BNB Chain is preparing for the Planck hard fork in order to increase cross-chain security
On April 12, 2023, BNB Chain is anticipated to undergo a hard fork upgrade known as Planck.
BNB Chain will endure a Planck hard fork upgrade at block height 27,281,024, which is presently scheduled for April 12. This upgrade will strengthen the network’s security and stability, according to the core team.
The hard fork is intended to implement the proposed security enhancements in BEP-171. This proposition seeks to enhance the cross-chain interface between the Beacon Chain and Smart Chain blockchains, which are part of the BNB Chain network. Through the transition, BNB Chain intends to enhance the security, efficacy, and interoperability of its blockchain network.
Late in 2022, BNB Chain was compromised by a significant attack that was traced to a vulnerability in the IAVL proof verification mechanism. This security mechanism protects the cross-chain bridge, enabling asset transfers between BNB Smart Chain, BNB Beacon Chain, and other networks.
The forthcoming Planck upgrade will entail a transition from the vulnerable IAVL proof verification to the more secure ICS23 specification bridge security mechanism. In addition, the upgrade will implement a timer-lock mechanism for large cross-chain fund transfers, as well as the automatic halting of cross-chain channels in the event of the detection of falsified proofs or during emergencies, such as reported breaches. These measures are intended to strengthen the network security of the BNB Chain and better safeguard user funds from prospective assaults.
To ensure a seamless transition to the impending Planck upgrade, the BNB Chain core team has urged all relevant parties to take the necessary precautions. To facilitate the hard fork, complete node administrators have been instructed to obtain and compile the latest software, version v1.1.21.