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BEP-95 (Bruno Hard Fork Upgrade)

Give me the basics

BEP-95 was a system-wide upgrade for the Binance Smart Chain, also known as the Bruno Hard Fork. It was designed to improve the overall performance and security of the blockchain, as well as introduce new features such as support for cross-chain communication. The upgrade was implemented in July 2021 and required all nodes to update their software to remain on the network.

In-depth explanation

The Binance Smart Chain is a blockchain designed to provide fast and secure transactions for decentralized applications and smart contracts. In July 2021, the Binance Smart Chain underwent a significant upgrade known as the BEP-95 Bruno Hard Fork. This upgrade was designed to improve the performance and security of the blockchain, as well as introduce new features to enhance the user experience.

The BEP-95 upgrade introduced several improvements to the Binance Smart Chain. One of the most significant changes was the introduction of cross-chain communication, which allows for interoperability between different blockchain networks. This means that users can transfer and exchange assets between different blockchains, increasing the liquidity and utility of cryptocurrencies.

Another major improvement introduced by the BEP-95 upgrade was the implementation of a new consensus algorithm called Proof of Staked Authority (PoSA). This algorithm improves the security and performance of the Binance Smart Chain by using a combination of Proof of Stake and Byzantine Fault Tolerance mechanisms.

In addition to these improvements, the BEP-95 upgrade also introduced several other enhancements to the Binance Smart Chain. These include improvements to the blockchain’s virtual machine, better gas fee optimization, and new transaction types.

To implement the BEP-95 upgrade, all nodes on the Binance Smart Chain were required to update their software to remain on the network. This required a coordinated effort between the development team and node operators to ensure a smooth transition to the new system.

In conclusion, the BEP-95 Bruno Hard Fork Upgrade was a significant upgrade for the Binance Smart Chain that introduced several improvements to the blockchain’s performance and security. The upgrade introduced new features such as cross-chain communication, implemented a new consensus algorithm, and introduced several other enhancements. The upgrade required all nodes to update their software to remain on the network, demonstrating the importance of coordination and collaboration in the world of blockchain development.