Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

Binance Reveals Plans to Increase BNB Chain Speed ​​and Decentralization

2 min read


Exchange Binance has revealed the new development roadmap for BNB Chain. O announcement was held during the BNB Chain Revelation Conference, which brings together developers and network enthusiasts.

According to the roadmap, Binance intends to create a new technical roadmap to develop two areas of BNB. In this sense, the exchange intends to make the network’s transactions faster and also increase its decentralization.

To achieve these goals, Binance will activate two BNB improvement proposals, known as BEP. If the roadmap is successfully executed, the network will be able to fully benefit from the improvements by the end of 2022.

Increase in the number of validators

First, the roadmap presents Binance’s plans to increase decentralization. At BNB, validators are responsible for checking transactions and validating blocks. However, today BNB has a very small number of them: only 21.

Because of the reduced number of validators, BNB is far from decentralized. In fact, it only takes a hacker to take control of 11 validators to carry out an attack. This same problem occurred with Ronin, which had only nine validators and was the target of the biggest attack in history.

In this way, BNB intends to modify its structure through BEP-131. The proposal aims to improve the security and stability of the network through the number of validators. This number would increase from the current 21 to 41 validators, almost double.

“This proposal would increase the number of BSC Mainnet validators from 21 to 41, providing more decentralization and incentives for validators to constantly innovate their hardware and infrastructure,” the proposal reads.

But even with this increase, BNB would still be a very centralized network in a few validators. By comparison, ETH (ETH) has more than 2,500 nodes while BTC (BTC) already has more than 16 thousand nodes.

In addition to its network, Binance also announced plans for its decentralized exchange, Binance DEX. As per the announcement, the company intends to open source DEX by the second quarter of 2022. With this, the exchange hopes to improve integration with other platforms and transparency.

“Developers can gain access to Dex’s matching source code. It will become free for anyone to use and build their applications,” explains the proposal.

Faster transactions

Finally, BNB’s second improvement proposal is BEP-126, which aims to increase the speed of network transactions. In this case, the BNB team intends to implement the improvement by the end of the third quarter of 2022

The new improvement will impact transaction confirmation, which will decrease to two blocks. With this, BNB will reduce the final time of its transactions, streamlining the process.

These changes are part of a revolution that Binance has carried out on its networks since February. As CriptoFácil reported, Binance Chain and Binance Smart Chain were merged into a single network, the current BNB Chain, with the aim of providing a complete structure for various segments of Web3.

Binance launches $500 million fund for investments in Web3

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply