BEP 336: Enhancing BNB Smart Chain with Blob Transactions
BNB Chain introduces BEP 336, a major update aimed at optimizing data storage and reducing transaction costs by up to 90% with Blob-Carrying Transactions.
BNB Chain is set to undergo a transformative upgrade with the introduction of BEP 336, inspired by Ethereum's EIP 4844. This upgrade aims to optimize data storage and processing on the blockchain, significantly reducing transaction costs by up to 90% and enhancing network performance, according to the BNB Chain Blog.
What is BEP 336?
BEP 336 will be officially introduced by the Haber hard fork, set to take place on June 20, 2024. BEP 336 introduces "Blob-Carrying Transactions" (BlobTx), a concept designed to streamline the network's transaction verification process.
A blob is a temporary and cost-effective memory segment capable of capturing large data chunks, each up to 128 KB. Instead of verifying each transaction within a block individually, the network only needs to verify the data within the attached blob.
Key Components of BEP 336
- Blob Market: This feature establishes a fee market for blobs, regulating storage and transmission costs according to network demand.
- Precompile Contract: This contract verifies that the data in a blob matches the reference included in the blob-carrying transaction, adding an extra layer of security.
- Blob Propagation and Gas Price Mechanism: BEP 336 is tailored to fit BSC's unique architecture. Unlike Ethereum, blobs on BSC are managed solely by the BSC client. BSC also implements a dynamic gas pricing mechanism for blobs. Additionally, unlike Ethereum's fee burn mechanism, BSC does not burn the base fee associated with blobs, reflecting its distinct economic strategy.
BEP 336 and BNB Greenfield
The BEP 336 update will also leave a major impact on BNB Greenfield.
Greenfield enhances decentralized storage and data management with "BlobHub," a data archive layer that optimizes large-scale data storage for Layer 2 blockchains and decentralized applications (Dapps).
BlobHub ensures data integrity, accessibility, and longevity—key factors in a data-intensive blockchain environment.
How BlobHub Operates
The BlobHub system comprises the blob-syncer, API server, and bundle service. The blob-syncer fetches and stores blobs from Ethereum and other blockchains into Greenfield, integrating diverse data sources within BSC. The API server handles historical blob queries from users, while the bundle service aggregates, validates, and uploads blobs to Greenfield efficiently. A post-verification step ensures all uploaded blobs maintain consistency and integrity, preventing data discrepancies and duplicate uploads.
The Benefits of BEP 336
The deployment of BEP 336 is anticipated to have far-reaching implications for both developers and users within the BSC ecosystem.
Reduced Gas Fees
BEP 336 significantly lowers the cost of transactions on the BSC network by eliminating the need for permanent storage of certain data types. With the introduction of blobs, gas fees could be reduced by up to 90%, making transactions much more affordable for users.
Efficient Data Management
The temporary storage mechanism ensures that the blockchain remains lean and bloat-free, improving overall network performance. This efficient data handling strategy helps maintain the integrity and availability of data without indefinitely consuming network space.
Enhanced User Experience
With lower costs and improved efficiency, BEP 336 makes the BSC ecosystem more accessible to a broader audience, from seasoned developers to blockchain novices. This upgrade also promises to benefit opBNB and other Layer 2 (L2) solutions on BSC.
Conclusion
With BEP 336, BNB Smart Chain is poised to deliver unprecedented cost savings and efficiency by addressing the dual challenges of data management and transaction costs. As the rollout of BEP 336 nears, the potential for innovation and growth within the ecosystem has never been greater. Stay tuned for more updates as the mainnet hard fork approaches.
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