<html>
 <head></head>
 <body>
 The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/bnb-chain-prepares-for-july-hard-fork-to-mitigate-blockchain-exploit-risks/">BNB Chain Prepares for July Hard Fork to Mitigate Blockchain Exploit Risks</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
 BNB Chain is set to undergo a significant upgrade called “ZhangHeng” later this month, aimed at enhancing security features for users, according to developers. The planned hard fork is scheduled to take place on July 19, 2023, at 6:00 UTC.&nbsp; 
 A hard fork involves a permanent modification to the network’s operations through a software upgrade. No new BNB tokens will be created during this upgrade, and it will require two-thirds of BNB Chain validators to update their nodes to process blocks after the upgrade. 
 Validators, which are entities that utilize computing power to process transactions and maintain network security, play a crucial role in the blockchain ecosystem. 
 As outlined in the BEP-255 <a href="https://github.com/bnb-chain/BEPs/blob/master/BEP255.md?ref=binance.ghost.io" rel="noopener noreferrer nofollow">proposal</a>, the developers have implemented mechanisms to track user balance changes in each block and reconcile them to identify any potential issues. In case of a reconciliation error, the blockchain will cease producing new blocks, which can impact downstream services like bridges, deposits, and withdrawals on exchanges.&nbsp; 
 The developers emphasized that this action is necessary to safeguard the chain and its users, and it requires the immediate attention of core developers and community members to investigate and resolve the issue. 
 <h2 class="wp-block-heading" id="h-the-measures-are-aimed-at-protecting-users">The measures are aimed at protecting users</h2> 
 These measures aim to protect users’ token holdings, particularly during exploits such as bridge attacks. Bridges are tools that facilitate the transfer of tokens between different blockchain networks. Despite their importance, bridges are also susceptible to vulnerabilities, with bridge-based exploits resulting in significant losses of approximately $2.66 billion in recent years, according to DefiLlama. 
 The forthcoming upgrade to BNB Chain seeks to address these concerns and enhance the security of the network for the benefit of its users.
 </body>
</html>

BNB Chain Prepares for July Hard Fork to Mitigate Blockchain Exploit Risks

Table of Contents

CoinPedia News

Other articles published on Jul 13, 2023

Binance Labs Invests $15 Million in Blockchain Game Developer Xterio

WEMIX Nominated as Top 100 New Brands 2023

Thousands of Ethereum (ETH) Left Major Exchange: Here's Who's Behind Move

Crypto scammers, hackers stole $450 million in H1 2023

SEC Sues Celsius! CEO Arrested, Altcoin Crashes!

Huobi Exchange At Risk of Potential Bank Run, Analyst Warns

Join our free newsletter for daily crypto updates!