BNB Chain First Quarter Technical Updates: A Comprehensive Overview

On April 21st, BNB Chain announced its first quarter technical updates, including the launch of the Greenfield testing network, reduced transaction costs, BSC validator self equity updates, MEV research, and Planck hard fork upgrades. At the same time, the article also pointed out that the OpBNB test network is planned to be launched in mid May, the ZkBNB main network will be launched on June 1, and the BEP-206 proposal will be completed.

BNB Chain plans to launch the OpBNB test network in mid May and the ZkBNB main network on June 1st

The first quarter of 2021 witnessed some significant technical updates from BNB Chain. These updates cover the launch of the Greenfield testing network, reduced transaction costs, BSC validator self equity updates, MEV research, and Planck hard fork upgrades. This article will provide a comprehensive overview of all the updates mentioned in their announcement on April 21st.

Launch of Greenfield Testing Network

The Greenfield testing network is aimed to provide better accessibility and testing of the new products that BNB Chain is developing. Binance Smart Chain (BSC) developers can now leverage Greenfield to conduct comprehensive testing of their new protocols and updates before launching them on the mainnet. This network incorporates similar specifications as the BSC, which makes it convenient for developers to test more efficiently.

Reduced Transaction Costs

Reduced transaction fees have been one of the most anticipated updates for the BNB Chain community. Lower transaction fees mean cheaper and faster transactions for users, which significantly facilitates the adoption of the platform. Binance announced the reduction in the transaction costs by two-thirds to make the platform more accessible to users that transact in smaller amounts.

BSC Validator Self Equity Updates

Validators on the Binance Smart Chain now have the autonomy to set their own fees, thus adding more fairness and autonomy to the platform. The Binance Smart Chain has over 100 validators, and each can now make decisions based on their priorities, making the network more secure and decentralized. Additionally, validators can now have a say in various governance decisions, and they can now vote on proposals.

MEV Research

Fundamental to the blockchain ecosystem is the study of Miner Extracted Value (MEV). MEV refers to the profits garnered by miners of blockchain transactions beyond just the coinbase rewards. MEV research is crucial to the BSC since it helps minters glean more value from the transactions conducted on the blockchain. In essence, it ensures that users get the best profit for their transactions, making the platform more profitable to transact.

Planck Hard Fork Upgrades

The Planck hard fork upgrades are among the most significant technical upgrades that BSC has had since its launch. It includes brand-new features that aim to improve the scalability and security of the platform. Two primary features of the Planck hard fork upgrades are the upgrade of the network’s virtual machine (VM) and the transition to the PoSA (Proof of Staked Authority) consensus algorithm.

Upgrade of the Network’s Virtual Machine

The upgraded VM is expected to save up to 50% gas when compared to its predecessor. This energy efficiency enables clients on the network to execute more transactions per given gas cost, which further advances the blockchain’s scalability.

PoSA (Proof of Staked Authority) Consensus Algorithm

The PoSA consensus algorithm is a hybrid algorithm between PoS (Proof of Stake) and PoA (Proof of Authority). Its primary function is to enhance network security and reduce the centralization risk associated with traditional PoS mechanisms. This hybrid consensus mechanism allows miners and validators to play mutually beneficial roles in securing the blockchain.

OpBNB Test Network Launch

The OpBNB test network is designed to create compatibility between the BSC and the Optimism Layer-2 scaling solution. The network aims to reduce gas fees and improve the scalability of the platform. This testnet is an essential feature since it enables better adoption of the platform by users currently on Ethereum.

ZkBNB Main Network Launch

The ZkBNB main network is a zero-knowledge proof (ZKP) platform upgrade that allows confidential asset transfers on Binance. Zero-knowledge proof refers to an encryption protocol that enables data manipulation without exposing all the details therein. Essentially, the ZkBNB main network enables secure, private, and faster transactions within the Binance ecosystem.

BEP-206 Proposal Completion

BEP-206 is a new stablecoin proposal that Binance Smart Chain created to enable easy conversion between coins on the network. It functions similarly to USDT, a stablecoin designed to ensure easier conversion of assets from one coin type to another. The BEP-206 proposal should enable Binance users to easier means of conversion between assets and a better user experience.

Conclusion

BNB Chain’s Q1 technical updates have been exhaustive, ranging from more accessibility and testing to better transaction costs and improved security. The company’s technical team continues to make significant strides in enhancing user experience and positioning the platform for increased adoption. With such comprehensive and beneficial updates, users on the platform should be positioning themselves for better and more profitable experiences.

FAQs

1. What is the significance of the Planck hard fork upgrades?
The Planck hard fork upgrades significantly enhance the scalability and security of the platform, which allows for faster and secure transactions.
2. What is the OpBNB test network?
The OpBNB test network is designed to create compatibility between the BSC and the Optimism Layer-2 scaling solution. The network aims to reduce gas fees and improve the scalability of the platform.
3. What is the BEP-206 proposal?
The BEP-206 proposal is a new stablecoin proposal that Binance Smart Chain created to enable easy conversion between coins on the network.