The post Governance-Enabled Block Production to Boost Transaction Capacity appeared on BitcoinEthereumNews.com.

[PRESS RELEASE – Dubai, UAE, June 26th, 2024] BNB Chain, the community-driven blockchain ecosystem that includes the world’s largest smart contract blockchain, has announced the proposal of BEP-341: Governance-Enabled Consecutive Block Production. This proposed enhancement aims to significantly improve the transaction processing capacity of BNB Smart Chain (BSC) by enabling validators to produce consecutive blocks. The BEP-341 proposal has been published on the BNB Chain forum for community discussion and input. BEP-341 is designed to empower validators with the ability to produce consecutive blocks, optimizing transaction throughput and block production efficiency on BNB Smart Chain. While this enhancement can potentially increase the blockchain’s capacity, it introduces risks such as Miner Extractable Value (MEV) abuse. To address these risks, BEP-341 introduces adjustable governance parameters aimed at balancing performance improvements with critical security measures. Key features include: Adjusting the number of consecutive blocks (n) each validator can produce in an epoch. Initially set at 1, this value can range from 1 to 9 (excluding 2). Changes to this setting require governance approval. Implementing a parameter that makes MEV abuse more costly. To prevent MEV extraction during consecutive block production, BEP 341 increases the transaction fees’ split to the SystemRewardContract linearly with the block number, capped by the systemRewardAntiMEVRatio. The initial setting for systemRewardAntiMEVRatio is 0, with adjustments also requiring governance approval from the community. As part of its commitment to security, BNB Chain recognizes the importance of adaptable and community-driven governance in maintaining the balance between efficiency and decentralization. The introduction of BEP-341 provides a significant opportunity to reboot BNB Chain’s governance features. This proposal affects both validator node operators and traders, with an emphasis on community participation in the decision-making process. Active participation is crucial for the success of BEP-341 and for demonstrating the effectiveness of BNB Chain’s governance mechanisms. Validators,…

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Filed under: News - @ June 26, 2024 1:26 pm