This will be mandatory to continue participating in the updated BNB Beacon Chain.
The hard fork is a crucial step towards upgrading the BNB Chain’s technical infrastructure and preparing for the migration of the BNB Beacon Chain into the BNB Smart Chain, which is already underway. To ensure a smooth transition, BNB Chain has advised its users and node operators to update their nodes to the latest version, 0.10.24.
**BNB Chain to Implement Hard Fork on November 19: What You Need to Know**
On October 18, BNB Chain announced an crucial update regarding its BNB Beacon Chain, a public blockchain aimed at providing more secure and faster transactions for the Binance ecosystem. As the BNB Chain community prepares for this transformation, it is essential to stay informed and follow the recommended guidelines to ensure a smooth transition.
In conclusion, the upcoming hard fork is a crucial step in the development of the BNB Chain ecosystem, as it marks the beginning of the migration to the BNB Smart Chain.
The adoption of the PoS consensus mechanism is a promising development that will improve the network’s performance and security. The BNB Beacon Chain hard fork represents a significant change for the BNB Chain ecosystem, as it sets the stage for the upcoming migration to the BNB Smart Chain.
This transition will enable the BNB Chain to benefit from improved security features, faster transaction processing times, and a more user-friendly experience. Binance users can expect a more seamless and efficient experience on the platform as a result of this upgrade. The blockchain hard fork is scheduled to take place at 14:00 on November 19, 2024, Beijing time (block height 384,544,850).
The main network of the BNB Beacon Chain will go offline and stop processing any new transactions. With this hard fork, the protocol will adopt a Proof of Staked Authority (PoSA) consensus mechanism, as opposed to its current Proof of Authority (PoA), in order to improve the network’s security and scalability.
PoA relies on a select group of pre-selected validators to manage and validate transactions, whereas PoS allows any user to verify transactions, contributing to the overall security of the network.
