Binance’s BNB Chain Set to Add ‘Panic’ Button: Details

According to recent developments, the BNB Beacon Chain mainnet, which is powered by the top trading platform, Binance, is anticipated to introduce the “ZhangHeng” hard fork which would offer additional security updates.

BNB Chain New Upgrade on July 12

Based on a July 12 release from BNB Chain, the “ZhangHeng” upgrade is planned to take place on July 19 at block height 328,088,888. 

As a result of this development, the firm predicted that “the blockchain will panic and stop producing new blocks,” owing to “reconciliation errors.” Furthermore, Binance expects that this will limit the impact of possible cross-chain bridge exploits, such as the BNB Smart Chain exploit on October 7, 2022. 

A Guideline to Explain Hosting Nodes Given to Users

BNB Chain provided comprehensive guidance to explain how node hosts may comply with the requirements for the hard fork upgrade, but stated that nothing is presently necessary for BNB token holders who use Binance.com or other centralized exchanges or cold wallets.

Binance Evolution Proposal BEP-255

Binance noted that, under the BEP-255, user balance variation will be recorded and logged in all blocks and compared to determine potential issues. The hard fork will bring Binance evolution proposal BEP-255, which aims to achieve “on-chain asset reconciliation.” 

According to the GitHub post: “Although some enhancements have been made to improve cross-chain security, such as BEP171, the security of assets on the BNB Beacon Chain itself should also be guaranteed, especially after the bridge exploitation.”

BNB Chain’s Red Alert List was Updated in April

BNB Chain updated its red alert list in April with the addition of 191 new projects, including decentralized applications (DApps) and currencies hosted on the network. The majority of the mentioned projects have been noticed for a variety of reasons, including inaccessible websites or Twitter accounts to the issuance of bogus tokens.

Jimmy Su, Binance’s Chief Security Officer, recently emphasized how fraudsters and hackers are now focused on cryptocurrency users, particularly those with poor “security hygiene.” Su recalls Binance receiving multiple attacks and hacking attempts on its internal network shortly after it launched in July 2017.