BNB's Barrel Upgrade Is Set To Improve Web3 Security
BNB, the network blockchain operated by Binance, announced that a new hard fork will be coming to the BNB blockchain once the block height reaches 310,182,000 which is expected to occur on April, 27th.
The hard fork marks the latest in a series of upgrades to the network, helping it to expand and become more beneficial to users around the world under Binance’s growing list of services for BNB users.
What is the Bep171 Barrel Upgarde?
The Barrel Upgrade, named after Jean-Augustin Barral, is intended to help bridge the BNB Beacon Chain with the BNB Smart Chain. This will create a number of security improvements for the blockchain as bridges tend to be the most vulnerable part of any blockchain network and are easy for hackers to target because of their bottleneck nature.
Enhanced Security features include:
Enhanced Security: The IAVL proof verification will be upgraded to the ICS23 specification, resulting in more secure and reliable cross-chain communication.
Improved Safeguards: A timer lock will be applied to massive funds cross-chain transfers, reducing the risk of unauthorized or fraudulent transactions.
Automatic Pause on Forged Proof Detection: Cross-chain channels will be automatically paused if a forged proof is detected, which will help prevent potential exploitation of vulnerabilities.
Emergency Pause by Validators: Cross-chain channels can be paused by any validator in case of an emergency, allowing for a swift response to potential security threats
While this upgrade will create significant changes to the security involved with the BNB blockchain, ordinary users won’t notice any differences. However, the improved security will provide users with a stronger sense of trust and reliability within the BNB ecosystem as web3 businesses continue to suffer from hackers and bad actors in 2023.
What do BNB Validators need to do?
Although regular users are not expected to make any changes, there are several things that validators will need to do in order for their nodes to remain operational on the blockchain.
First, they will need to upgrade their systems to the new v0.10.10 software update before the hard fork takes palace so that their nodes are prepared for the change. Then they will need to increase the open file limit to 65535 and stop the bnbchaind process before retreating with v0.10.10.
If validators fail to update their systems in time for the hard fork then the transition to the new chain will be much more difficult and could result in sling validator status altogether.
BNB’s Greenfield Testnet
The Barrel upgrade comes shortly after Binance announced the launch of their latest testnet Greenfield -a new web3 storage solution that mimics the data storage abilities of IPFS and Filecoin.
While the hard fork does not mention Greenfield, it is important to note that interoperability will be expected to exist between the two networks, especially once Greenfield deploys its mainnet later this year.
Is Web3 security improving?
As mentioned earlier, the growing emphasis on security within web3 is more necessary than ever as hackers and scammers continue to create headlines across the internet with new and more sophisticated hacking strategies.
Businesses like MyAlgo, SushiSwap, and ConsenSys have all been the target of hackers in 2023 and prove why cybersecurity needs to become a top priority for all web3 businesses before investors can feel confident that their assets are being invested safely.
Read more about how to establish an effective hacking response here.
