Blockchain Innovation: Jimmy Zhao, Architect Extraordinaire, Unveils BNB Chain’s Role In Web3 Empowerment
Blockchain Innovation: Jimmy Zhao, Architect Extraordinaire, Unveils BNB Chain's Web3 Empowerment.
CCN recently conducted an email exchange interview with Jimmy Zhao, a seasoned Senior Solution Architect at BNB Chain. With over a decade of experience in system and infrastructure development, Zhao provided insights into how BNB Chain empowers the Web3 ecosystem through its unique features and initiatives.
CCN: What Specific Features Or Functionalities Does BNB Chain Offer That Differentiate It From Other Blockchain Networks In Empowering Web3 Applications?
Zhao highlighted that until now, Web3 applications have focused on partially on-chain models. Now, the focus is shifting to fully on-chain. However, developers lack the tech stack to manage this transition. “BNB Chain’s multi-chain paradigm ‘One BNB’ has arrived to meet this need”, Zhao added. By integrating BSC, opBNB, and Greenfield, it meets all decentralized computing and storage needs in one holistic solution.
BSC is a DeFi hub. With its mature infrastructure and support from top CEXs, it is ideal for issuing assets. The second-largest chain by DAU, it offers 5K+ TPS and the lowest gas fees of any L1, with an average cost of $0.03. As BNB Chain’s governance chain, BSC brings heightened efficiency and security to the ecosystem.
opBNB is ideal for dApps that require high transaction frequency, like fully on-chain games. It is the largest chain by DAU and offers the lowest gas fees among layer-2 solutions (L2s), with transactions costing <$0.001. It delivers very high performance, processing 5K-10K TPS. Now, opBNB Connect has been introduced to allow large-scale Dapps to launch custom L2s to further foster development and innovation.
Greenfield is BNB Chain’s decentralized storage solution. A vital component of the One BNB paradigm, Greenfield focuses not on low-touch or cold data, but rather on hot, valuable data. Greenfield lets users own their data and control permissions to create their own personal data marketplace. In this way, it is creating a new data economy within the BNB Chain ecosystem.
Super Low Gas Fees And Fast TPS
BNB Chain excels with super low gas fees and high transactions per second (TPS), offering a cost-efficient and rapid transaction environment. BSC, for instance, achieves a TPS of 2k with gas fees as low as $0.01, and opBNB further pushes the boundary with 4500 TPS and $0.001 gas fees . This efficiency significantly enhances the user experience by reducing wait times and transaction costs.
Stability And Security
BNB Chain’s strategy to avoid major block reorganizations (reorgs) contributes to its network stability and reliability. Alongside, the AvDAO full chain scan and alert system marks a significant leap in security and transparency, safeguarding the ecosystem against vulnerabilities and attacks. In 2023, there was an 85% YoY reduction in losses from exploits on BSC.
These features and technical advancements underscore BNB Chain’s effectiveness in attracting a vast user base and a thriving community of developers. The platform’s focus on scalability, efficiency, interoperability, and user-friendliness makes it a leading choice for Dapp development, reflected in its high DAU on both L1 (BSC) and L2 (opBNB) chains.
CCN: How Does BNB Chain Address Scalability And Interoperability Challenges Within The Web3 Ecosystem?
Zhao highlighted that in 2023, BNB Chain expanded into a multi-chain framework with opBNB (L2) and BNB Greenfield (decentralized storage chain). The One BNB strategy integrates the BSC, opBNB, and Greenfield into a cohesive ecosystem, ensuring seamless interaction between decentralized computing and storage solutions. The One BNB solution is crucial for the scalability of large-scale Dapps, as it caters to both computational and storage needs, positioning BNB Chain as a competitive option for Web3 developers.
2024 is packed with more innovations aimed at enhancing scalability and user experience. From “Parallel EVM Re-Architecture” to “Rollup-as-a-Service” (RaaS), BNB Chain is dedicated to building a high-performance blockchain infrastructure ready for the future, Zhao added.
RaaS And opBNB Connect
BNB Chain will be introducing its rollup-as-a-service (RaaS) solution enabling Dapps to build their own L2 blockchains on BNB Smart Chain (BSC). The RaaS solution provides enterprises and large-scale Dapps with the technological infrastructure to deploy their own dedicated Layer 2 blockchains on BSC, fostering innovation and unique ecosystems.
It provides a powerful tool for developers to develop on BSC, the foundational L1 and governance chain of BNB Chain. opBNB Connect facilitates the interconnection of all L2s built on BSC to create an integrated network across diverse L2 blockchain projects. This move aligns with BNB Chain’s commitment to mass Web3 adoption, offering secure and scalable solutions for blockchain development. As we strive to become a ‘one-stop shop’ for Web3 building needs, RaaS and opBNB Connect are pivotal steps in BNB chain’s 2024 outlook.
CCN: How Does BNB Chain Ensure Security And Privacy For Users And Applications Operating Within Its Ecosystem?
Zhao pointed to AvengerDAO and DappBay as key components, emphasizing AvengerDAO’s risk mitigation measures and DappBay’s real-time project risk scanning.
AvengerDAO includes credibility ratings, proactive user alerts and a real-time risk scanner for smart contracts. In 2023, AvengerDAO achieved an 85% reduction in total financial losses on BNB Chain.
