Binance SmartChain has published its plans to resume competition with the ethereum network, the leading cryptocurrency market in the DeFi industry. The new update package should be completed by the end of 2022.
The network has hosted many tokens in recent years, although most of them are shitcoins, which are worthless coins created for scams or pranks.
The main advantage of the network is in relation to low transaction costs, although it is more centralized than Ethereum, the largest in the market. Recently, Binance Smart Chain changed its name to BNB Chainin an indication that the solution goes beyond the exchange of the same name.
With updates, improvements can be seen soon.
Binance Smart Chain Announces Plans to Comply by End of 2022
The focus of the new applications involves increasing the GAS limit per block, which can speed up transactions for network users. Additionally, this change could alleviate infrastructure congestion when many wallets try to send transactions simultaneously.
Expensive and slow transactions are one of the main problems of the Ethereum networkwhich has been trying to solve this problem for a few years, also pursued by BNB Chain.
Also, the focus of the technical team is to create a validation method that does not consume a lot of disk space, which makes the process better for validators.
All initiatives were announced at the BNB Chain Revelation Summit 2022 event, which took place this Tuesday (31).
Binance Smart Chain plans for 2022. Disclosure.
Therefore, the commitment of the developers of this blockchain is the complete upgrade by the end of 2022.
Search for greater “decentralization”
One proposal that is on the table is the search for greater decentralization of this network, still very centralized in a few validators. If the new BEP-131 proposal is approved, new validators could be added and the network would become a bit more distributed.
“This proposal would increase the number of validators on the BSC Mainnet from 21 to 41, providing more decentralization and incentives for validators to constantly innovate their hardware and infrastructure.”
Other novelty What should come soon is the opening of the code of Binance DEX, the decentralized exchange on the network. Thus, developers will have free access to the codes and will be able to make use of them.
Finally, in addition to improvements for DeFi projects, there will be implementations for non-DeFi applications to have a better functioning ecosystem as well. It should be remembered that Cardano also seeks to compete with Ethereum and has promoted improvements in its network, with BNB Chain being another to compete for positions in the decentralized finance sector.