To address the criticism of centralization over its Binance Smart Chain (BSC), Binance in February announced the merge of BSC and BNB Beacon Chain (previously known as Binance Chain) to form the Build N’ Build (BNB) Chain – which was branded as more decentralized and with higher scaling capabilities.
BNB Chain put out its technical roadmap on Tuesday regarding its developments in cross-chain interoperability, decentralization, governance and mechanism, and more.
Decentralization and Open Source Applications
According to the official Twitter thread, the number of monthly users on the BNB Chain has reached 2 million, twice as much as Ethereum has for now. The post highlights that the upcoming developments will focus on making the layer-one blockchain more decentralized, bringing open-source applications into its Beacon Chain, and nearly doubling up its number of validators via the BEP-131 proposal.
Can’t attend the #BNBChain Revelation Summit live stream? Don’t despair! 😉
In this thread, we’ll provide you with live coverage of the event so you can catch up with the most important news🥳
— BNB Chain 🔶 (@BNBCHAIN) May 31, 2022
In this way, the team believes it will offer a higher degree of transparency and security to the users.
Known for letting users easily build their own platforms through BNB Application Sidechain (BAS), BNB Chain will push the ZkRollups on BAS to finally transition to the zkBAS system. It notes that the change could enhance the balance between security and performance and increase the transaction throughput.
BAS and zkBAS-specific solutions for building an “app-dedicated infrastructure” will address computing power and data storage concerns.
Binance CEO Changpeng Zhao said the upgraded features will position BNB Chain as the future of blockchain as it becomes a highly decentralized product controlled by its community:
“Blockchain can do many things. The first applications focus on DeFi, but I think BNB Chain is much bigger than Binnance.com. The community decides its future. I think in the future people will interact with blockchain without even knowing, whether it’s money, banking, etc.”
BNB Chain Remains Dominant
According to blockchain data analytics platform Nansen’s Q1 report on leading blockchain networks, in spite of a massive decline in its on-chain activity in early 2022, BNB Chain has continued to maintain its position as the industry leader and the most active blockchain network among layer-one blockchains.
The report also noted that the network’s rebrand from Binance Smart Chain (BSC) to BNB network indicates an intent to expand beyond its crypto exchange, Binance.