DappBay is a ‘Dapp Library’ that allows users to navigate the BNB Chain ecosystem with confidence. It is the home of Red Alarm, which lets users scan the risk level of projects in real-time. In 2023, Red Alarm sent approximately 3,500 alerts to notify users of risks.
CCN: Can You Discuss The Governance Model Of BNB Chain And How It Fosters Community Involvement And Decision-Making In The Development Of Web3 Applications?
Zhao detailed the transition to the BNB Chain Fusion strategy, integrating governance and staking features into BSC to enhance decentralization and efficiency.
The BNB Beacon Chain will be phased out in 2024, with new governance, staking, and MEV PBS features being integrated into BSC. This strategic shift, known as the “BNB Chain Fusion ” aims to streamline the network, increase decentralization, improve efficiency, reduce security risks, and align BNB Chain’s architecture with current and future technological needs. This fusion and the novel MEV mechanism are expected to enhance the profitability potential for validators and delegators. The aim is to expand the validator count from 40 to 100 in 2024.
CCN: What Are The Key Advantages Of Utilizing BNB Chain For Developers Looking To Build Decentralized Applications (Dapps) Compared To Other Blockchain Platforms?
To support builders, BNB Chain offers a range of developer support and incentive s, including the Most Valuable Builder (MVB) program and the TVL (Total Value Locked) incentive program , Zhao emphasized.
The MVB program, now in its 7th season, recognizes and supports innovative projects within the BNB Chain ecosystem. Throughout the 10-week accelerator program, the MVB sessions are presented by a lineup of subject experts who share insights on topics ranging from legal, security, cross-chain infrastructures, GTM, tokenomics, fundraising strategies, and more.
At the end of the 10-week accelerator, the projects in the cohort showcase and pitch their projects to investors at Demo Day. Binance Labs will make an investment decision on selected top performing project teams. Since its launch in 2021, MVB has received over 4,200 applications globally, with over 80 of those projects being accelerated. Many MVB projects have gone on to be listed on top-tier centralized exchanges. In the most recent two seasons of MVB, 5 projects were listed on centralized exchanges.
The TVL Incentive Program aims to attract and retain high-quality DeFi projects on BSC by offering financial incentives based on the value locked within these applications. These initiatives demonstrate BNB Chain’s commitment to fostering a supportive environment for developers, encouraging innovation, and driving the adoption of blockchain technology. In addition, there is a suite of developer support programs available at BNB Chain including Kickstart, the DAU incentive program, and builder grants.
BSC also stands out as a leading choice for token deployment, boasting a secure infrastructure, low costs, and a diverse DeFi ecosystem. Its robust governance layer and status as a ‘DeFi hub’ make it an optimal environment for launching tokens. The popularity of BSC among developers is fueled by its statistics, including over 1.3 million daily active users and a peak of 32 million daily transactions, as well as its ability to process 5K transactions per second with minimal gas fees.
This popularity is further underscored by BSC’s compatibility with major exchanges and its supportive developer community, making token deployment accessible to developers of all levels of experience. Ultimately, BSC’s role in fostering the growth of the Web3 ecosystem positions it as a key player in facilitating the next wave of DeFi innovation.
CCN: Looking Ahead, What Are The Upcoming Developments Or Initiatives Planned By BNB Chain To Further Empower the Web3 Ecosystem?
“BNB Chain’s goal is mass Web3 adoption,” Zhao emphasized. As part of this vision, the MVB program will continue to support developers on their journey from idea to successful project, Zhao pointed.
Progressive Decentralization
The BNB Chain Fusion is a strategic shift to migrate the Beacon Chain’s functionalities to BNB Smart Chain (BSC) and retire Beacon Chain. BNB Beacon Chain will be decoded and new governance and staking and MEV PBS (Proposer Builder Separation) will be introduced to BNB Smart Chain (BSC). With the BNB Chain Fusion and the new MEV mechanism, BSC will keep increasing the potential profitability of the validators and delegators and will aim to grow from 40 to 100 validators in 2024.
BEP 386
BSC has announced the upcoming launch of its upgrade, BEP 336. Inspired by Ethereum’s EIP 4844, BEP 336 is set to optimize data storage and processing on the blockchain, promising significant reductions in transaction costs and a significant boost in network performance.
BEP 336 introduces “Blob-Carrying Transactions” (BlobTx), leveraging temporary and cost-effective memory segments (blobs) to streamline transaction verification. This approach not only cuts down on storage costs but also paves the way for cheaper gas fees, benefiting everyone, especially L2 networks, in the BSC ecosystem.
The benefits will include reduced gas fees by eliminating the need for permanent data storage, efficient data management to keep the blockchain lean, and improving network performance without sacrificing data integrity. It also opens up the BSC ecosystem to a broader audience, making blockchain more accessible and efficient.
RaaS And opBNB Connect
As mentioned above, BNB Chain will be introducing its rollup-as-a-service (RaaS) solution enabling Dapps to build their own L2 blockchains on BNB Smart Chain (BSC).
Storage Optimization PBSS
BSC and opBNB are committed to maintaining their status as the highest-performing EVM L1 and L2 blockchains. Enhancements like the Optimized PBSS (Path-Based-Storage-Scheme) and Parallel EVM 3.0 will be progressively implemented across all nodes and validators. PBSS, introduced in BSC v1.3.1-beta, optimizes MPT trie tree access, enhancing efficiency, and facilitating inline state pruning.
