Fri. Jul 19th, 2024
The Courageous 2024 Roadmap of Binance Chain: Is It Capable of Achieving Universal Adoption?
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  • In a roadmap unveiled by Binance Smart Chain on the final day of 2023, an ambitious strategy is outlined to establish a revolutionary One BNB paradigm.
  • The report reveals that the BNB Smart Chain experienced a staggering 32 million transactions in a single day in 2023.

On January 31, 2023, the Binance (BNB) Smart Chain revealed its plans to establish a new concept known as One BNB. This information was included in the roadmap for 2024 that was presented. By creating a framework capable of supporting multiple chains, the report emphasizes the objective of achieving widespread use.

The framework will make the integration of the Binance Smart Chain (BSC), the opBNB, and the Greenfield layer more accessible, which is a vital characteristic to consider.

In order to meet the requirements of decentralized applications (dApps) on a massive scale, the opBNB was explicitly developed for this purpose. The Greenfield layer, on the other hand, is the part of the BNB Chain that is responsible for the decentralized storage operations.

There Are Many Challenges to Moving to a Fully On-Chain WEB3 Framework

The report highlighted the growing difficulties that must be overcome in order to transition the fundamental Web3 model into a fully on-chain Web3 framework. A complete and cohesive technology stack is necessary for these difficulties.

Because of its significant contribution to enhancing the scalability of large-scale decentralized applications (Dapps), the incorporation of One BNB in this scenario satisfies the requirements of both the computational and storage aspects.

It’s worth mentioning that the BNB smart chain stood out as one of the most dynamic L1 blockchains in 2023, handling a staggering 32M transactions in just one day. This number has reached an unprecedented peak. In addition, it logged an impressive 2000 deals per second. opBNB has also established itself as the most dynamic Layer 2 platform, achieving a record-breaking 71M transactions in just one day.

The number of transactions processed per second was 4,500. In addition to these achievements, the BNB chain significantly decreased the overall impact of hacking and scamming, resulting in an 85 percent reduction in 2023 in comparison to the year before. 

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Additional Plans for the BNB Smart Chain in the Year 2024

Reportedly, the gas limit for the BSC is set to remain at 140M this year. With the aim of achieving a transaction volume of 10,000 per second, opBNB L2 plans to double its gas limit from 100M/second to 200M/second. The upgrades will be implemented in two stages, and opBNB is projected to complete the first phase by 2024. Phase two is a future objective that necessitates the development of a self-sufficient system over an extended period.

In addition, opBNB has the potential to decrease gas fees by 5-10 times significantly. The report reveals that incorporating the EIP4844 and establishing the Data Availability layer on Greenfield is essential for achieving the desired reduction.

As the BNB Beacon Chain gradually transitions, the BSC will incorporate fresh governance, staking, and MEV PBS features. The team is also aiming to elevate the network to a new level, placing great emphasis on captivating events like hackathons.

BNB Chain is committed to offering assistance to a diverse range of proposals and charitable endeavors from all over the world. The goal of the 2024 Hackathon, along with additional activities, is to foster creative thinking in the areas of high-frequency decentralized finance, completely on-chain gaming, artificial intelligence, decentralized public critical infrastructure, decentralized social networking, and the development of powerful technology.

These initiatives demonstrate BNB Chain’s dedication to fostering a dynamic and diverse blockchain technology ecosystem.

In the year 2024, Greenfield will completely transform the way that the information processing and storage industry functions, thereby bringing about a revolution in the industry. To achieve this goal, the performance of the Storage Provider (SP) will be significantly improved by a factor of five, and the rate of uploading will be increased from 2 MB/s to 10 MB/s.

Downloading speeds are expected to significantly increase, going from 20 megabytes per second to a blisteringly fast 100 megabits per second. 

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Jake Coleman

By Jake Coleman

Jake Coleman, a prominent author and cryptocurrency enthusiast, brings his deep understanding of the blockchain world to Crypto Education Hub. With his insightful articles, Jake empowers readers to navigate the complex world of cryptocurrencies with confidence.

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