BNB Smart Chain Introduces BEP 336 Upgrade to Optimize Data Storage and Reduce Transaction Costs
The BNB Smart Chain (BSC) ecosystem is set to undergo a major upgrade with the introduction of BEP 336. Inspired by Ethereum’s EIP 4844, this upgrade aims to revolutionize data storage and processing on the blockchain. By implementing BEP 336, BSC will reduce transaction costs and enhance network performance, marking a significant milestone in its continuous evolution.
Introducing Blob-Carrying Transactions
BEP 336 introduces a novel concept called “Blob-Carrying Transactions” (BlobTx), which handle large data chunks in a cost-effective and temporary memory segment. Each blob can carry up to 128 KB of data. The primary advantage of this approach is the reduction in the need to individually verify each transaction within a block. Instead, the network verifies the accuracy of the data contained in the attached blob, simplifying the transaction verification process.
Benefits for opBNB and Lower Gas Fees
This upgrade brings particular benefits to opBNB, the Layer 2 network operating under the BNB ecosystem. opBNB relies on BSC for data storage while utilizing its security features. The temporary nature of blobs means they don’t consume network space indefinitely, resulting in lower storage costs and reduced gas fees for users.
Key Components of BEP 336
- Blob Market: Introduces a fee market for blobs to regulate costs based on network demand.
- Precompile Contract: Further secures the network by verifying that blob data matches its transaction reference.
Distinguishing Architecture and Dynamic Gas Pricing
BSC’s unique architecture has led to the development of a bespoke strategy for blob propagation and persistence, distinguishing it from Ethereum’s approach. Additionally, BSC will implement a dynamic gas pricing mechanism for blobs, with minimum and maximum thresholds to maintain reasonable transaction costs. This feature is absent from Ethereum’s implementation.
Phased Rollout Plan
The rollout plan for BEP 336 begins with a testnet launch in April, allowing developers to assess and interact with the upgrade. This will be followed by a Magnet phase in May for continued testing and optimization. The final phase will be a Mainnet hard fork in June, marking the official deployment of BEP 336.
Anticipated Benefits for the BSC Ecosystem
This upgrade brings several benefits to the BSC ecosystem:
- Reduced gas fees: Users can expect lower transaction costs.
- Efficient data management: The blockchain remains bloat-free, enhancing overall network performance.
- User-friendly experience: The improvements make BSC more accessible to both experienced developers and newcomers to blockchain technology.
Looking Ahead: BNB Chain’s Strategic Vision
BNB Chain has a strategic vision for 2024 focused on scalability and user experience. Initiatives include:
- Parallel EVM Re-Architecture: Aims to significantly boost transaction processing and scalability.
- Rollup as a Service (RaaS): Supports large-scale Dapps in developing customized Layer 2 solutions.
- Path-Based Storage Scheme (PBSS): Optimizes storage further.
A Proactive Approach to Scalability and Efficiency
BEP 336 reflects BNB Chain’s proactive and innovative approach to addressing the challenges of data management and transaction costs. This upgrade demonstrates their commitment to scalability and efficiency, paving the way for a transformative period in the network’s growth.
Hot Take: BNB Smart Chain Optimizes Data Storage and Transaction Costs with BEP 336 Upgrade
BNB Smart Chain is taking significant steps to enhance its ecosystem with the introduction of the BEP 336 upgrade. Inspired by Ethereum’s EIP 4844, this upgrade revolutionizes data storage and processing on the blockchain. By implementing Blob-Carrying Transactions and introducing a fee market for blobs, BSC aims to reduce transaction costs and improve network performance. Lower gas fees and efficient data management make BSC more user-friendly, attracting a wider audience to blockchain technology. With a strategic vision for scalability and user experience, BNB Chain is committed to staying at the forefront of innovation in the crypto space.
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