BNB Chain Announces Governance Upgrade To Enhance Efficiency, Transparency, And Community Engagement
[PRESS RELEASE – Dubai, UAE, July 30th, 2024]
BNB Chain, the community-driven blockchain ecosystem that includes the world’s largest smart contract blockchain, has announced significant upgrades to its governance process following the BC Fusion. These enhancements aim to boost the network’s efficiency, transparency, and community engagement, advancing BNB Chain’s vision to support startups and developers in achieving real business success and reaching mainstream adoption, all while fulfilling the ecosystem’s mission of onboarding the next billion Web3 users.
BNB Chain Governance is a collective decision-making system overseeing on-chain operations and implementing network changes. This system ensures decisions regarding upgrades, security, and community initiatives are made collectively and transparently, directly on the blockchain.
The upgraded proposal introduces a two-step proposal process. First, a “temperature check” on Snapshot lets BNB holders gauge community support for a proposal. If endorsed, it progresses to formal voting on the Tally platform, where validators and stakers vote to approve or reject the proposal. Users can follow these steps to vote on a live proposal.
This revamped approach enhances transparency, adaptability, and engagement. It enables direct BNB staker involvement in governance, promotes efficient resource use, and drives continuous innovation. Stakers can also delegate their voting power, and the temperature check phase facilitates early discussion on governance matters.
Proposals can address system upgrades, bug fixes, policy changes, and more. By leveraging on-chain governance, BNB Chain ensures all decisions are transparent, verifiable, and community-approved, reinforcing its commitment to network efficiency and security. By leveraging on-chain governance, BNB Chain ensures that all decisions are transparent, verifiable, and subject to community approval.
By allowing validators and BNB stakers to participate directly in decision-making, the governance system enhances the network’s efficiency and security and fosters a vibrant and engaged community in another step towards achieving BNB Chain’s vision and mission.
Users can find out more here and keep up to date and on BNB Chain socials here.
About BNB Chain
BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:
- BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.
- opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds.
- BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.
Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program.
For more, users can follow BNB Chain on X or start exploring via our Dapp library.
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