BNB Chain: Driving the Next Billion User Revolution in Web3, NFTs, and the Metaverse – An Exclusive Interview
Luisa Crawford Jul 20, 2023 14:02
Discover BNB Chain's strategy for onboarding 1 billion Web3 users, bridging the decentralized tech gap, managing transaction costs, and future platform developments in our exclusive interview.
Blockchain technology has been a game-changer, fueling the rise of decentralized applications and introducing novel concepts like Web3, NFTs, and the Metaverse. Leading this significant transition is BNB Chain, a platform dedicated to creating cross-chain/multi-chain infrastructure and interoperability. They aim to lay the groundwork for the next 1 billion Web3 users, making it effortless for Web3 Gaming, NFTs, and Metaverse dApps to scale.
In our exclusive interview today with Walter Lee, Web3 Gaming Growth Lead in BNB Chain Innovation, we delve deeper into the strategies BNB Chain is employing to reach this ambitious target, their plans to bridge the gap between decentralized technologies and traditional users, their approach to keeping transaction fees affordable, and a sneak peek into some upcoming updates and features. We also touch upon BNB Chain's competitiveness in the rapidly evolving blockchain space and their unyielding support for the development of decentralized applications (dApps). Keep reading to discover their innovative strategies, upcoming developments, and insights on the future of Web3.
BNB Chain aims to reach 1 billion users. What strategies are in place to achieve this ambitious goal?
BNB Chain provides cross-chain/multi-chain infrastructure and interoperability to lay the foundation for the next 1 billion Web3 users making it super easy for Web3 Gaming, NFTs and Metaverse dApps to scale.
To accommodate a large number of users, BNB Chain will improve performance and scalability. In addition to its storage network BNB Greenfield, it has optimized its infrastructure by implementing layer 2 solutions including opBNB into BNB Chain’s modular stack. Its EVM-compatibility means that it will be a value-add to the network and handle increased transaction volume and user demand
Performance improvements including its Layer 2 solutions such as opBNB is able to hit around 4K TPS. Also, it has an estimated 90% reduction in gas fees at $0.005. This creates a responsive and low latency environment for users.The gaming industry is huge and growing at a rapid pace, there are an estimated 3 billion gamers out there and there has been a lot of growth for web3 gaming on BNB Chain in recent times. Hence, we believe that Gaming will be one of the key verticals for BNB Chain to achieve 1 billion users!
How does BNB Chain plan to bridge the gap between decentralized technologies and users who still rely on consistent, centralized relationships and identities?
Web3 technology is not exactly a revolution for existing industries, it is in fact a market expansion. BNB Chain understands that existing users cannot be disrupted instantly. There has been observable maturity in the development growth in the web3 space to bridge this gap, starting from the user journey. For most dApps, there has been a move away from “forcing” users to connect to a blockchain wallet. Instead, dApps could leverage social logins to generate wallets attached to the social identity and assets would be automatically dropped into the linked wallet. Users would then be empowered to make their own decisions in terms of managing the owned assets.
For developers, BNB Chain’s goal is to provide the best and most extensive infrastructure for true web3 developments. For example, BNB Greenfield, which is a decentralized storage platform designed to revolutionize the data economy by utilizing the power of decentralized technology for data ownership and management. Built within the BNB Chain ecosystem, this platform introduces a decentralized approach to data management that seamlessly integrates with BNB Smart Chain (BSC).
Features include:
- Native integration of data permissions and management logic onto BSC as exchangeable assets and programmable smart contract programs.
- Providing of developer-friendly API and performance equivalent to popular Web2 cloud storage solutions;
- Comprehensive incentivization of all participants of the network to ensure high-quality service and a sustainable ecosystem
Compared to other decentralized storage services like IPFS, Filecoin, Arweave, and Web3.storage, Greenfield offers several advantages. It is designed to be highly scalable, cloud-native, and compatible with both Web2 and Web3 standards. It provides strong performance and reliability regardless of the amount of data being stored. The integration with BSC and the EVM environment allows for fully programmable capabilities and a wide range of use cases.
Overall, the web3 industry is still very young so there will be continued innovations that will aid users and developers in adding benefits and features to various industries such as in Finance and Gaming.
Can you tell us about BNB Chain’s transaction fees, and what measures are in place to keep them affordable for users?
BNB Chain’s transaction fees have been one of the lowest in the industry, starting off at around 5 gwei. In recent times, BNB Chain’s validators have opted towards reducing that further in order to encourage competitiveness, which will result in positive ecosystem growth. As of April 2023, BNB Chain’s gas fees have further reduced to 3 gwei, and that is around a few cents per transaction.
On top of that, BNB Chain has recently launched the testnet for opBNB, which will further reduce the gas fees by around 90% to $0.005! This should be very exciting for both developers and users, opBNB is expected to launch into the mainnet in Q3 this year.
Can you discuss any upcoming updates or features that users can look forward to on BNB Chain?
opBNB – The opBNB Testnet is live and we are calling on testnet Validators and dApp Builders to try the Testnet and provide feedback.
opBNB represents our commitment to ensuring a seamless and efficient experience for users, developers, and projects on BSC. This development is part of our ongoing mission to bring the power of blockchain to everyone while embracing and driving forward innovation.
opBNB is BSC's answer to the scalability challenge that has limited the mass adoption of blockchain technology. As an Ethereum Virtual Machine (EVM) compatible layer 2 chain, opBNB solution is based on Optimism OP Stack to further enhance BSC scalability while preserving affordability and security.
Optimistic Rollups was proposed to reduce the computational load on the main chain by executing transactions off-chain and only posting transaction data on-chain as calldata. This approach drastically improves scalability by bundling multiple transactions together before submitting them to the main chain.
