BNB Chain Upgrade Approaching: Timer Initiated
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Get ready for some major changes on the BNB Chain as it gears up for a significant hard fork upgrade! The official BNBchain X account announced that the BSC Lorentz mainnet hard fork will take place on April 29 at 5:05 a.m. UTC, which is just around the corner.
Following the upgrade, BSC will slash its block time to 1.5 seconds, thereby reducing latency, expediting confirmations, and boosting user experience across the board. This update has implications for developers, validators, and infrastructure providers. Some tooling and systems may require modifications, and nodes may want to reconsider their hardware options to preserve performance.
Did You Know?Lorentz includes a single BEP - BEP-520. BEP-520 allows for a new 1.5-second block interval post-hard fork, accelerating transaction finality.
What's in Store?
Besides the 1.5-second block time update, several other critical parameters will be adjusted, such as the Epoch, which is set to increase from 200 to 500. BNB Chain validators can also expect a reduction in the gas limit, which will be reduced from 140 million to 70 million gwei, while the overall throughput will remain thesame. Additionally, the "Consecutive TurnLength" will be increased from four to eight, among other refinements.
Upgrade your mainnet node to v1.5.10 to support the BSC Mainnet Lorentz hard fork, expected on April 29. All BSC mainnet nodes are required to update to this node version prior to the hard fork.
In recent news, the Binance-owned BNB cryptocurrency scored a listing on a significant cryptocurrency exchange. BNB became available on the Kraken exchange on April 22, with four trading pairs - BNB/EUR, BNB/USD, BNB/USDC, and BNB/USDT, now in play.
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Key Takeaways:
The BSC Lorentz Mainnet Hard Fork: A Comprehensive Guide
A New Era for BNB Chain
The BSC Lorentz mainnet hard fork, slated for April 29, 2023, at 05:05 AM UTC, is a significant milestone for the BNB Chain ecosystem. The upgrade aims to strengthen its performance and scalability[1][2][3]. Key improvements include reducing the block time on the Binance Smart Chain (BSC) from 3 seconds to 1.5 seconds, and on opBNB, block times will shrink to 0.5 seconds[1][2].
What's Changing?
- Swift Transaction Confirmations: The swift 1.5-second block times will result in quicker transaction confirmations, boosting network efficiency and enhancing user experiences[1][3].
- Improved Network Scalability: The upgrade's focus on speed means the BNB Chain will be better prepared to accommodate a growing user base and support more complex applications[1][2].
- BEP-520 Rollout: The hard fork introduces the BEP-520, which facilitates the new block time intervals[3].
Developers: Time for Adaptation
- Application Updates: Developers will need to tweak their applications to capitalize on the faster block times and improved network performance, which may necessitate infrastructure and tool adjustments[3].
- Greater Scalability: The update could encourage developers to create more scalable and responsive applications, thereby elevating user interaction and overall ecosystem value.
Validators: Stay Ahead of the Curve
- Node Updates: Validators need to upgrade their nodes to the latest version (v1.5.10) to support the hard fork, and continued participation in the network[4].
- Hardware Assessments: The increased transaction throughput might necessitate reviews of hardware configurations to maintain optimal performance after the upgrade[3].
Infrastructure: Ready for Challenges
- Hardware Upgrades: Infrastructure providers must ensure their systems are capable of handling the increased transaction volume and speed, potentially requiring hardware upgrades or modifications to maintain performance levels[3].
- Network Reliability: The upgrade could contribute to improved network reliability as faster transaction confirmations reduce latency and bolster overall network stability.
The Road Ahead
The Lorentz hard fork marks the beginning of a series of upgrades, with the Maxwell upgrade scheduled for June 2023, aiming for even better scalability and performance[1].
- In the upcoming BSC Lorentz mainnet hard fork on April 29, the block time on the Binance Smart Chain (BSC) will be reduced from 3 seconds to 1.5 seconds.
- The hard fork will also introduce BEP-520, which facilitates the new block time intervals.
- Developers will need to update their applications to capitalize on the faster block times and improved network performance, which may necessitate infrastructure and tool adjustments.
- Binance-owned BNB cryptocurrency recently became available on the Kraken exchange, with four trading pairs - BNB/EUR, BNB/USD, BNB/USDC, and BNB/USDT.
