As an experienced analyst in the blockchain industry, I am thrilled to see BNB Chain’s latest upgrade, BEP 336, which draws inspiration from Ethereum’s EIP 4844. This upgrade represents a significant step forward for the network, enhancing performance, security, and functionality.
This update, modeled after Ethereum, aims to dramatically improve the network’s speed, safety, and capabilities. In a blog entry published on June 20th, BNB Chain declared that the BEP 336 enhancement is now active on the mainnet, signifying a significant achievement in the blockchain’s evolution. The hard fork was previously introduced on the testnet in April of this year.
Key Features of the BSC Upgrade
The network acknowledged being influenced by Ethereum’s EIP 4844, implemented during the Denasic upgrade earlier this year, as a means to enhance the network’s overall efficiency.
The announcement on X regarding the protocol update mentions that users will experience lower gas fees and additional advantages, following the upgrade. For all transactions on Binance Smart Chain (BSC), gas fees have been significantly decreased by approximately 90%.
With the upgrade, Blob-Carrying Transactions (BlobTx) became a new addition to the BNB Chain, acting as a storage area for transaction information. The protocol revealed that instead of independently verifying each transaction in a block, the BNB Chain now requires validating the data contained within the attached blob.
As a researcher studying the developments within the blockchain industry, I’ve observed that the Duncan upgrade in March introduced a feature on Ethereum layer-2 networks. This enhancement has been available since then. However, it’s important to note that, according to esteemed industry figures like Arthur Breitman, the co-founder of Tezos blockchain, blobs may not be the ultimate solution for addressing the underlying challenges related to scaling on Ethereum.
Broader Impact on the BNB Chain Ecosystem
BNB Chain announced that the implementation of BEP 336 is intended to enhance the infrastructure’s resilience and capacity, bringing about advantages for both developers and users.
Based on the information from the network, the upgrade is expected to significantly affect BNB Greenfield. Furthermore, this update brings about the promise of streamlined data handling and an improved user interface.
As a crypto investor in the Binance Smart Chain (BSC) ecosystem, I’m excited about the benefits that BEP 336 brings to the table. This upgrade not only reduces costs but also enhances efficiency, making it more inviting for both experienced developers and newcomers to the blockchain world. Furthermore, this development is expected to bring positive impacts on projects like opBNB and other Layer 2 (L2) solutions on BSC.
As a seasoned analyst, I’ve observed that this network undergoes periodic upgrades to enhance its functionality and maintain its edge in the cryptocurrency market. This is not a novel occurrence.
Last year, BNB Chain underwent two significant updates to enhance its functionality. The first update focused on bolstering the protocol’s security, making it more robust against malicious attempts to reorganize the blockchain. The second update was designed to expand the chain’s compatibility with other Ethereum Virtual Machine (EVM) based blockchains.
As a crypto investor, I’m excited to share that the long-awaited upgrades, named Plato and Hertz, were successfully implemented on my platform on August 10 and 30, 2023, respectively. These enhancements will significantly improve the functionality and security of my investments.
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2024-06-20 18:24