BNB Chain Announces Hard Fork Due To Security Reasons

Key Takeaways:

1. BNB Chain announced a hard fork upgrade after multiple security issues in 2023
2. Meanwhile, BNB price formed a bullish technical pattern

NEW DELHI (CoinChapter.com) — BNB Smart Chain announced a scheduled hard fork upgrade called Planck. The upgrade would occur at block height 27,281,024, which the blockchain would reach around April 12.

BNB smart chain stated the upgrade focuses on improving the stability and security of the blockchain network. The Planck upgrade would require full-node operators to switch their software to v1.1.21 before April 12.

The Planck upgrade would enhance the security of the cross-chain bridge between the Ethereum beacon chain and the BNB Smart Chain. BNB Smart Chain would migrate from the vulnerable IAVL proof verification to the more secure mechanism called the ICS23 specification.

The BNB smart chain hard fork would also introduce a timer lock mechanism for large funds cross-chain transfer. Moreover, the Planck upgrade would add functionality to pause cross-chain channels by forged proof detection automatically.

The BNB smart chain was the target of the most attacks in Q1 2023, according to a report by Immunefi. Combined with Ethereum, the blockchain network was victim to over two-thirds of all the attacks in Q1 2023.

BNB Chain still has a serious issue with developers using forked code. Its community lacks a security-first approach and attracts many users looking for a quick way to earn money

Adrian Hetman, tech lead at Immunefi, stated in the report

BNB Price Moving Inside Bullish Pattern

Meanwhile, the BNB price has formed a bullish technical pattern called the ascending triangle. A horizontal line connecting swing highs and a rising trendline connecting swing lows form the pattern.

In an ideal world, buyers would enter the market as the trendlines close the gap, pushing prices above horizontal resistance with heavy volumes. But, unfortunately, the horizontal trendline rebuffed BNB’s rally, forcing the token to pull back.

The price target for a breakout is equal to the triangle’s height at its thickest point. Hence, BNB’s price target is $646, a jump of nearly 107% from the current price levels.