BNB Beacon Chain Will Undergo Key Security Upgrade and Hard Fork

On July 19, 2023, the BNB Beacon Chain will undergo a scheduled hard fork for a significant security upgrade.

The BNB Beacon Chain is poised to undergo a scheduled hard fork and security upgrade on July 19th, 2023, as announced by the network’s technical team. This update, expected to occur at block height 328,088,888, will require all full node operators to shift to software version v0.10.16.

The upcoming changes include the introduction of BEP-255, a feature that aims to boost security on the BNB Beacon Chain through on-chain asset reconciliation. This mechanism allows for the tracking of user balance changes in each block, ensuring the detection and rectification of any inconsistencies. In the event of reconciliation errors, the blockchain is designed to halt the production of new blocks, thereby mitigating potential security threats.

In addition to the new feature, the hard fork upgrade will address a security vulnerability known as the ‘Rogue Key Attack.’ This bug, which could potentially compromise the network’s “Fast Finality” mechanism, will be rectified through the clearing of all existing vote addresses once the hard fork is activated. Post-upgrade, validators will be required to add their vote addresses once again to ensure the continued proper functioning and integrity of the BNB Beacon Chain.