BNB Chain Governance is a collective decision-making system overseeing the on-chain operations and implementation of changes within the network. It ensures decisions regarding upgrades, security, and community initiatives are made collectively and transparently. Following the BC Fusion, BNB Chain is set to implement significant upgrades to its governance process. This article explores the structure and processes behind BNB Chain’s governance and how these changes enhance the network's efficiency.

The Revamped BNB Chain On-Chain Governance

On-chain governance is where decisions are made and implemented directly on the blockchain. In the case of BNB Chain, proposals for upgrades and changes are submitted to the BNB Chain Governance. These proposals are established on Tally, with separations for both the mainnet and testnet:

• Testnet: Tally BNB Chain Testnet

• Mainnet: Tally BNB Chain Mainnet

Types of Proposals

Proposals can be submitted for various reasons, including:

• System Upgrades: Introducing new features or improving existing ones.

• Bug Fixes: Addressing and resolving technical issues or vulnerabilities.

• Policy Changes: Modifying governance rules or operational policies.

• Resource Allocation: Deciding on the distribution of funds or resources for development, marketing, or other purposes.

Breaking Down the Proposal Process

The proposal process in BNB Chain governance is divided into two main stages:

1. Temperature Check (on Snapshot)

2. Formal Proposal (through Tally)

1. Temperature Check

The governance process begins with a temperature check, conducted through the Snapshot platform. This phase allows any BNB holder to gauge community sentiment on a proposal. Steps involved:

• The proposer submits their proposal.

• The community provides feedback on existing proposals.

• The proposer incorporates feedback. If the proposal has enough support, it moves to the next stage.

2. Formal Proposal

In the final decision voting phase, on-chain voting takes place on the Tally platform. Validators and those with staked BNB cast their votes to determine whether the proposal should be implemented or rejected. Here’s how to vote on proposals:

• Check your voting power: Your voting power is typically determined by the amount of governance tokens you hold.

• Creating a proposal: If you have sufficient voting power, you can create proposals on the BSC network.

• Voting on proposals: You will have three voting options:

  • For: Support the proposal.

  • Against: Oppose the proposal.

  • Abstain: Neither support nor oppose the proposal.

Changes in the Governance Process

The newly revamped BNB Chain governance process allows BNB stakers, not just validators, to participate in voting. Stakers can also delegate their voting power to others. Additionally, the temperature check procedure has been introduced to initiate discussions on governance issues before formal proposals are made.

Benefits of the Revamped Approach

1. Transparency: All decisions and their rationales are visible to the community, fostering an environment of openness.

2. Adaptability: The governance system allows the network to respond quickly to technological and regulatory changes.

3. Engagement: By enabling BNB stakers to participate directly in governance, the system encourages active community participation and a sense of ownership among stakeholders.

4. Efficiency: Efficient governance optimizes resource allocation, ensuring that the network's resources are used effectively to address the most critical issues and opportunities.

5. Innovation: A robust governance framework promotes the introduction of new ideas and continuous improvements, driving innovation within the BNB Chain ecosystem.

The revamped BNB Chain governance process enhances the network’s efficiency and security while fostering a vibrant and engaged community. By allowing validators and BNB stakers to participate directly in decision-making, the governance system is set to build a more inclusive community for the BNB Chain ecosystem.