Binance, a well-known cryptocurrency exchange, has unveiled its roadmap for the Binance Smart Chain (BSC) in 2023. The BSC is a blockchain that operates in parallel with Binance Chain, allowing users to create smart contracts and decentralized applications (dApps). The company aims to double the transaction speed of the BSC from 100 transactions per second (TPS) to 200 TPS by the end of 2023.
To achieve this goal, Binance is planning to implement a new consensus algorithm that will reduce block time from three seconds to two seconds. The company also plans to introduce sharding, which will allow the blockchain to handle more transactions by dividing the workload into smaller parts.
In addition to improving the transaction speed of the BSC, Binance is also focusing on enhancing the privacy of the network. The company plans to introduce zero-knowledge (ZK) tooling, which will allow developers to build dApps that preserve user privacy without compromising on security. Binance believes that ZK tooling will help to attract more developers to the BSC ecosystem.
Binance is also planning to introduce new features to the BSC, such as cross-chain interoperability with other blockchains. This will enable users to transfer assets between different blockchains, opening up new possibilities for decentralized finance (DeFi) and other use cases. The company is also exploring the possibility of integrating non-fungible tokens (NFTs) into the BSC ecosystem.
Binance has been making significant progress with the BSC since its launch in 2020. The blockchain has become a popular alternative to Ethereum, which has been struggling with high gas fees and network congestion. With its focus on speed, privacy, and interoperability, the BSC is well-positioned to become a leading blockchain for DeFi and other decentralized applications.