BNB Chain’s Roadmap to 1 Billion Users. Lowering Barriers and Fostering Innovation for Mass Adoption in Web3
In Brief
In the interview with Sarah Song, Head of APAC at BNB Chain, we delve into the core infrastructure that underpins BNB Chain’s mission to pave the way for widespread public adoption of blockchain technology.
As the Hong Kong Web3 Festival draws to a close, Sarah Song, Head of APAC at BNB Chain, takes the stage to illuminate the future of blockchain infrastructure. Amidst the culmination of this groundbreaking event, Sarah shares her insights on BNB Chain’s mission to deliver core infrastructure tailored for the imminent wave of public adoption. Let’s delve into the intricate details of BNB Chain’s visionary approach and its innovative features.
Regarding BNB Chain’s mission to deliver core infrastructure for future public adoption, could you elaborate on specific aspects of this infrastructure and features?
There are three really important tech stacks under the BNB Chain brand. The first one is the BNB Smart Chain, the second one is opBNB, and the third one is Greenfield, and we call it 1 BNB.
BNB Smart Chain is the Layer 1 protocol, and we call it a DeFi hub, which is more suitable for issuing your native assets and building your own DeFi protocol. So, BNB Smart Chain is the second largest chain; it offers around 5k TPS and the lowest gas fee of any Layer 1 with an average cost of 0.03 USD per transaction.
opBNB is a Layer 2 for high-frequency transaction dApps like on-chain gaming, decentralised social, AI products, etc. The gas fee on opBNB is low at 0.001, and it also delivers a very high-performance processing.
Greenfield, as I mentioned, is a decentralised storage protocol that can offer data projects or even, for example, projects with NFT assets to store their data. For example, if you are a social project, you have your own data, and you can store your data using a decentralised protocol like Greenfield. It is randomly connected to the BNB Smart Chain and opBNB. So, you can use smart contracts on those two chains to manage your data.
How does BNB differentiate itself from the existing decentralised storage solutions?
First of all, the BSE chain and the opBNB have fast speed and low cost across all other chains. As I mentioned, there is a 0.001 gas fee per transaction on OPBNB and 5k TPS on BSE. Also, we are quite secure by having a DAO community called Avenger DAO that needs all the ecosystem partners to shield users from malicious activities. It includes credibility ratings, proactive user alerts, and a real-time risk scanner for a smart contract. So, that can really reduce financial losses on the BNB Chain ecosystem.
We are also a chain that has been stably operated for a long time. We really have a mature and robust ecosystem and infrastructures, including the builder tools, the oracles, data indexing, and any kind of tool that you require when you develop your products on the BNB Chain.
Another great thing is that we have an MWB program, which we did together with Binance Labs to incubate and support projects financially. We have had different incentive programs recently, like the DAU incentive program.
How do you solve the problems of scalability and privacy on the network?
So, for scalability, we have built opBNB; this way, we wanted to lower the gas cost as well as increase the TPS. We also launched an initiative called RAS.
As for privacy, we understand that if you are doing a transaction on the chain, all data will be displayed on the chain, and it can be checked on the scan. Some projects we invested in are using ZK technologies to make sure that the data of the users is shared in a private way, but the data value can also be utilised and or maybe be used by third parties. So, that is also a way that we are using or collaborating with third parties to make sure that if you really care about your privacy, there is an exact solution that you can choose and have the private functions on the BNB Chain.
BNB Chain recently launched a meme innovation campaign. Why do you think meme coins gained so much attention in the last couple of weeks?
I think a meme token is just one type of asset, and we just account for any kind of asset to be permissionless and issued on top of the BNB smart chain.
We encourage some really interesting mechanisms of playing on the asset side and also some new token standards that are doing meme coins. And we really encourage this concept of saying fair launch. That is definitely a good thing not only for us but also for our BNB Chain users. We do think that is something that we should pay much attention to, and maybe we can even have some campaigns to facilitate that kind of development in the BNB Chain ecosystem. The way we do it is in a transparent and fair way.
We also believe that those kinds of campaigns can really potentially give our users a wealth effect and, secondly, can really maybe encourage some real innovations regarding the token standard, etc.
Regarding the consensus mechanism of BNB Smart Chain, how are validators selected, and what criteria are used to evaluate their performance and reliability in maintaining network integrity?
In general, the requirement is that you at least self-stake a minimal amount of BNB. For now, it is 2k BNB that you need to self-stake, and then you can have third parties or other token holders in the community delegate BNB tokens to you to vote for you to be an active validator on the BNB Chain. The top 40 BNB tokens staked wallet addresses will be selected as the active validators of BNB Chains.
What about the recent developments or upcoming upgrades of the BNB smart chain?
We have been undergoing multiple technical upgrades recently, including the BNB beacon chain fusion upgrade. The first upgrade is due to take place on April 5th, and the final one will happen by June of this year to make the BNB Chain ecosystem more efficient.
Also, we will do an implementation of the PBX, which is the Pro-Pulse Builder Separation Mechanism, through a new standard called BEP-322 to improve the BNB Chain’s MEV market.
With the first BNB concept as well as the RAS initiative that we introduced, we want to have more AI, advanced DeFi, as well as decentralised social and gaming, even fully on-chain gaming, to build on top of our Layer 2 solutions or their Layer 2 that is building on BNB smart chain.
Do you think AI has a future in blockchain overall?
There is already a comprehensive AI landscape that is running on top of the BNB Chain. We do believe that AI narratives are one of the really important and interesting or promising segments of dApps or even infrastructure combined with blockchains. We think by utilising the blockchain, we can make AI easier to monetise, be more decentralised regarding the governance of AI, and be more accessible to every user instead of controlling the big AI company.
Is the widespread adoption of blockchain and crypto in mainland China possible?
We hope so, and we expect there’s going to be a more friendly regulatory framework regarding blockchain technologies in China.
Can you provide insights into the community dynamics within the BNB Chain ecosystem, including the role of community-driven initiatives, grassroots movements, and decentralised governance structures?
We are really a community-driven protocol, and our users are at the centre of everything we do. That is also why we are hosting a lot of online and offline events, and we keep communicating with those users, developers, and project founders. We will keep communicating and discussing with them their thoughts. If there are any suggestions regarding the technology side, the support side, or whatever, we will take that, digest that, and put that, maybe push that to make something happen or add actions.
Let’s discuss the future goal of serving over 1 billion users. What strategies are being implemented to address these challenges proactively?
We want to lower the user barriers by offering them more user-friendly wallet solutions, so they don’t need to pay gas or worry about gas fees on-chain when they do on-chain transactions from the product perspective. Also, as Layer 1 is featured as a more cost-efficient and high TPS Layer 1s, we are building our Layer 2 ecosystems.
We also use different support resources like grant incentive programs, technical support, hackathons, etc., to really find the products that can really bring the 1 billion users to the blockchain.
Today is the last day of the Hong Kong Web3 Festival. Can you share any insights on the work you’ve done during these couple of days?
We have talked with a lot of independent developers and projects that are doing AI gaming products, DeFi, digital and social, etc. So we really got a lot of interest from the community, who said that they wanted to bring something on BNB Chain, which is quite good.
We’re also talking to some traditional companies. We are really excited to see that they are also interested in how they can build something with blockchains or with BNB Chain. So that is a really good start, at least. We’re still figuring out how we can work together and how we can bring them to our ecosystem.
We also talked with some local incubators. They are really welcoming us to do more offline hackathons in Hong Kong to support local developers and local projects.
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About The Author
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
