Key Insights
- About $100 million vanished in late 2022 after a security exploit on the BNB chain’s IAVL proof verification Mechanism.
- To prevent future occurrences, the BNB chain is going to be moved from the IAVL mechanism to a more-secure bridge security mechanism on 12 April.
- This hard fork is called the Planck upgrade and will implement security enhancements on the BNB chain according to the BEP-171 proposal
BNB’s IAVL proof verification Mechanism was a security feature that safeguarded the cross-chain bridge, which in turn enabled users to move assets between the BNB Smart Chain, BNB Beacon Chain, and other networks.
However, the IAVL mechanism had a major vulnerability, which led to a significant breach on BNB Chain in late 2022. Hundreds of millions of dollars went down the drain in this hack (estimated to be around $100 million).
Nonetheless, a new upgrade, codenamed the “Planck upgrade” is a hard fork aimed to prevent attacks like the IAVL hack on the BNB Chain. This fork has been scheduled to occur at block height 27,281,024, on a date that is now closer than ever.
Planck: The New Game Changer
The BNB Chain’s Twitter account on Wednesday, announced that the Planck Upgrade is coming to the network on 12 April, at block height 27,281,024.
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Heads up! BNB Smart Chain mainnet is expected to have a scheduled hard fork upgrade named Planck at block height 27,281,024.
Read the details below ⤵️https://t.co/rpcEn3vhj3
— BNB Chain (@BNBCHAIN) April 5, 2023
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This new hard fork is designed to implement security enhancements on the BNB chain according to the BEP-171 proposal.
According to details, this proposal was made to strengthen the link between the Beacon chain and the Smart Chain (the two chains that make up the BNB chain network).
A strengthened link between the two will go a long way in implementing security enhancements, enhancing the blockchain network’s security, efficiency, and interoperability and preventing future attacks.
The upcoming Planck upgrade is expected to move the chain from the vulnerable IAVL mechanism that was hacked to a more-secure bridge security mechanism, called the ICS23 specification.
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The upgrade will also include a timer-lock mechanism for significant cross-chain fund transfers as well as automated cross-chain channel halting in the case of the discovery of falsified proofs or in the event of crises, such as reported hacks.
These steps are intended to improve user funds’ defence against future assaults and strengthen the security of the BNB Chain network.
However, the BNB Chain core team has requested all stakeholders to make the necessary preparations in order to ensure a seamless transition to the Planck update.
In order to allow the hard fork, it has been specifically instructed that full node operators download and compile the most recent software, version v1.1.21.
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