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Another Giant Altcoin Announces Major Update Following Dencun Update on Ethereum

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Another Giant Altcoin Announces Major Update Following Dencun Update on Ethereum

Following Ethereum’s Dencun update today, BNB is preparing to take a similar update step this time.

Inspired by Ethereum’s EIP 4844, this update aims to significantly reduce transaction costs and improve network performance by optimizing how data is stored and processed on the blockchain.

BEP 336 introduces the concept of “Blob Transporting Transactions” (BlobTx). According to the official description, a blob is defined as a temporary and cost-effective segment of memory designed to capture large pieces of data of up to 128 KB each. These blobs were strategically prepared to facilitate the network’s transaction verification process. Instead of individually validating each transaction within a block, the network will simply verify that the attached blob contains the correct data.

The Binance Smart Chain network has outlined a phased roadmap for the integration of BEP 336:

  • Testnet launch in April: This first phase will allow developers to test and interact with BEP 336 in a controlled environment, eliminating any potential issues before wider deployment.
  • Magnet phase in May: In this phase, further testing and optimization will be done to ensure the robustness and scalability of BEP 336’s implementation.
  • Mainnet hardfork in June: This final phase will see the official rollout of BEP 336 on the BSC mainnet, ushering in a new era of efficiency and cost-effectiveness for the network.

According to the official statement, the implementation of BEP 336 is expected to have far-reaching implications for both developers and users within the BSC ecosystem:

  • Lower gas fees: BEP 336 will significantly reduce the cost of transactions on the BSC network by eliminating the need to permanently store certain types of data.
  • Efficient data management: The temporary storage mechanism will improve overall network performance by ensuring the blockchain remains lean and bloat-free.
  • User-friendly features: BEP 336 will make the BSC ecosystem more accessible to a broader audience, from experienced developers to blockchain novices, with lower costs and improved efficiency.

*This is not investment advice.