Binance’s BNB Chain is set to undergo two hard forks in August 2023, aimed at reducing the risk of blockchain reorganizations and increasing compatibility with other Ethereum Virtual Machine (EVM) blockchain networks. The first upgrade, Plato, has already taken place and implemented BEP-126, which introduces a fast finality mechanism expected to prevent block reversals. The second upgrade, Hertz, is set for August 30 and aims to keep BNB Chain up to date with the latest EVM blockchain development, as well as ensuring compatibility with Ethereum’s latest forks.
BEP-126’s fast finality mechanism is designed to enhance security and efficiency on BNB Smart Chain by ensuring the instant access of accurate information from the latest finalized block and reducing blockchain reorganization. Finality is a critical concept in blockchain technology, essential for maintaining trust and preventing double-spending.
Validators propose blocks to the network, which are propagated to other validators and then signed for using their private key, creating a vote message, with finality determined by validator votes gathered into a pool, provided the direct parent block has enough votes. Validators must adhere to specific rules when voting, such as not publishing two distinct votes for the same block height.
The Hertz hard fork is aimed at keeping BNB Chain up to date with the latest EVM blockchain developments to ensure compatibility, with the fast finality mechanism expected to provide a more secure environment for decentralized applications and improve their responsiveness and efficiency. BNB Chain validators are rewarded for voting, with those violating vote rules slashed, similar to Ethereum’s proof-of-stake protocol.
