BNB Chain: Fueling the Web3 Revolution – Exclusive Interview
Blockchain technology has reshaped the digital landscape, bringing forth a wave of decentralization and innovative concepts like Web3, NFTs, and the Metaverse. Amid this transformative era, BNB Chain emerges as a trailblazing platform dedicated to spearheading cross-chain/multi-chain infrastructure and interoperability.
With a visionary mission to pave the way for the next one billion Web3 users, BNB Chain is making incredible strides in scaling Web3 Gaming, NFTs, and Metaverse dApps. In this exclusive interview with Walter Lee, Web3 Gaming Growth Lead at BNB Chain Innovation, we delve deep into their strategies, bridging the gap between decentralized technologies and traditional users, transaction fees, and exciting upcoming updates. Join us on this journey to discover how BNB Chain is revolutionizing the Web3 world.
Strategies to Achieve the Ambitious Goal of 1 Billion Users
BNB Chain’s pursuit of one billion Web3 users rests on a robust foundation of cross-chain/multi-chain infrastructure and interoperability. Empowering Web3 Gaming, NFTs, and Metaverse dApps to scale seamlessly is at the heart of their strategy.
To accommodate a massive user base, BNB Chain has prioritized performance and scalability enhancements. The inclusion of opBNB in their modular stack, alongside the BNB Greenfield storage network, has significantly optimized infrastructure. Embracing EVM-compatibility, BNB Chain efficiently handles increased transaction volume and user demand.
Performance improvements are evident through opBNB’s ability to achieve an impressive 4K TPS (transactions per second). Moreover, the estimated 90% reduction in gas fees to a mere $0.005 creates a responsive and low latency environment for users. The gaming industry’s explosive growth and the surging popularity of Web3 gaming on BNB Chain make it a key vertical to achieve the target of one billion users.
Bridging the Gap between Decentralized Technologies and Traditional Users
Recognizing that web3 technology represents market expansion rather than an instant revolution for existing industries, BNB Chain strives to bridge the gap between decentralized technologies and users accustomed to consistent, centralized relationships and identities.
In response, many dApps have moved away from the traditional approach of “forcing” users to connect to a blockchain wallet. Instead, BNB Chain encourages dApps to leverage social logins, generating wallets attached to users’ social identities. This approach empowers users to manage their owned assets independently, bridging the gap between the two worlds.
For developers, BNB Chain offers extensive infrastructure for genuine web3 development. BNB Greenfield, a decentralized storage platform integrated within the BNB Chain ecosystem, revolutionizes data ownership and management. By providing a developer-friendly API and comparable performance to popular Web2 cloud storage solutions, BNB Greenfield empowers developers to create innovative, secure, and scalable dApps.
Affordable Transaction Fees to Enhance User Experience
Transaction fees are a critical factor in user adoption and retention. BNB Chain has been diligent in maintaining some of the lowest transaction fees in the industry. Originally starting at approximately 5 gwei, BNB Chain’s validators have continuously reduced these fees to foster a competitive ecosystem and positive ecosystem growth.
As of April 2023, BNB Chain’s gas fees have further decreased to 3 gwei, translating to a few cents per transaction. Furthermore, the upcoming launch of opBNB on the mainnet in Q3 is expected to slash gas fees by around 90% to an astonishing $0.005. This significant reduction in transaction costs benefits both developers and users, providing a seamless and cost-effective experience.
Exciting Upcoming Updates and Features on BNB Chain
BNB Chain is dedicated to driving continuous innovation, and they have some exciting updates and features on the horizon that users can eagerly anticipate.
opBNB Testnet: Enhancing Scalability and Affordability
The opBNB Testnet is now live, and BNB Chain invites testnet validators and dApp builders to explore and provide valuable feedback. As a solution based on Optimism OP Stack and an Ethereum Virtual Machine (EVM) compatible layer 2 chain, opBNB addresses scalability challenges while preserving affordability and security on BSC.
The integration of BSC’s strong capabilities and opBNB’s new features allows opBNB to push the gas limit up to 100M, handling over 4000 transfer transactions per second. This ensures a seamless and efficient experience for users and developers alike, making opBNB a critical component of BNB Chain’s strategy.
BNB Greenfield: Empowering Decentralized Data Ownership
Another groundbreaking development, BNB Greenfield’s testnet is live, inviting testnet validators, storage providers, and dApp builders to shape the future of data ownership in Web3. As a decentralized storage platform with BNB tokens at its core, BNB Greenfield aims to revolutionize the data economy by facilitating decentralized data management and access.
With a focus on ease of storing and managing data, BNB Greenfield links data ownership with the context of BNB Smart Chain (BSC). The platform boasts fast data service, offering features comparable to Web2 cloud storage solutions, setting the stage for widespread adoption and data ownership empowerment.
Hackvolution: A Thriving Ecosystem of Innovation
BNB Chain‘s Hackvolution event beckons all developers, researchers, and scientists to join the online hackathon and redefine the next generation of dApps using opBNB and BNB Greenfield’s potential. This exciting event provides a platform for exploration, innovation, and impactful projects across various sectors like Infrastructure, DeFi, Gaming, and AI.
Supported by industry leaders like COMBO, CyberConnect, Hooked Protocol, Alibaba Cloud, Google Cloud, and Ultiverse, Hackvolution offers generous rewards, including cash prizes, marketing packages, participation in BNB Chain’s Gas Grant program, and discounted access to essential tools and services.
This hackathon not only rewards developers but also provides an opportunity to gain recognition, network with industry experts, and propel projects to new heights.
Staying Competitive in a Rapidly Evolving Blockchain Space
The blockchain industry’s dynamic nature necessitates continuous innovation and agility. BNB Chain has firmly established itself as a leading infrastructure technology provider, thanks to initiatives like zkBNB, opBNB, and BNB Greenfield.
With over 3 million social community members and more than 1500 dApps, BNB Chain boasts an extensive and fast-growing community that forms a robust advantage in the market. By focusing on collaborative development with their community and continuous support for developers, BNB Chain ensures a dominant presence in the ever-evolving web3 industry.
BNB Chain’s Unwavering Support for dApp Development
At the core of BNB Chain’s success lies their unwavering support for dApp development. Recognizing that developers are instrumental in their growth, BNB Chain goes above and beyond to provide various forms of support:
- Marketing Collaborations and Support: BNB Chain actively promotes and disseminates information about its Web3 dApps to the community, bolstering exposure and usage.
- Grants for Projects: BNB Chain offers Builders