Binance Smart Chain (BSC) has recently submitted a proposal that seeks to minimize its transaction costs in order to become more competitive against rival blockchain networks. This proposal is seen as a solution to increase block utilization, enhance sustainability, and make transactions more secure and privacy-oriented. As highlighted in the proposal, transactions on BSC are currently priced at 5 gwei, but with the new changes, users will be able to select a rate that suits their financial needs. In addition, BSC aims to increase its throughput and boost its gas limit, enabling it to process more transactions per second compared to other blockchain networks. Furthermore, the daily transactions on BSC have already seen a surge of nearly 60 percent since the start of this year. However, BSC has experienced some obstacles in the recent past, such as the $600 million hack slowing down the network operations and several decentralized finance protocols facing multiple attacks. Thus, this proposal could help BSC address reliability, security and scalability issues.
Jordan Ramos
- 2023-03-31
BSC Seeks to Lower Transaction Costs to Become More Competitive
Binance Smart Chain (BSC) has submitted a proposal that seeks to minimize its transaction costs and boost its throughput and gas limit to become more competitive against rival blockchain networks. The proposal aims to increase block utilization and make transactions more secure and private.
