications.

Rida Fatima

News writer
An ardent wordsmith with a rich five-year background in delving into the realms of finance and cryptocurrencies. Alongside curating captivating blogs, Unique's talents extend to crafting imaginative and engaging content.