Blockchain
BEP 336: Enhancing the BNB smart chain with BLOB transactions
BNB Chain is set to undergo a transformative upgrade with the introduction of BEP 336, inspired by Ethereum’s EIP 4844. This update aims to optimize data storage and processing on the blockchain, significantly reducing transaction costs by up to 90% and improving network performance, according to Blog of the BNB chain.
What is BEP 336?
BEP 336 will be officially introduced by the Haber hard fork, scheduled for June 20, 2024. BEP 336 introduces “Blob-Carrying Transactions” (BlobTx), a concept designed to simplify the process of verifying network transactions.
A BLOB is a temporary, inexpensive segment of memory that can capture large blocks of data, each up to 128 KB. Instead of individually verifying each transaction within a block, the network only needs to verify the data within the attached blob.
Key components of BEP 336
- Blob Market: This feature establishes a pricing market for blobs, adjusting storage and transmission costs based on network demand.
- Pre-compiled contract: This contract verifies that the data in a blob matches the reference included in the transaction carrying the blob, adding an extra layer of security.
- Blob propagation and gas price mechanism: BEP 336 is customized to fit BSC’s unique architecture. Unlike Ethereum, blobs on BSC are managed exclusively by the BSC client. BSC also implements a dynamic gas pricing mechanism for blobs. Additionally, unlike Ethereum’s fee burning 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 have a major impact on BNB Greenfield.
Greenfield improves decentralized storage and data management with “BlobHub,” a data store layer that optimizes large-scale data storage for layer 2 blockchains and decentralized applications (Dapps).
BlobHub ensures data integrity, accessibility, and longevity, which are key factors in a data-intensive blockchain environment.
How BlobHub works
The BlobHub system includes the blob synchronizer, API server, and bundle service. The Blob Synchronizer retrieves and stores blobs from Ethereum and other blockchains in Greenfield, integrating multiple data sources within BSC. The API server handles users’ historical blob queries, while the bundle service efficiently aggregates, validates, and loads blobs into Greenfield. A post-verification step ensures that all uploaded blobs maintain consistency and integrity, avoiding data discrepancies and duplicate uploads.
The advantages of BEP 336
The implementation of BEP 336 is expected to have far-reaching implications for both developers and users within the BSC ecosystem.
Reduced gas rates
BEP 336 significantly reduces the cost of transactions on the BSC network by eliminating the need for permanent storage of certain types of data. With the introduction of blobs, gas rates could be reduced by up to 90%, making transactions much more convenient for users.
Efficient data management
The temporary storage mechanism ensures that the blockchain remains lean and clutter-free, improving the overall performance of the network. This efficient data management strategy helps maintain data integrity and availability without consuming network space indefinitely.
Improved user experience
With lower costs and greater efficiency, BEP 336 makes the BSC ecosystem more accessible to a wider audience, from experienced developers to blockchain beginners. This update also promises to bring benefits to 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 launch of BEP 336 approaches, the potential for innovation and growth within the ecosystem has never been greater. Stay tuned for more updates as the mainnet hard fork approaches.
Image source: Shutterstock