After today’s Ethereum Dencun update, BNB is preparing to take a similar update step this time.
Inspired by Ethereum’s EIP 4844, this update aims to significantly reduce transaction fees and improve network performance by optimizing the way 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 memory segment designed to store large amounts of data of up to 128 KB each. These blobs were strategically prepared to facilitate the network’s transaction verification process. Instead of validating each transaction within a block individually, the network simply verifies that the associated blob contains the correct data.
The Binance Smart Chain Network has outlined a phased roadmap for the integration of BEP 336:
- Launch of Testnet in April: This first phase will allow developers to test and use BEP 336 in a controlled environment, eliminating any issues before it is deployed more widely.
- Magnet phase in May: In this phase, further testing and optimizations will be carried out to ensure the robustness and scalability of the BEP 336 implementation.
- Mainnet hard fork 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 consequences for both developers and users within the BSC ecosystem:
- Lower gas costs: 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 that the blockchain remains lean and bloat-free.
- Easy-to-use features: BEP 336 will make the BSC ecosystem more accessible to a broader audience, from experienced developers to blockchain beginners, with lower costs and improved efficiency.
*This is not investment advice.