BNB Chain Introduces BEP-341 Proposal To Enhance BSC Transaction Capacity, Seeks Community Discussion And Feedback
In Brief
BNB Chain released the BEP-341 proposal to improve the transaction processing capacity of BSC by enabling validators to produce consecutive blocks.
Blockchain ecosystem for Web3, BNB Chain announced the release of the BEP-341 proposal titled “Governance Enabled Consecutive Block Production.” It aims to improve the transaction processing capacity of the BNB Smart Chain (BSC) by enabling validators to produce consecutive blocks to meet the growing demands of the dynamic BSC ecosystem. The proposal is now open for community discussion as well as feedback on the BNB Chain forum.
BNB Chain operates as a decentralized ecosystem driven by community participation, featuring several interconnected blockchains. These include the BSC, which supports Ethereum Virtual Machine (EVM) compatibility and facilitates a multi-chain environment through Layer 2 solutions like opBNB. Furthermore, it incorporates the BNB Beacon Chain, serving as its staking and governance layer, and BNB Greenfield, a decentralized data storage network aimed at enhancing data security and accessibility within the ecosystem.
In the BSC, every epoch comprises several slots where validators take turns in a predetermined sequence to secure priority in production of blocks. The modification aims to distribute block-producing rights differently by allowing each validator to make blocks for a set number of slots during the round. This change is intended to increase transaction processing efficiency on the network. Additionally, subsequent blocks in a validator’s sequence may circumvent the transaction validation process, concentrating solely on processing new transactions.
This adjustment results in a notable increase in Transactions Per Second (TPS), especially when the number of consecutive blocks is ranging from 3 to 5.
BEP-341 Introduces Adjustments To Enhance Performance And Security
Furthermore, BEP-341 introduces adjustable governance parameters designed to balance performance enhancements with critical security measures, aiming to mitigate any associated risks.
To prevent maximal extractable value (MEV) extraction during block production, BEP-341 adjusts the transaction fees’ split to the SystemRewardContract in proportion to the block number, up to the limit set by the systemRewardAntiMEVRatio. Such a method ensures that validators efficiently process transactions, reducing the potential for MEV abuse and promoting fairness across the network.
To counteract MEV abuse, the AntiMEV Ratio modifies how transaction fees are distributed to the SystemRewardContract. As validators gain consecutive block priority, the allocation of transaction fees to the SystemRewardContract rises linearly, with a cap determined by the systemRewardAntiMEVRatio. Initially set at 0, any modifications to this parameter also require governance approval.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
