BNB Chain, a widely used blockchain network, is scheduled to undergo a major upgrade named Planck on April 12th at block height 27,281,024. The core team has asserted that this hard fork will introduce superior security and greater stability to the network. The upgrade is specifically aimed at implementing security enhancements that have been suggested in BEP-171, with the principal objective of fortifying the cross-chain bridge linking the two blockchains that constitute the BNB Chain network, namely the Beacon Chain and Smart Chain.
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Planck Upgrade of BNB Chain: Enhancing Security, Efficiency, and Interoperability
The upcoming Planck upgrade of the BNB Chain is aimed at enhancing the network’s security, efficiency, and interoperability. To address potential issues in the cross-chain module, several enhancements have been proposed, including the upgrade of IAVL proof verification to ICS23 specification, the implementation of a timer lock mechanism for large cross-chain fund transfers, and the ability to pause cross-chain channels automatically in the event of forged proof detection or emergencies, which can be done by any validator.
During the later part of 2022, BNB Chain encountered a major security incident which was attributed to a vulnerability in the IAVL proof verification system, a mechanism that ensures the safety of the cross-chain bridge and enables the transfer of assets between BNB Smart Chain, BNB Beacon Chain, and other networks. In order to address this issue, the upcoming Planck upgrade will involve migrating from the IAVL proof verification to a more reliable and secure bridge security mechanism called ICS23 specification. The upgrade will also introduce a timer-lock mechanism that applies to massive funds cross-chain transfer, as well as automatic pausing of cross-chain channels during emergencies, such as suspected hacks, to better safeguard user funds against potential attacks.
BNB Chain Urges Stakeholders to Prepare for the Upcoming Planck Upgrade
To facilitate a smooth transition to the upcoming Planck upgrade, the BNB Chain’s core team has advised all stakeholders to prepare accordingly. Specifically, full node operators have been requested to download and compile the latest software, version v1.1.21, to enable the hard fork. The primary objective of this upgrade is to establish a more secure and efficient BNB Chain network that offers superior interoperability, making it a more appealing option for both individuals and businesses interested in leveraging the benefits of blockchain technology.