2023-04-07
BNB Smart Chain is a blockchain network
that supports decentralized applications (dApps) and smart contracts, powered
by BNB, the native token of Binance, the world's largest cryptocurrency
exchange. BNB Smart Chain is compatible with Ethereum and offers fast, cheap,
and scalable transactions. It also has a cross-chain bridge that connects it
with Binance Chain, the original blockchain of Binance that focuses on
high-performance trading.
What is the Planck Upgrade?
The Planck Upgrade is a scheduled hard
fork that will take place on April 12th, 2023, at block height 27,281,024. A
hard fork is an upgrade that changes the rules of the network and requires all
nodes to update their software. The Planck Upgrade aims to improve the security
and stability of BNB Smart Chain, especially for its cross-chain functionality.
What are the benefits of the Planck Upgrade?
According to the official announcement,
the Planck Upgrade will introduce several enhancements for the cross-chain
bridge between BNB Beacon Chain and BNB Smart Chain. These include:
- Upgrading the proof verification to a
more secure and standardized specification
- Applying a timer lock to prevent
large amounts of funds from being transferred across chains in a short time
- Enabling cross-chain channels to be
automatically paused if a forged proof is detected
- Allowing any validator to pause a
cross-chain channel in case of an emergency
These measures are designed to prevent
potential attacks or exploits that could compromise the funds or data of users
who use the cross-chain bridge.
How can I prepare for the Planck Upgrade?
If you are a full node operator or a
validator on BNB Smart Chain, you need to switch your software version to
v1.1.21 before April 12th, 2023. If you do not upgrade your software, you will not be able to
sync with the upgraded network and you will lose access to your funds and
dApps.
If you are a developer who builds dApps
on BNB Smart Chain, you do not need to do anything as there are no changes to
the EVM module. Your dApps will continue to work as normal after the upgrade.
If you are a user who holds BNB or uses
dApps on BNB Smart Chain, you do not need to do anything either. Your funds and
data will be safe and secure during and after the upgrade. You can continue to
enjoy the benefits of BNB Smart Chain without any interruption.