The mix of BSC's strong ability and opBNB's dedicated new features, which includes making data access easier, improving the cache system, and adjusting the submission process algorithm to allow simultaneous operations (also known as batcher), allows OpBNB to push the gas limit up to a whopping 100M. This is a big jump from Optimism's 30M (source: link). Thanks to these new features, OpBNB can handle over 4000 transfer transactions each second and keep the average cost of a transaction below 0.005 USD. By harnessing the power of Optimistic Rollups, opBNB moves computation and state storage off-chain, alleviating congestion and driving down transaction costs.
BNB Greenfield – The BNB Greenfield testnet is live and the community is calling on testnet Validators, Storage providers (SPs), and dApp Builders to join the decentralized storage tech stack to shape the future of data ownership in Web3.
BNB Greenfield is an innovative blockchain and storage platform that seeks to unleash the power of decentralized technology on data ownership and the data economy. It is a decentralized, open-source storage chain with BNB as its token.
With a focus on facilitating decentralized data management and access, Greenfield aims to revolutionize the data economy by easing the storing and management of data and linking data ownership with the DeFi context of BNB Smart Chain (BSC).
- Greenfield, a decentralized storage chain using BNB tokens is now Live, marking asignificant milestone as it implements core features outlined in the whitepaper. Developers can explore various features like account creation, data storage, access control, cross-chain communication, storage provision, node validation, and staking.
- Greenfield aims to offer the fastest data service among decentralized storage solutions with cost-effective features, comparable to Web 2 cloud storage. This sets the stage for widespread adoption.
- A native relayer links BSC and Greenfield, enabling BSC Dapps to integrate with Greenfield using a simple SDK and minimal development. Upon Greenfield mainnet launch, thousands of Dapp data sets will be available, fostering rapid ecosystem growth and easing data-related innovation compared to other chains.
- Users will have control over their data, meaning they can decide who can access it and set the access fees. This broadens ownership from assets to data.
- The BNB token's use will extend to large-scale data storage and trading, which will enhance its value over time
What sets Greenfield apart from existing centralized and decentralized storage systems are its three key components:
- Data Ownership: Users own the data and can grant permissions either manually or programmatically.
- EVM Compatibility by Integration with BSC : It allows Ethereum-compatible addresses to create and manage both data.It natively links data permissions and management logic onto BSC as exchangeable assets and smart contract programs with all other assets.
- High Performance Rich API/SDK: It provides developers with similar API primitives and performance as popular existing Web2 cloud storage. The performance is comparable to commercial cloud as well.
Hackvolution – BNB Chain are inviting all developers, researchers and scientists to participate in the online Hackvolution event that seeks to redefine and empower the next-generation of dApps with the potential of opBNB and BNB Greenfield.
Whether you are interested in Infrastructure, DeFi, Gaming, or AI, this hackathon provides the platform to explore, innovate, and make a lasting impact. This is your chance to demonstrate your creativity, technical skills, and entrepreneurial spirit as you work alongside a vibrant community of like-minded individuals.
The hackathon is supported by industry leaders such as COMBO, CyberConnect, Hooked Protocol, Alibaba Cloud, Google Cloud and Ultiverse. Generous rewards, including cash prizes, marketing packages, participation in the BNB Chain’s Gas Grant program, and discounted access to essential tools and services, are up for grabs.
It’s an exciting chance for dvelopers to gain recognition, network with industry experts, and propel their project to new heights.
How does BNB Chain plan to stay competitive as the blockchain space continues to evolve and new players enter the market?
BNB Chain is one of the most up to date and extensive infrastructure technology. A good example would be the launches of zkBNB and opBNB, as well as the fully decentralized storage layer, Greenfield. With an extensive infrastructure, developers and users get to build and experience Web3 in the best ways possible, building the strongest advantage of BNB Chain our large and fast growing community.
BNB Chain has more than 3 million in our social communities, and over 1500 dApps. This vibrant range of products and community size are the key contributions for over 1 million daily active on-chain users in this current market.
As “BNB” actually means “Build N Build”, we believe by continuously building with developers and community through support provision and engagements respectively, BNB Chain will continue to be a dominant ecosystem in the web3 industry.
How does BNB Chain support the development of decentralized applications (dApps)?
BNB Chain recognizes the importance of the community and hence, we have been constantly engaging developers and users. We understand that developers are our pillars for growth, and there are many challenges in developing Web3 products, so BNB Chain has been providing various supports including but not limited to:
- Marketing collaborations and support - BNB Chain plays an active role in bringing useful information and knowledge of its Web3 dApps to the community
- Grants - For projects that are in need of funding, BNB Chain offers the Builders’ & Gas Grants. The Builders’ grant aims to encourage projects to bring value and growth to the ecosystem, while the gas grant helps projects to run growth campaigns by offering grants based on gas fees incurred by the on-chain transactions
- Developer Programs - the industry is ever-changing and the BNB chain is agile in its program creation and implementation to help developers in the space. One of the most popular programs would be the Kickstart program, where providers of various essential web3 services such as on-chain wallet development and security audits are able to list and get connected to new developers. This helps start-ups in web3 navigate and develop their projects effectively
There's no doubt that BNB Chain is making significant strides in propelling the mass adoption of blockchain technology, particularly in the realms of Web3, NFTs, and Metaverse. The platform's cutting-edge features such as opBNB, BNB Greenfield, and upcoming initiatives like Hackvolution, promise to revolutionize not just the world of blockchain but the larger digital ecosystem as well.
BNB Chain's commitment to remaining agile in the ever-changing tech industry, their comprehensive support to developers, and their dedication to building a robust, active, and vibrant community all testify to their potential for continued growth and success. As the blockchain space continues to evolve, we look forward to seeing more innovative developments from BNB Chain and its dedicated team.
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