Binance Smart Chain (BSC), commonly known as BNB Chain, has Announced the “BEP 336 update”, inspired by ethereum Dencun Update (EIP 4844), which aims to optimize data storage and processing in blockchain.
The upgrade is expected to significantly reduce transaction costs, improve network performance and boost the price of binance coin (BNB) towards its previous all-time high (ATH) of $686, reached in May 2021.
Profitable BNB Smart Chain Data Solution
According to the protocol announcement, BEP 336 introduces an innovative concept called “Blob Carrier Transactions” (BlobTx) that will change the way large blocks of data are handled.
These temporary, cost-effective memory segments, known as blobs, can capture blocks of data up to 128 KB. By streamlining the transaction verification process, the grid you only need to verify that the attached blob contains the correct data instead of verifying each transaction within a block.
The introduction of blob transactions within the BSC, which is particularly beneficial for opBNB (the layer 2 network of the BNB ecosystem), offers several advantages. Blobs reduce network space consumption, resulting in lower storage costs and more affordable gas fees for users, similar to Etherem's Dencun upgrade. This storage strategy allows for efficient data handling while managing blockchain inflation, ensuring data integrity and availability throughout its life on the chain.
BEP 336 also includes two additional components. Blob Market establishes a tariff market for blobs, ensuring regulated storage and transmission costs based on network demand. He Precompile contractAdds a layer of security by verifying that the data in a blob matches the reference in the transaction that contains the blob.
While BEP 336 is inspired by ethereum's EIP 4844, it is designed to meet the unique requirements of BSC. In particular, BSC's design requires that blobs be managed exclusively by the BSC client, which distinguishes it from ethereum's approach. Additionally, BSC implements a dynamic gas pricing mechanism for blobs, ensuring reasonable transaction costs with minimum and maximum thresholds.
BEP 336 integration with phased roadmap
BSC has outlined a gradual roadmap for BEP 336 integration. Starting with the Testnet launch in April, developers You can test and interact with the update in a “controlled environment” to address potential issues.
The next Magnet phase in May will focus on further testing and optimization to ensure the “robustness” and “scalability” of BEP 336. Finally, in June, the mainnet hard fork will mark the official deployment of BEP 336 on the network. BSC's main network, ushering in a new era of efficiency and profitability for the network.
According to the announcement, the benefits of BEP 336 are expected to significantly impact developers and users within the BSC ecosystem. Gas rates will be significantly reduced as certain type of data They no longer require permanent storage, making transactions more affordable.
The temporary storage mechanism will keep the blockchain agile and free of overloads, improving the overall performance of the network. With lower costs and improved efficiency, BEP 336 aims to make the BSC ecosystem more accessible to a broader audience, including developers and newcomers to blockchain technology.
The announcement has increased the price of Binance Coin (BNB) by over 8%, resulting in a current trading price of $588, just 15% below its all-time high of $686.
In case of further price gains, the next resistance walls for BNB price are placed at the $600 level and the $608 mark, which could prevent the token from rising further in price on its mission to reach its ATH. current.
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