The New Path for BNB Chain
The developers behind the BNB Chain have set their eyes on an ambitious goal. In a latest roadmap released at the end of last month, the team shared aspirations to achieve a staggering 10,000 transactions per second (TPS), making it one of the most efficient in the crypto industry. Additionally, they aim to bring down the transaction fees down to a paltry $0.001 on their layer two solution, Opbnb. The team aims to hit these targets between the Q2 and Q3 of 2024, with plans to double the gas limit per block from 100M to 200M.
Transforming the Blockchain Ecosystem
November 29 was marked by the BNB chain presenting the technology roadmap for Opbnb, their layer two solution. Moving towards the goal of making blockchain more user-friendly, the Opbnb network design has been made more advantageous for both developers and users. The roadmap projects a tenfold price decrease on Opbnb, with improvements to allow transactions to hit a high of 10,000 per second.
The unveiling of the six-month roadmap came close on the heels of Opbnb setting a new record for most transactions, at 5.47 million. This peak was achieved when the network successfully handled a 100M gas per second, resulting in as many as 645 minting transactions per second.
Subsequently, the BNB Chain core development team showed their appreciation towards the Opbnb community, acknowledging their importance in the network’s success thus far. The community has been identified as a potential driver for the development of decentralized applications.
Developers who contribute to Opbnb will have opportunities to access invaluable assets such as the Most Valuable Builder Program (MVB). This program is a joint effort by Binance Labs and CMC labs that offers a chance to apply for valuable grants and mentorship.
In addition to reaching the milestone of 10,000 transactions per second by 2024, Opbnb plans to further decrease transaction fees to $0.001 by the end of 2023. Beginning from the first quarter of 2024, the team aims to boost capacity from 100M to 150M, concluding with a reduced gas limit per block increase from 100M to 200M between Q2 and Q3 of 2024.
How the Quamas App Can Assist
The Quamas app is uniquely positioned to help users navigate this new frontier in the BNB Chain ecosystem. With its robust features and user-friendly technology, Quamas can intuitively follow along with transactions and provide real-time information necessary to making well-informed trading decisions. As the BNB Chain’s Opbnb expands its capacity and lowers its fees, the Quamas app will be ready and able to handle the increase in traffic and transactions.
Frequently asked Questions
1. What is BNB Tech Strategy?
The BNB Tech Strategy refers to the technological approach adopted by Binance to enhance the performance and scalability of their native blockchain, Binance Chain.
2. What is Opbnb?
Opbnb is a decentralized application (DApp) built on top of Binance Chain that aims to create a decentralized marketplace for short-term rentals, similar to Airbnb.
3. Why is achieving 10,000 transactions per second important for Opbnb?
Opbnb’s objective to achieve 10,000 transactions per second is crucial to ensure the platform can handle a large volume of simultaneous bookings and transactions efficiently, providing a seamless user experience.
4. How does the BNB Tech Strategy aim to achieve 10,000 transactions per second?
The BNB Tech Strategy involves implementing various technological solutions, such as optimizing the consensus mechanism, improving network architecture, and utilizing layer 2 scaling solutions like sharding or state channels, to enhance the transaction processing speed of Binance Chain.
5. What are the benefits of achieving 10,000 transactions per second for Opbnb?
By achieving 10,000 transactions per second, Opbnb can handle a significantly higher number of bookings and transactions in a given timeframe, resulting in faster confirmation times, reduced congestion, and improved user satisfaction. Moreover, it enables Opbnb to scale its user base and accommodate future growth effectively.
6. Are there any challenges associated with achieving 10,000 transactions per second?
Yes, achieving 10,000 transactions per second poses several challenges, including the need for advanced infrastructure, ensuring network security and stability, managing potential network congestion during peak periods, and maintaining decentralization while scaling.
7. When can we expect the BNB Tech Strategy to achieve 10,000 transactions per second on Opbnb?
The timeline for achieving 10,000 transactions per second on Opbnb depends on the successful implementation and testing of the various technological enhancements proposed in the BNB Tech Strategy. However, Binance is actively working towards this goal, and updates regarding progress and timelines can be expected from the company in due course.