BNB Chain is set for a groundbreaking upgrade that promises to significantly reduce transaction costs and enhance network performance with the introduction of BEP 336. Inspired by Ethereum's EIP 4844, this upgrade aims to optimize data storage and processing on the blockchain, potentially cutting transaction costs by up to 90%.
Key Highlights of BEP 336
Scheduled Introduction: BEP 336 will be officially launched with the Haber hard fork on June 20, 2024. The upgrade will introduce "Blob-Carrying Transactions" (BlobTx), which aim to streamline the network's transaction verification process.
Blob Functionality: A blob is a temporary, cost-effective memory segment capable of capturing large data chunks, up to 128 KB each. Instead of verifying each transaction individually within a block, the network will only need to verify the data within the attached blob.
Core Components of BEP 336
Blob Market: Establishes a fee market for blobs, regulating storage and transmission costs based on network demand.
Precompile Contract: Ensures the data in a blob matches the reference included in the blob-carrying transaction, adding an extra layer of security.
Blob Propagation and Gas Price Mechanism: Uniquely tailored to BNB Smart Chain, blobs are managed solely by the BSC client with a dynamic gas pricing mechanism. Unlike Ethereum, BSC does not burn the base fee associated with blobs, reflecting a distinct economic strategy.
BEP 336’s Impact on BNB Greenfield
Enhanced Decentralized Storage: BEP 336 will have a significant impact on BNB Greenfield, a data archive layer that optimizes large-scale data storage for Layer 2 blockchains and decentralized applications (Dapps).
BlobHub Functionality: BlobHub, comprising a blob-syncer, API server, and bundle service, ensures data integrity, accessibility, and longevity. It fetches and stores blobs from various blockchains, handles historical queries, and efficiently uploads blobs to Greenfield, maintaining consistency and preventing data discrepancies.
Anticipated Benefits of BEP 336
Reduced Gas Fees: By eliminating the need for permanent storage of certain data types, BEP 336 aims to reduce gas fees by up to 90%, making transactions on BSC much more affordable.
Efficient Data Management: The temporary storage mechanism will help keep the blockchain lean and bloat-free, enhancing overall network performance and data integrity.
Improved User Experience: Lower transaction costs and increased efficiency will make the BSC ecosystem more accessible to a wider audience, including both seasoned developers and blockchain novices. This upgrade also benefits opBNB and other Layer 2 solutions on BSC.
With BEP 336, the BNB Smart Chain is on the brink of delivering unprecedented cost savings and efficiency, addressing key challenges in data management and transaction costs. As the mainnet hard fork approaches, the potential for innovation and growth within the BSC ecosystem has never been greater. Stay updated for more information as we move closer to the rollout of BEP 336.