'BNB' network activates 'hard fork' and reduces fees

BNB Network has activated the Haber hard fork, which offers the BNB Evolution Proposal (BEP)-336 upgrade capable of improving data storage and processing on the network.

According to BNB Network, with the implementation of BEP-336, Layer 2 costs on BNB Smart Chain (BSC) will be reduced by 90%. The network has claimed that its innovative opBNB solution will see its network fees drop to around $0.0001.

With the new upgrade, the network will no longer need to verify transactions individually within blocks, but rather they will be verified within the attached blob — a temporary memory chip that captures large chunks of data.

While the new update appears similar to Ethereum's EIP-4844, BNB Chain said the BEP-336 upgrade is designed specifically for BSC, where new points on the BSC network are managed solely by a BSC client.

Furthermore, the pricing mechanism is also designed to suit BSC. Unlike Ethereum's burning mechanism, BSC does not burn the underlying fees into pips.

The new update is also expected to affect BNB Greenfield, a decentralized storage solution, as this service will receive enhanced decentralized storage and data management capabilities thanks to BlobHub, a dedicated data archive layer. This upgrade also enhances data storage for decentralized applications (DApps) and Layer 2 networks.

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