BNB Smart Chain developers plan to activate the Tycho hard fork on mainnet in mid-June.
BLOBs enable cheaper transactions and higher throughput on the blockchain.
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Posted May 16, 2024 at 3:23 PM ET.
BNB Smart Chain (BSC) is set to undergo a series of hard fork upgrades aimed at enhancing user experience and ensuring the blockchain network associated with cryptocurrency exchange Binance remains competitive with Ethereum. is.
The Tycho hard fork, which was rolled out on testnet in April and is expected to be introduced to mainnet in mid-June, introduces new types of transactions, including BLOBs, a type of memory area for storing transaction data. Masu.
Blob transactions have been available on the Ethereum Layer 2 network since March, when Ethereum developers activated the Dencun upgrade. His BLOB transactions on the BNB Smart Chain, enabled by BEP-336, aim to bring low-cost transactions and high throughput to BSC.
read more: Ethereum completes milestone Dencun upgrade, which should significantly reduce fees
BLOB and Ethereum on Binance Smart Chain
According to a BNB Chain blog post, the difference between Ethereum and BNB Smart Chain BLOB transactions stems from their implementation method and architecture. published on wednesday. “BSC embeds BLOB blocks directly into nodes, whereas Ethereum stores BLOB blocks in a consensus layer. Additionally, BSC employs a dynamic pricing model for BLOBs within a predefined range. However, Ethereum relies solely on dynamic pricing,” according to the post.
BNB Greenfield and opBNB (BNB Chain's data storage system and Layer 2 network, respectively) will also undergo their own hard fork upgrades. While the BNB Greenfield Network hard fork will introduce new cross-chain channels, among other things, the opBNB hard fork plans to “significantly reduce the cost of opBNB and make the platform more cost-effective for users,” he said. is in the BNB Chain blog post. said.
The opBNB hard fork will be scheduled on testnet between 6:00 a.m. and 6:30 a.m. UTC on Wednesday, and the greenfield hard fork will be active on testnet on Thursday at 7:00 a.m. UTC. became.
read more: BNB Chain releases Layer 2 EVM testnet based on optimism
The BSC upgrade copies the latest changes to Ethereum and will help “make Layer 2 of the BNB chain more viable in the long term and make opBNB the most popular,” said Flipside crypto data scientist Carlos. Mercado writes in Unchained over Telegram. “BEP-336 is basically his EIP-4844 (Blob) for making layer 2 cheaper, but with some adjustments to the minimum and maximum prices of the blob.”
However, Mercado said, “I would hesitate to think too much of this upgrade as anything more than keeping BSC competitive with ETH on a technical level.”
According to data from CoinGecko, the price of BNB, the native token of the BNB Smart Chain, has fallen 3% in the past 24 hours from $583 to $565 at the time of publication. show.
