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Binance Smart Chain issues update plans for 2022

The Binance Smart Chain community has developed dramatically since it emerged in September 2020. The platform has become the go-to spot for millions of crypto enthusiasts who utilize its services in their daily lives. 

Binance has achieved a lot since its launch. In just 16 months, the platform handled over 2.34 billion transactions from 130 million user addresses. Despite the steady progress the network has made, some dates stand out in the community. This includes November 25, 2021, when BSC set a new daily txs record of 16.26 million transactions. October 12 is another special date in the BCS world, marking the date when it launched the $1 billion Growth Fund.

BSC faced a number of hurdles as it evolved, including network congestion and node operators having trouble keeping their complete node in sync with the current block. As a result, in 2022, BSC devs and drivers have offered their vision for their future growth of the BNB blockchain ecosystem and showcase BNB spirit’s durability and perseverance for the builders and users. The project runs with a goal of onboarding 1 billion people.

BSC announces plans for an annual upgrade

The crypto industry is a difficult and constantly changing world. Several project owners agree that it is difficult to plan in the space since no one can accurately anticipate or predict the next challenge or what fad will sweep the globe. 

To cope with this unpredictability and stay on top of trends, the BSC developers and validators communities will begin an annual cycle of providing additional features to enhance the underlying protocols gradually. The platform will heavily consider areas like network scalability and decentralization. In addition, BSC will incorporate crucial and most requested community features. As with any conventional software or hardware lifecycle, such as significant annual iPhone updates, the BSC community will benefit annually from a dramatically enhanced version and environment.

Due to the importance of scalability to crypto projects, Binance Smart Chain identified the feature as its topmost priority in 2022

The present version of BSC 2021 has room for development. Since BSC is the first blockchain project to implement a large block size, BSC identified the need to implement more complex logic to accommodate it and allow future development. In addition, validators now require a lot of space and effort to sync the BSC blockchain completely. To provide a smooth BSC experience, the validator and node operator requirements must be scaled down.

Addition of cross-chain and multi-chain transactions.

The main takeaway from BSC 2021 is that “one chain” cannot cover all possible perspectives. BSC had more than 2 million daily active users at its peak, with a single GameFi topping 1 million DAU. This posed substantial difficulties for the network and its associated infrastructure, such as RPC/API nodes. Therefore, multi-chains and cross-chain should be the solution for dApps with large user bases.

The blockchain will follow the same idea of diversity between generality and specialization as the decentralized computing infrastructure. BSC wants its users to think of blockchain as a finite and precious computational resource. BSC does not intend for games and social media apps to contend for computational power with financial ledgers and business transactions, much less to operate within the same infrastructure with similar costs and processing rates.

More community-driven efforts

BSC is a testament to what a successful community collaboration looks like as it empowers the BSC community and grows a crypto-native talent pool. BSC noted that it intends to run on the demands of its community and make them dictate the project’s direction. BSC said it would remain focused on research and development of community-requested use cases.

In the coming weeks and months, BSC revealed that it would be conducting a number of in-person and virtual events, hackathons, and seminars. The first BSC 2022 Hackathon is slated for February 2022.

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