The Binance Chief Scientist, V, said that the Binance Chain will be made more decentralized and open source in the coming months. V made the statement during the BNB Chain Revelation Summit, on May 31.
V said that the Binance chain has tested volumes that other blockchain networks can only dream of. According to him, the Binance chain is already processing the transactions of 2 million active users on its chain.
He added that as a permissionless network, that there will be bad actors as well as good ones.
“BNB Chain is completely permissionless. The result of this is that while 99.9% of the developers in the ecosystem are ethical and compliant, there will be a few bad guys – hackers and scammers. Simply because it’s easy to build on BNB…” V said.
He added that the Binance Beacon chain will be made open source and more decentralized in the coming months.
The Euler upgrade will ensure decentralization by increasing the number of validators on the Binance network.
Blockchains On Binance Chain
V said that an app-dedicated infrastructure is the focus of the chain at this time to address concerns such as data storage and computing power.
The scientist said that the Binance Application Sidechain (BAS) enables builders to build their own blockchain on the Binance chain. He said that security and performance is further enhanced through the next iteration known as zkBAS.
A New ERA
The Binance Chief Ecosystem Pilot, K, said that it is a new era for the blockchain. He said that the digital life of people is both decentralized and sustainable to the point of enabling access to Web3 to millions of people across the planet.
“You are the innovators who we want on the BNB Chain, and we will pull out all the stops to help you grow. You’ll be joining forces with BNB’s vibrant ecosystem of builders and the world’s largest user base.” K said.
He added that with 1300 decentralized applications (dApps), no downtime and 3 billion transactions, that Binance Chain is well ahead of other chains.
A founding partner at DoraHacks, Steve Ngok, said that developers who are building something great, do not have to receive validation at the onset of their work. Ngok made the comment on May 31, during an interview session with Gwendolyn Regina, Binance Investment Director, during the BNB Chain Revelation Summit.
Ngok was speaking on the modalities with which judges selected the winners of the hackathon. According to Ngok, the selection process for the 216 submissions at the hackathon involved 40 judges who had a specific number of votes that they could award to any of the participating projects.
He added that the judges could give all their votes to one project or to a number of projects that they believe are doing something great.