BNB Chain Launches New Roadmap as Competition With Ethereum Heats Up
A new technology roadmap for BNB Chain (BNB) is aiming to strengthen support for developers and is attempting to improve both transaction speeds and decentralization of the network, as competition with the largest smart contract platform, Ethereum (ETH), is heating up.
According to an announcement of the new roadmap, BNB Chain (launched by crypto exchange Binance and formerly known as Binance Smart Chain) will improve on the necessary infrastructure and governance systems in an effort to help developers build high-volume decentralized applications (dapps).
The new dapps should offer “increased capacity, faster transactions, increased decentralization, network security, and stability to the consumers,” the team behind BNB Chain said in Tuesday’s announcement.
A notable aspect of the roadmap is the aim to improve both transaction speeds and decentralization – two factors that are often considered incompatible in the world of blockchain technology.
According to the BNB Chain team, however, faster and cheaper transactions will be brought about by increasing Block Gas Capacity to 200 million. “This improvement will mean a flawless dApp experience even amid peak network traffic,” the announcement claimed.
In terms of decentralization, the team said that the number of validators on the blockchain will be increased from 21 to 41 initially. It added that a more competitive consensus system is also expected to improve the chance for smaller candidate validators to earn rewards. Decentralization is “a core element” of BNB Chain’s strategy, the announcement stated.
Commenting on the release of the new roadmap, Uri Ferruccio, Executive Director at the BNB Foundation, said that the entire community has “been hard at work” to deliver the technological achievements shared in the roadmap.
“While we recognize that there’s still a lot to do, this is a testament to the competence of the buidlers of this ecosystem,” Ferruccio added.
The new roadmap is described as “one of BNB Chain’s most comprehensive development programmes ever,” and was unveiled on Tuesday in relation to the BNB Chain Revelation Summit, a virtual event for the BNB Chain community.
At 12:16 UTC, the 5th coin by market capitalization, BNB, is up 1% in a day and 1% in a week, currently trading at USD 321. It is down more than 15% in a month and 53% from its May 2021 all-time high.
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