The BNB Chain is a public blockchain network launched on the market at the end of 2020. They have recently announced the launch of a test network called opBNB based on the technology of the new Optimism update. This will act as a layer 2 solution to allow scaling and incorporation of new features to the BNB Chain. Let's see what opBNB is and what news it brings us.
What is the BNB Chain
La BNB Faucet Chain (previously known as Binance Smart Chain or BSC) could be defined as a public Blockchain network compatible with Smart contracts, making it possible to quickly carry out transactions on decentralized applications on a permissionless platform. BNB Chain was launched on the market at the end of 2020 with the aim of becoming a cheaper alternative for managing decentralized finances. BNB Chain, although independent from its parent company Binance Chain, works in parallel allowing both chains to be compatible. In this way, it makes the transfer of digital assets between blockchains possible.
Market share of the main cryptocurrency blockchains. Source: Defillama.
What is opBNB
The opBNB network is the scaling solution for 2 layer for the BNB Chain smart chain powered by the bedrock version of Optimism opStack. It works by offloading transaction processing and resource usage from the BNB smart chain, while still sending data to the underlying mainnet.
- Users interact with the opBNB network by depositing funds from BSC and using applications and contracts on opBNB.
- The sequencers aggregate the transactions, compute the state transitions, and send them to the rollup contract in BSC.
- Provers generate cryptographic proofs that prove the validity of these state transitions, and Verifiers check the proofs to verify that the state of opBNB is correct.
At its core, opBNB allows users to deposit and withdraw funds, use smart contracts, and view network data with high performance and low fees. By leveraging Layer 2, opBNB is able to scale beyond the limitations of the BNB smart chain and provide an enhanced experience to users.
What news does opBNB bring us?
The opBNB is currently in the testing phase, that is, it is a test network. Even so, when carrying out the tests to measure its operation, this series of improvements could be seen:
High performance
opBNB is designed to achieve an impressive capacity of 100 million gas per second. This significant increase over existing Layer 1 solutions facilitates fast and efficient transaction processing, a crucial requirement for large-scale Web3 applications.
Scalability
Leveraging the opStack framework, opBNB offers scalability far beyond the limitations of Layer 1 chains. It is designed for over 4.000 transactions per second (TPS), a significant improvement over the capabilities of Layer 1 chains, allowing accommodate high volume applications.
cost efficiency
One of the main selling points of opBNB is the reduction of transaction costs. It is designed to keep gas rates below $0,005 on average for transfer transactions, a significant reduction from standard Layer 1 gas rates, making it affordable for a broader user base.
Compatibility
opBNB aligns its parameters with the BNB smart chain. For example, the block time has been set to match the BNB chain block time of 1 second, allowing for faster transaction processing compared to other Layer 2 solutions such as Optimism on Ethereum with a 2 second block.
Security
opBNB employs sequencers, testers, and verifiers to ensure state transitions and secure transactions. Your rollup is secured by your settlement chain, benefiting from the consensus solutions and data availability of the BNB smart chain, ensuring robust security.
Flexibility
The opStack foundation provides a modular and replaceable execution design, making opBNB not only dependent on a single client implementation, but capable of interacting with the blockchain network in various ways, improving the decentralization and flexibility of the platform.
Interoperability: OpBNB's foundation on opStack means it can interoperate with other Layer 2 platforms such as Optimism that support EVM and Solidity, thus fostering an open and collaborative ecosystem, driving network effects, security and innovation.
data availability
opBNB addresses data accessibility by separating the data availability (DA) layer from the execution layer, allowing you to select multiple DA options and seamlessly switch between different DA schemes based on security and performance needs.