Outside Source
[PRESS RELEASE – Dubai, UAE, October 21st, 2024]
BNB Chain, the community-driven blockchain ecosystem that includes the world’s largest smart contract blockchain by daily transactions, has announced the BEP 341 proposal, aimed at improving the transaction processing capacity of BNB Smart Chain (BSC). This proposal introduces a change in the way validators produce blocks, allowing them to generate up to four consecutive blocks instead of the current system, where each validator produces only a single block at a time.
The BEP 341 proposal is now open for community discussion, and BNB Chain encourages all eligible participants to share their feedback here. This is a crucial step in ensuring that the proposal meets the needs and expectations of the BNB Chain community.
The main goal of BEP 341 is to enhance BNB Chain’s performance by optimizing its throughput. As the ecosystem continues to grow, the demand for faster transaction processing is increasing. By allowing validators to produce consecutive blocks, BNB Chain aims to improve the network’s ability to handle higher transaction volumes, ultimately leading to a more efficient and scalable BSC.
However, consecutive block production by a single validator also has the potential to amplify Maximum Extractable Value (MEV) risks by enabling more complex and profitable extraction strategies, such as manipulating prices over multiple blocks to exploit DeFi protocols.
Key Elements of BEP 341:
- Increased Number of Consecutive Blocks:
The core proposal is to raise the number of consecutive blocks each validator can produce from 1 to 4 per epoch. This change is expected to significantly improve network throughput and efficiency.
- AntiMEV Ratio:
To mitigate the risks associated with MEV manipulation, BEP 341 introduces an adjustment to the system reward distribution. A portion of the transaction fees will be directed to the SystemRewardContract, with the amount governed by the systemRewardAntiMEVRatio. This adjustment is intended to counter MEV-related risks and ensure a balanced reward system for the entire network.
With the proposed change, validators will no longer need to alternate between validating past transactions and processing new ones after each block. By producing up to four consecutive blocks, they can focus more efficiently on new transactions, leading to faster and more seamless transaction processing.
This improvement will benefit both users and developers by increasing the network’s overall performance and reducing the time taken for transaction confirmations. The proposal ensures decentralization and fairness, as validators’ block-producing rights will rotate each epoch, preventing centralization.
This change is subject to on-chain governance and BNB Chain encourages eligible users to you to review the details of the BEP 341 proposal and cast their vote to help maintain a transparent and community-driven governance process.
For further details and to participate, visit here.
About BNB Chain
BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:
- BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.
- opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds.
- BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.
Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program.
For more, follow BNB Chain on X or start exploring via our Dapp library.
This article first appeared at CryptoPotato
