BNB Chain Security and EVM Chain Compatibility Enhanced Through Hard Fork

Binance's BNB Chain has set in motion two pivotal hard forks for August 2023. These are designed to amplify its resilience against potential blockchain tampering and to bolster compatibility with other EVM-based chains.

The Plato upgrade was carried out on Aug. 10 at block height 30724096. Source: BscScan

Plato Upgrade: Aug. 10

• Highlight: Introduction of BEP-126
• Purpose: To implement a fast finality mechanism, which would fundamentally eliminate the possibility of block reversals.
• Benefits:
  • Reduction in the likelihood of chain reorganization.
  • Stabilized block production.
  • Instant access for users to accurate data from the newest finalized block.
• How it works:
  • Validators put forward a block, which is then circulated to other validators.
  • Using their private keys, validators sign the block, thereby generating a vote message.
  • Votes from validators are accumulated and aggregated once the directly preceding block has adequate votes.
  • There are established guidelines for block voting, ensuring consistency and security.
  • A block achieves “justification” status when attested in the subsequent block's header, and it's “finalized” if both the block and its immediate successor are justified.
  • The fork which encompasses the highest justified block becomes the dominant chain.
  • Validators receive rewards for their votes, but any deviation from the voting regulations results in penalties, mirroring Ethereum's PoS system.

Arno Bauer said:

“Overall, BEP-126 aims to enhance blockchain security and efficiency on the BNB Smart Chain by introducing a fast finality mechanism.”

Hertz Upgrade: Aug. 30

• Purpose: Keeping BNB Chain synchronized with the latest advancements in EVM-based chains.
• Significance: Ensuring BNB Chain's structures and foundational EVM remain in line with the developments seen in Ethereum's Berlin and London forks.
• Advantages:
  • Supporting seamless development and consistent growth in the ecosystem by integrating relevant Ethereum Improvement Proposals (EIPs).
  • Providing a more fortified environment for DApps.
  • Enhancing the speed of transaction finality, leading to DApps on BNB Chain becoming more efficient and reactive.

“Therefore, for compatibility reasons, it is important that those EIPs are also enabled on BSC to ensure a smooth development and ecosystem growth.”

In Summary:

Both hard forks, Plato and Hertz, underscore BNB Chain's commitment to security, efficiency, and compatibility in the fast-evolving world of blockchain technology. With these upgrades, BNB Chain aims to reinforce trust among its users and remain at the forefront of blockchain innovation.