Go to Planck Upgrade
BNB chain provided by major crypto asset (virtual currency) exchange Binance is planning an upgrade called “Planck” on the 5th.
The Planck upgrade is scheduled for Block No. (27,281,024), and at the time of writing, it is estimated to launch after 14:00 on April 12 (Japan time). This upgrade introduces “BEP-171”, which is mainly focused on strengthening the security of cross-chain bridges.
BEP-171 aims to strengthen the cross-chain bridge between the two networks that make up the BNB chain, the Beacon Chain (BBC) and the Smart Chain (BSC).
In this Planck upgrade, we will move the “IAVL proof verification”, which confirms the existence and correctness of the bridge data, to the ICS23 specification. In addition, a timer lock function will be introduced for large cross-chain fund transfers, and an automatic stop function will be added to the cross-chain channel in the event of detection of counterfeit operations or emergencies such as hacking. These measures are intended to act as a safeguard for user funds in the event of a hacking attack.
The Planck upgrade is expected to improve the security, efficiency and interoperability of the BNB chain’s network. BNB Chain will be able to resume full operation of the bridge and protect the network’s overall infrastructure.
connection:BNB Chain Fixes ‘Serious Vulnerability’ With Infinite Casting Risk
Past fraudulent outflows of BNB chains
In October 2022, 83 billion yen (2 million BNB) was illegally issued from the BSC Token Hub, a bridge connecting BSC and BBC, and 14.6 billion yen was stolen by an attacker. A flaw in the security mechanism “IAVL hash check” adopted by the BNB chain has been highlighted.
On October 11th, the BNB chain implemented a temporary upgrade “Moran”. Changed the process of checking the integrity of bridge data from “IAVL hash check” to the more secure ICS23 specification.
At that time, Binance would have to go through an on-chain governance vote on what to do with the hacked funds, whether to freeze the funds, and implement BNB Autoburn to cover the remaining misappropriated funds. He said he would decide whether
connection:BNB chain implements hard fork, strengthens security of fraud receiving bridge
What is BNB chain
Blockchain that Binance participates in the ecosystem. As a community-driven project, it is currently being developed by developers and contributors around the world. Previously, BSC was called “Binance Smart Chain” and BBC was called “Binance Chain”.