10 months ago
39
Expanding the BNB ecosystem
BNB Chain, which operates in the ecosystem of major crypto asset (virtual currency) exchange Binance, announced on the 19th that it will launch a testnet for its new scaling solution “opBNB” on the same day.
As blockchain technology continues to evolve, scalability remains a critical challenge.
But fear not! Enter opBNB, a game-changing Layer 2 scaling solution designed to overcome the limitations of Layer 1 (L1) networks.
Let’s discuss opBNB below 
https://t.co/irYn1OPtfQ
—BNB Chain (@BNBCHAIN) June 19, 2023
opBNB is compatible with the Ethereum (ETH) virtual machine and operates as L2 of the BNB Smart Chain (BSC). The BNB Chain team points out that scalability issues remain despite the advancement of blockchain technology, and they are developing opBNB to solve this issue. According to The Block, which spoke to BNB chain executive Arnaud Bauer, the plan is to launch the mainnet in the third quarter (July to September) of this year.
What is L2
Abbreviation for “Layer 2”, which is the “second layer” of the network. Processing all transactions on the main chain would increase the load, leading to slower processing speeds and higher network fees. By performing part of the transaction in L2, we can expect to reduce the load on the main chain and improve the processing speed.
Cryptocurrency Glossary
connection: What is Blockchain Layer 2?
Ethereum’s L2 “Optimism” technology is used for development. According to the announcement, opBNB can process over 4,000 transactions per second, with average transaction costs below $0.005. According to Bauer, the current BSC handles about 2,000 transactions per second. The average transaction cost is about $0.109.
connection: Optimism after large-scale upgrade “Bedrock”, gas cost reduced by 56%
opBNB is expected to be used in various applications such as games and social networks. EVM compatibility allows developers familiar with Ethereum tools and technologies to easily port their apps.
connection: Benefits of Playing Blockchain Games and the Future of Autonomous Decentralization | Abandoned Cats
Reason for newly developing L2
BNB Chain is a blockchain originally developed by Binance. A Binance blog dated October 21, 2022 states that after Binance’s development, the BNB chain has become a community-driven decentralized ecosystem. Binance explained that it is just one of many contributors to the BNB chain ecosystem.
The BNB chain continues to be developed even after leaving Binance’s control. For example, in August of last year it announced the L2 solution “zkBNB”, and in February of this year it released a white paper on its distributed storage system “BNB Greenfield”.
connection: BNB Chain announces new scaling technology “zkBNB”
connection: BNB Chain announces decentralized storage “BNB Greenfield”
Regarding the reason for developing a new L2 network called “opBNB” this time, Mr. Bauer explained that zkBNB is not compatible with EVM. L2 that utilizes zero-knowledge proofs like zkBNB is said to be difficult to make compatible with Ethereum. BNB Chain aims to further develop the ecosystem by introducing opBNB compatible with Ethereum.
Bauer did not comment on the fact that the BNB token is classified as a security by the US Securities and Exchange Commission (SEC), only saying that development will continue.
connection: US SEC sues Binance and Mr. CZ Claiming many virtual currency stocks as securities
The post BNB Chain Launches EVM-Compatible L2 ‘opBNB’ Testnet appeared first on Our Bitcoin News.
English (US) ·