Binance Smart Chain Mainnet will undergo the Luban hard fork in a few weeks on June 11th.
The Luban hard fork will incorporate three BEPs:
BEP-126: Introduce Fast Finality Mechanism.
BEP-174: Introduce BSC Extension Protocol.
BEP-221: Introduce BSC Fee Market.
BEP-126 introduces a Fast Finality Mechanism to the Binance Smart Chain (BSC) network. It aims to reduce the confirmation time and improve the user experience of BSC transactions by introducing a voting mechanism among validators.
According to the proposal, the Fast Finality Mechanism works as follows:
The validators form a committee that votes on each block using a BLS-based multi-signature scheme.
The committee size is dynamically adjusted according to the number of active validators and the network latency.
The committee members broadcast their votes to each other through a peer-to-peer (P2P) channel.
The votes are aggregated into a signature that attests the validity of the block.
The signature is attached to the block header and propagated to the network.
The block is considered fast finalized if it has a valid signature from more than two-thirds of the committee members.
The fast finalized blocks can be used as cross-chain communication and data-sharing checkpoints.
BEP-174 introduces a new governance proposal type to manage the set of whitelisted Relayers. A Relayer is a service that facilitates cross-chain communication and data sharing among different blockchains by relaying messages and transactions between them.
According to the proposal, the new governance proposal type works as follows:
The validators can submit a proposal to add or remove a Relayer from the whitelist.
The proposal must include the Relayer’s address, name, and description.
The proposal must also specify the amount of BNB that will be locked as collateral by the Relayer.
The validators will vote on the proposal within a certain period of time.
If the proposal passes, the Relayer will be added or removed from the whitelist accordingly.
If the Relayer is added to the whitelist, it must lock the specified amount of BNB as collateral before it can start relaying messages and transactions.
If the Relayer is removed from the whitelist, it will lose its collateral, and the network will reject its relayed messages and transactions.
BEP-221 introduces a new pre-compiled contract to authorize the CometBFT blocks. CometBFT is a light block validation protocol that the BSC Extension Protocol uses to verify the block headers of other blockchains.
According to the proposal, the new pre-compiled contract works as follows:
The contract takes the block header and the signature of a CometBFT block as inputs.
The contract verifies the validity of the signature using the public keys of the validators who signed the block.
The contract checks if the signature has enough quorum (more than two-thirds of the validators) to authorize the block.
The contract returns true if the signature is valid and has enough quorum and false otherwise
The hard fork is expected to bring more innovation and efficiency to the BSC ecosystem and make it more competitive.