BNB: Major Upgrade to BNB Chain in June Seeks to Resolve Security Risks
- BNB Chain is soon to undergo a hard fork, which seeks to address security issues in the network.
- It will make it more difficult for funds to be stolen during events such as bridge hacks.
- BNB token is still noticeably down since Binance was sued by the SEC in early June.
Binance’s BNB Chain is preparing for a major hard fork known as “ZhangHeng”, which will reportedly greatly increase the level of security offered by the blockchain. The upgrade is scheduled to occur on the 19th of July, and will involve each user’s wallet balance being more closely tracked in every block – making it more difficult for malicious agents to steal funds when the network is compromised.
As for the network’s native BNB token, it has experienced a minor lift of 6.5% over the past month. The token fell sharply after Binance was sued by the Securities and Exchange Commission (SEC) near the beginning of June, and its price has since remained noticeably lower than before the SEC action. Regardless, BNB still remains the third largest crypto currency in the world by market cap.
(About Binance)
Binance is a prominent and highly popular cryptocurrency exchange that provides a platform for individuals and institutions to trade various cryptocurrencies. Founded in 2017 by Changpeng Zhao (better known as "CZ"), Binance quickly gained traction and became the largest and most influential exchange in the cryptocurrency market. Binance has also developed its own native cryptocurrency called Binance Coin (BNB). BNB serves multiple purposes within the Binance ecosystem, including reduced trading fees, participation in token sales on the Binance Launchpad platform, and to power its own blockchain known as BNB Chain.