Blockchain
BNB Chain, the native blockchain of leading cryptocurrency exchange Binance, has rolled out the highly anticipated BEP-126 update that introduces the “Fast Finality” feature. This is an important step in ensuring enhanced security and transaction reliability on the public blockchain.
BNB Chain introduces fast finality update
Users of the BNB Chain ecosystem will now benefit from several improvements thanks to the Fast Finality feature of the BEP-126 update. These include enhanced security, irreversible transactions, as well as efficient operations for exchanges and decentralized finance (DeFi) protocols.
The BNB Chain team stated that with Fast Finality “block reorganizations are now a thing of the past”. This means transactions are irreversible once confirmed, giving users greater peace of mind. In addition, the new feature will make it more difficult for malicious actors to perform double-spend or MEV reorganization attacks.
In addition, Fast Finality can help improve the efficiency of exchanges and DeFi protocols as they can rely on transactions to be processed quickly and securely.
The BNB Chain team stated that while BEP-126 will not directly speed up transactions or reduce costs, it will “significantly” improve the “security and reliability” of the blockchain ecosystem.
The team stated that it is committed to building a more secure and efficient blockchain, and this update is an important step in that direction.
Part of an important update
The latest implementation on BNB Chain is part of the Luban update, which includes three enhancement proposals: BEP-126, BEP-174, and BEP-221. While BEP-126 implements the first part of the Fast Finality mechanism, BEP-174 introduces the “Cross Chain Relayer Management”, a mechanism for managing relays that help transfer assets between different blockchains.
BEP-221 introduces the “CometBFT Light Block Validation”, a proposed change that would introduce a new contract to support light block validation.
Meanwhile, the Fast Finality update is a big step forward for the BNB Chain ecosystem. It improves security, reliability, and efficiency, making the network a more attractive option for both users and developers.
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