BNB Chain sets big goals for 2023

The blockchain network with the largest user base BNB Chain has just announced its development focus for 2023.

BNB Chain sets big goals for 2023

BNB Chain, the blockchain associated with the Binance brand, is about to undergo a series of significant performance, scalability, security, decentralization, and infrastructure improvements this year, according to a published announcement. at dawn on February 15.

Accordingly, the platform is expected to upgrade the Web3 application, layer on-chain to provide continuous technical support for developers and users, and unlock new security features.

Within the framework of the 2023 roadmap, BNB Chain wishes triple the number of node operators (validator), from 29 to 100. In addition, validators will have more on-chain governance so they can access the network’s direction and regulations.

Increase throughput from 140 million gas limit and 2,200 transactions per second (TPS) to 300 million gas and 5,000 TPS are also important bullet points in the roadmap. The term gas limit refers to the maximum amount of gas a user is willing to pay when transacting on the network.

In addition, BNB Chain will soon add more Optimistic Rollups updates to support the ecosystem. Optimistic Rollups scale by moving computation and storage off the blockchain, thereby reducing transaction fees and increasing processing speed.

Alvin Kan, Head of Development at BNB Chain commented:

“Our core goal for 2023 is to focus on EVM compatibility and launch our new layer-2 mainnet zkBNB and BNB Greenfield as well as develop Web3 infrastructure.”

EVM, or Ethereum virtual machine, is a processing system that helps developers create smart contracts on Ethereum easily. ZK (Zero Knowledge Proof) refers to the data encryption technology protocol.

According to the white paper, BNB Greenfield is a decentralized data storage solution based on BNB Chain’s blockchain technology, allowing users and dApps to create, store and trade data in a common economy.

Built by BNB Chain itself with support from Amazon Web Services (AWS), NodeReal, and Blockdaemon, BNB Greenfield claims to be able to provide the same user experience as today’s leading cloud storage services, but will give users complete data ownership, while bringing blockchain transparency to these new solutions.

Thus, roughly understood that BNB Chain, originally Binance Smart Chain, currently consists of 3 small blockchains:

Since its inception, BNB Chain has processed over 3 billion transactions with over 200 million wallet addresses.

According to data from DeFiLIama, BNB Chain is the world’s second largest blockchain by lockout value (TVL) at $6.9 billion, second only to Ethereum. BNB Chain’s 24-hour trading volume has increased by more than 8%, but it is still far from its brother Ethereum.

Top largest blockchain in crypto industry by TVL. DeFiLlama screenshot at noon on 15/02/2023

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