Binance released its BNB mainnet roadmap for 2022. The roadmap includes major updates that are due for the blockchain. Remaining competitive in cryptocurrency markets is a must. Evolving to meet clients and investors’ needs is among the key elements in today’s markets.
The Binance smart chain (BSC) is known for its low gas fees, fast transactions and reliability. These are the key developments Binance has for BNB in 2022.
source: Binance
In collaboration with NodeReal, Binance will be looking to up the gas capacity to 200 million. In other words, the maximum amount of gas (tx fees) in a single block will have a cap of 200 million.
It may achieve less congestion on the network and faster confirmations. This will also allow more transactions in a single block, which may in turn limit higher fees due to a network congestion. Validators and node runners will enjoy a reduced disk footprint.
BEP-127 allows Binance smart chain (BSC) Mainnet
Mainnet
A mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full capacity. A testnet is used by programmers and developers to test and troubleshoot all aspects and features of a blockchain network before they are sure the system is secure and ready for the mainnet launch.How ICOs Help Sculpt the MainnetPrior to the mainnet of a blockchain is launched, project’s team will install an Initial Coin Offering (ICO), Initial Exchange Offering (IEO), or other strategies to help levy funds and grow community support. Traditionally, collected funds injected into the project in a bid to develop the prototypes of the blockchain network that are then tested during the testnet phase. Migration onto the mainnet from the testnet is an act that must be undertaken with great care. Errors in this process can result in a partial or complete loss of funds from the network.The eventual mainnet launch is a key milestone in a cryptocurrency’s lifecycle. The launch of the mainnet signifies the moment that a cryptocurrency network is ready to begin acting as a system of value transmission, and has the potential to grow its adoption.Some of the most significant mainnet launches that occurred in 2018 include the Tron network and the EOS network.
A mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full capacity. A testnet is used by programmers and developers to test and troubleshoot all aspects and features of a blockchain network before they are sure the system is secure and ready for the mainnet launch.How ICOs Help Sculpt the MainnetPrior to the mainnet of a blockchain is launched, project’s team will install an Initial Coin Offering (ICO), Initial Exchange Offering (IEO), or other strategies to help levy funds and grow community support. Traditionally, collected funds injected into the project in a bid to develop the prototypes of the blockchain network that are then tested during the testnet phase. Migration onto the mainnet from the testnet is an act that must be undertaken with great care. Errors in this process can result in a partial or complete loss of funds from the network.The eventual mainnet launch is a key milestone in a cryptocurrency’s lifecycle. The launch of the mainnet signifies the moment that a cryptocurrency network is ready to begin acting as a system of value transmission, and has the potential to grow its adoption.Some of the most significant mainnet launches that occurred in 2018 include the Tron network and the EOS network. Read this Term validators to run emergency maintenance without negatively affecting the performance of the network. Additionally, validators can avoid mainnet forks and enable temporary maintenance modes.
BEP-131 proposes to increase BSC Mainnet validators. The number of validators will increase from 21 to 41. In addition, it will modify the validator consensus module by providing a dynamic adjustment.
Competition will increase as smaller candidate validators have the ability to earn rewards. As a result, the network will be more decentralized, secure and stable.
BNB Beacon Chain and Speed
BNB Beacon chain will make the Binance decentralized exchange (DEX) available to developers. Moreover, developers will gain access to the DEX matching engine code and may freely build on the code.
Deciding to open-source the beacon chain may attract more attention.
BEP-126 will implement BLS-based multi-signature for the peer-to-peer (P2P) channel. The final transactions’ confirmation time will be reduced to 2 blocks, assuring a faster transaction time.
BNB Sidechain
New dApps can be developed in the BNB Sidechain (BAS). It has a full Ethereum
Ethereum
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC). Read this Term compatibility (EVM) and is based on Proof of Stake (PpS). In other words, developers will not require to learn a new language, which is time consuming.
A bridge between BAS and BSC Mainnet is part of the integration, allowing bridging for BEP-20 and BEP-121.
Transaction fees can be customized and a custom validator set. Binance assures that dApps on BAS should expect lower or zero transaction fees with no congestion. Projects that are based on Solana (SOL) that recently experienced a fairly significant outage may be among the first to consider migrating.
Binance claims that BAS is an optimal solution for projects with high network usage, such as GamFi and SocialFi. META Apes, Project Galaxy and Metaverse World will be the first decentralized applications to be deployed on BAS.
10,000 TPS and Storage
ZK-rollup-based applications operating on their own sidechain is an additional improvement. In the first phase, the rollup will be on BSC for BEP20 and NFTs that are on BAS.
