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BNB Chain Announces Public Vote on BEP-341 to Enhance Blockchain Efficiency and Security - Chainwire

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18Jul

BNB Chain Announces Public Vote on BEP-341 to Enhance Blockchain Efficiency and Security

Taiwan, Taiwan, July 18th, 2024, Chainwire

BNB Chain, the community-driven blockchain ecosystem that includes the world’s largest smart contract blockchain, today announced their invitation for stakeholders and community members to participate in the voting process for BEP-341: Validators Can Produce Consecutive Blocks. 

Voting Period: Voting is open until July 23, 2024.

How to Vote: To participate in the voting process,  users should visit Snapshot Voting. Only those who have staked their BNB via one of the delegators are eligible to vote. If users have not participated in BNB staking yet, they should delegate their BNB to BNB validators to become eligible.

Overview of BEP-341

BEP-341 introduces two crucial parameters designed to address the evolving demands of the BSC ecosystem:

  1. Consecutive Blocks: This parameter allows BSC validators to produce blocks consecutively for a sequence of n slots, moving away from the current fixed rotation system. This change is expected to significantly increase Transactions Per Second (TPS).
  2. Mitigating MEV Abuse: The proposal includes modifications to the transaction fees’ distribution to the SystemRewardContract. This adjustment aims to make Maximal Extractable Value (MEV) abuse more costly, thereby ensuring fairer revenue distribution and timely transaction processing.

Governance and Community Participation

BEP-341 emphasizes governance and community participation. Any changes to the parameters concerning consecutive blocks and the Anti-MEV ratio will require community-driven governance approval. This approach ensures that BNB delegators have a direct say in these critical decisions.

For more detailed information on BEP-341, users can refer to the official blog post here.

All stakeholders and community members are encouraged to take part in this important vote, contributing to the continued development and enhancement of the BSC ecosystem.

About BNB Chain

BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:

  • BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain. 
  • opBNB: A scalability L2 that delivers the lowest gas fees of any L2 and rapid processing speeds.
  • BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.

Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program.

For more, users can follow BNB Chain on X or start exploring via BNB’s Dapp library.