Blockchain technology has great potential for revolutionizing the financial sector, but the scalability issue has prevented it from becoming a mainstream payment method. In order to unlock blockchain’s full potential and make it easier to use, Layer 2 (L2) scaling solutions have been developed to provide users with faster, cheaper, and more secure transactions. Binance Smart Chain (BSC) is one such network that seeks to become an industry leader with its innovative approach to L2 solutions.
The BSC network recently announced a new proposal to lower transaction fees, allowing users to choose fees below the current 5 gwei rate, with options to go as low as 3 or 4 gwei, depending on their financial needs. The aim is to make transactions faster, cheaper, and more secure. In addition to providing users with more attractive fees, this proposition is also expected to help sustain the BNB economy and optimize block utilization.
The network is targeting a throughput increase from 140 million gas limit and 2,200 transactions per second (TPS) to 300 million gas limit and 5,000 TPS. They plan to achieve this by introducing a communication layer to provide real-time tech support for developers and users, upgrading Web3 applications, and by increasing the number of validator quorums from 29 to 100. The blockchain also intends to launch their new Layer 2 infrastructure, zkBNB, and BNB Greenfield, the blockchain-based Web3 infrastructure.
This past year, BSC has made strides in increased user activity, with daily transactions going up by nearly 60%, however, its success has not been without major disruptions. BSC suffered a temporary halt in operations following a $600 million hack in October and several decentralized finance protocols within its network have witnessed hacks throughout the year.
The progress that BSC has made this far towards providing a more secure and efficient blockchain network is remarkable. By making transactions faster and cheaper via their L2 scaling solutions, they are creating an ecosystem that can compete with rival blockchain networks. As the network continues to grow, increasing its validator quorum and launching its Layer 2 infrastructure, BSC promises to be an intriguing development in the blockchain industry moving forward.