In the second phase, specific applications will be the focus, dedicated to ZK Rollup via generic circuit generators. Devs will access native token bridges as well as circulation between BSC and zkBAS.
ZkBAS has the capacity to maintain 10,000 transactions per second (TPS). The development of zkBAS is a collaboration between the BNB team and Zecrey.
Although it is still being researched, a blockchain storage system may reduce operational expenses and hardware requirements for validators. Binance is striving to add decentralized storage for non-ledger data.
How Will Blockchain Technology Evolve?
Jan Gottschalk, the CEO of Blockchain & Real Estate Consulting in Hamburg expresses his views on the future of cryptocurrencies and how cryptocurrencies will be used by car manufacturers. “We expect the user of crypto assets to tenfold within the next 5 years.
“As there are no Google, Amazon or Facebook yet, well BTC and ETH might be settled but there is a long list of competitors behind them, we will see a couple of new blockchains rising Solana-like, with high profits.”
Gottschalk adds that pump and dump schemes are still present, so advisory is crucial.
Regarding institutional crypto investors and stablecoins, Gottschalk said, “The market itself has not reached institutional investors in Germany and most of the other European countries, because of regulatory barriers, volatility, missing knowledge and research capacities.”
“What we will see are more and more banking services to be found on blockchain. Car manufacturers will use blockchain for autonomous cars paying there parking tickets.
“New stablecoins by the ECB and other bigger banks in Europe on [a] Euro basis will be released and more and more funds investing into crypto under the supervision of the BaFin in Germany, the FMA in Liechtenstein and especially the CSSF in Luxemburg will be set up.
“This will lead to a more and more professionalized market, and perhaps lower volatility but high profits because of the steady cash-flow. IOT; WEB 4.0; Smart cities and the Metaverse will all be connected, and Blockchain will be the bridge between the parts.”
While smart cities may sound far-fetched, a South Korean project is already working a smart city, powered by blockchain technology. Based on the roadmap, the smart city in South Korea is expected to be completed in Q4 of 2023.
Regarding crypto fraud, which is the new ‘digital pandemic’, the Federal Trade Commission report stated that over $1 billion in cryptos were stolen from 46,000 individuals since the beginning of 2021. 70% used Bitcoin to pay the scammers, followed by UST and ETH. The 25-40 age group is 3 times more likely to be scammed.
Binance released its BNB mainnet roadmap for 2022. The roadmap includes major updates that are due for the blockchain. Remaining competitive in cryptocurrency markets is a must. Evolving to meet clients and investors’ needs is among the key elements in today’s markets.
The Binance smart chain (BSC) is known for its low gas fees, fast transactions and reliability. These are the key developments Binance has for BNB in 2022.
source: Binance
In collaboration with NodeReal, Binance will be looking to up the gas capacity to 200 million. In other words, the maximum amount of gas (tx fees) in a single block will have a cap of 200 million.
It may achieve less congestion on the network and faster confirmations. This will also allow more transactions in a single block, which may in turn limit higher fees due to a network congestion. Validators and node runners will enjoy a reduced disk footprint.
BEP-127 allows Binance smart chain (BSC) Mainnet
Mainnet
A mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full capacity. A testnet is used by programmers and developers to test and troubleshoot all aspects and features of a blockchain network before they are sure the system is secure and ready for the mainnet launch.How ICOs Help Sculpt the MainnetPrior to the mainnet of a blockchain is launched, project’s team will install an Initial Coin Offering (ICO), Initial Exchange Offering (IEO), or other strategies to help levy funds and grow community support. Traditionally, collected funds injected into the project in a bid to develop the prototypes of the blockchain network that are then tested during the testnet phase. Migration onto the mainnet from the testnet is an act that must be undertaken with great care. Errors in this process can result in a partial or complete loss of funds from the network.The eventual mainnet launch is a key milestone in a cryptocurrency’s lifecycle. The launch of the mainnet signifies the moment that a cryptocurrency network is ready to begin acting as a system of value transmission, and has the potential to grow its adoption.Some of the most significant mainnet launches that occurred in 2018 include the Tron network and the EOS network.
A mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full capacity. A testnet is used by programmers and developers to test and troubleshoot all aspects and features of a blockchain network before they are sure the system is secure and ready for the mainnet launch.How ICOs Help Sculpt the MainnetPrior to the mainnet of a blockchain is launched, project’s team will install an Initial Coin Offering (ICO), Initial Exchange Offering (IEO), or other strategies to help levy funds and grow community support. Traditionally, collected funds injected into the project in a bid to develop the prototypes of the blockchain network that are then tested during the testnet phase. Migration onto the mainnet from the testnet is an act that must be undertaken with great care. Errors in this process can result in a partial or complete loss of funds from the network.The eventual mainnet launch is a key milestone in a cryptocurrency’s lifecycle. The launch of the mainnet signifies the moment that a cryptocurrency network is ready to begin acting as a system of value transmission, and has the potential to grow its adoption.Some of the most significant mainnet launches that occurred in 2018 include the Tron network and the EOS network. Read this Term validators to run emergency maintenance without negatively affecting the performance of the network. Additionally, validators can avoid mainnet forks and enable temporary maintenance modes.
BEP-131 proposes to increase BSC Mainnet validators. The number of validators will increase from 21 to 41. In addition, it will modify the validator consensus module by providing a dynamic adjustment.
Competition will increase as smaller candidate validators have the ability to earn rewards. As a result, the network will be more decentralized, secure and stable.
BNB Beacon Chain and Speed
BNB Beacon chain will make the Binance decentralized exchange (DEX) available to developers. Moreover, developers will gain access to the DEX matching engine code and may freely build on the code.
Deciding to open-source the beacon chain may attract more attention.
BEP-126 will implement BLS-based multi-signature for the peer-to-peer (P2P) channel. The final transactions’ confirmation time will be reduced to 2 blocks, assuring a faster transaction time.
BNB Sidechain
New dApps can be developed in the BNB Sidechain (BAS). It has a full Ethereum
Ethereum
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC). Read this Term compatibility (EVM) and is based on Proof of Stake (PpS). In other words, developers will not require to learn a new language, which is time consuming.
A bridge between BAS and BSC Mainnet is part of the integration, allowing bridging for BEP-20 and BEP-121.
Transaction fees can be customized and a custom validator set. Binance assures that dApps on BAS should expect lower or zero transaction fees with no congestion. Projects that are based on Solana (SOL) that recently experienced a fairly significant outage may be among the first to consider migrating.
Binance claims that BAS is an optimal solution for projects with high network usage, such as GamFi and SocialFi. META Apes, Project Galaxy and Metaverse World will be the first decentralized applications to be deployed on BAS.
10,000 TPS and Storage
ZK-rollup-based applications operating on their own sidechain is an additional improvement. In the first phase, the rollup will be on BSC for BEP20 and NFTs that are on BAS.
In the second phase, specific applications will be the focus, dedicated to ZK Rollup via generic circuit generators. Devs will access native token bridges as well as circulation between BSC and zkBAS.
ZkBAS has the capacity to maintain 10,000 transactions per second (TPS). The development of zkBAS is a collaboration between the BNB team and Zecrey.
Although it is still being researched, a blockchain storage system may reduce operational expenses and hardware requirements for validators. Binance is striving to add decentralized storage for non-ledger data.
How Will Blockchain Technology Evolve?
Jan Gottschalk, the CEO of Blockchain & Real Estate Consulting in Hamburg expresses his views on the future of cryptocurrencies and how cryptocurrencies will be used by car manufacturers. “We expect the user of crypto assets to tenfold within the next 5 years.
“As there are no Google, Amazon or Facebook yet, well BTC and ETH might be settled but there is a long list of competitors behind them, we will see a couple of new blockchains rising Solana-like, with high profits.”
Gottschalk adds that pump and dump schemes are still present, so advisory is crucial.
Regarding institutional crypto investors and stablecoins, Gottschalk said, “The market itself has not reached institutional investors in Germany and most of the other European countries, because of regulatory barriers, volatility, missing knowledge and research capacities.”
“What we will see are more and more banking services to be found on blockchain. Car manufacturers will use blockchain for autonomous cars paying there parking tickets.
“New stablecoins by the ECB and other bigger banks in Europe on [a] Euro basis will be released and more and more funds investing into crypto under the supervision of the BaFin in Germany, the FMA in Liechtenstein and especially the CSSF in Luxemburg will be set up.
“This will lead to a more and more professionalized market, and perhaps lower volatility but high profits because of the steady cash-flow. IOT; WEB 4.0; Smart cities and the Metaverse will all be connected, and Blockchain will be the bridge between the parts.”
While smart cities may sound far-fetched, a South Korean project is already working a smart city, powered by blockchain technology. Based on the roadmap, the smart city in South Korea is expected to be completed in Q4 of 2023.
Regarding crypto fraud, which is the new ‘digital pandemic’, the Federal Trade Commission report stated that over $1 billion in cryptos were stolen from 46,000 individuals since the beginning of 2021. 70% used Bitcoin to pay the scammers, followed by UST and ETH. The 25-40 age group is 3 times more likely to be scammed.
