BNB Chain is a blockchain on the Binance ecosystem created as a solution to the scalability problem of the BNB Chain that was developed to enable fast and non-custodial trading. BNB Chain is a blockchain designed to support the creation of effective decentralized applications. It is compatible with BNB Chain, allowing users to access the products of both platforms.
An independent blockchain that is programmable and interoperable, BNB Chain is not a layer-2 or off-chain scaling solution. It is compatible with Ethereum Virtual Machine and supports smart contract functionality. In essence, developers can move their tools, dApps, and projects from Ethereum to BNB Chain. Similarly, users can configure apps like Metamask to work with BNB Chain.
It operates a Proof of Staked Authority consensus model, enabling short block time and low transaction fees. These validators keep it safe and secure. It supports cross-chain transfer and communication with Binance DEX as the liquid exchange platform. It supports all Ethereum tools while also ensuring faster finality and low transaction fees. This feature makes the dApps built on it fast and user-friendly.
BNB Chain Overview
The architecture of BNB Chain allows users to enjoy the swift trading of the exchange platform while creating high-performance decentralized apps. It is an autonomous chain that runs in parallel with the BNB Chain. This implies that BNB Chain will continue to run as it should even if BNB Chain has issues.
Due to being compatible with Ethereum, it has smart contract functionality. This feature would allow developers to create or move tools, dApps, and other chain components to the BNB Chain ecosystem with little or no friction.
BNB Chain runs on a consensus model that supports staking and community-based governance. Binance Coin (BNB), the native token of BNB Chain, can be staked as a means of contributing to securing the network and voting on protocols governing the community. This model gives it an edge over chains that use Proof of Work as it processes transactions faster.
The platform boasts of native interoperability with BNB Chain. Users of BNB Chain can communicate frictionlessly with BNB Chain, exposing them to an ecosystem with numerous use cases. Also, users can transfer their crypto assets from BNB Chain to BNB Chain and vice versa seamlessly. Its flexibility allows for interoperability with several other chains, like BakerySwap, useful in the DeFi ecosystem.
This blockchain operates on a Proof of Staked Authority consensus model, joining Delegated Proof of Stake (DPoS) and Proof of Authority (PoA) together. It uses this to attain network consensus and secure the blockchain. PoA is capable of stopping 51% of attacks and has tolerance for Byzantine attacks. PoSA aids decentralization and community participation.
The consensus model elects validators who take turns in validating transactions and producing new blocks. Interested persons stake BNB to become validators. BNB Chain uses approximately three seconds to create a new block. Validators are rewarded with the transaction fees included in a transaction when the block they proposed is added to the chain. However, unlike other chains, BNB is not inflationary, implying that it has no block subsidy for new BNBs. Also, its supply decreases with time as it is burnt quarterly.
BNB Chain uses a validator quorum to secure the network. The quorum consists of 21 validators elected every 24 hours by BNB stakers. Being a validator is open to everyone, however, the next validator set is chosen from the top most bonded nodes. There is an epoch period within 20 minutes, consisting of 240 blocks when a validator set can update the network as required.
The mechanism ensures stability, security, and chain finality by using double-sign detection and other slashing mechanisms. These prevent bad actors from validating inaccurate transactions or double signing by exposing them and making their actions very expensive to perform.
BNB currency is used by developers to run smart contracts on the BNB Chain. It is also used to secure the network and earn rewards. It can also be staked in a smart contract or delegated with a validator to earn proportional rewards. Validators determine however they will redistribute their earnings to their delegators.
BNB Chain supports other tokens, including BEP2, BEP8, and ERC-20. ERC-20 tokens can be enhanced on the platform by binding it with identifiers like token denomination, owner address, decimal precision definition, etc. It also supports pegged coins, allowing developers to create applications that can support trustless cross-chain exchange. A notable example is the PancakeSwap exchange.
The cross-chain communication allows users to use the tools and UI of dual chain structure to their advantage. They can create tokens, digital assets, and financial products on any of the structures. They can manually trade and circulate their products on BNB Chain to utilize its stable, fast, friendly, and high throughput environment.
The transfer across the chains involves a transfer-out chain and a transfer-in chain for key communication. The transfer-out locks the amount from the sender in a system-controlled address or contract while the transfer-in chain unlocks it and sends it to the receiver. This logic allows the BNB Chain relayers and BNB Chain Oracle relayers to confirm that the right amount of token assets were involved in the transaction. Also, they ensure the total circulation of the assets remains unchanged after the transfer.
Relayers submit the communication packages between the two chains. They are of two types- BNB Chain Relayers and Oracle Relayers. BNB Chain Relayers are independent processes that can be done by anyone regardless of location. However, they must register on the BNB Chain and deposit a refundable amount of BNB. BNB Chain only accepts relaying messages from registered Relayers. Oracle Relayers oversee communication from the BNB Chain. Users triggered operations and system synchronization are the two communication types. Relayers receive incentives based on the communication type.
How to deploy BNB Chain Blockchain Node in the Cloud
You can deploy a BNB Chain full node in the cloud and be a part of the BNB Chain community. The node can either be a validator node or a witness node. Passive participants in the consensus process witness nodes only observe and serve in duplicating data. They are responsible for serving up the current chain state. However, validator nodes are the active participants involved in verifying transactions and creating new blocks.
Full nodes are responsible for storing the entire blockchain history on disk and answering data requests from the platform. They receive and verify new blocks and transactions while also confirming the states of every account. Also, they accept transactions from other nodes and relay them accordingly. Both nodes are deployed using the same process, however, validator nodes require more hardware than witness nodes.
There are minimum hardware requirements you must meet to run a full node in the cloud. The first step is to ensure your desktop or laptop is operating the recent versions of Mac OS X, Windows, or Linux. The system must have 500 GB of free disk space, with at least 100MB/s of read/write speed. It must have 4 cores of CPU and 8GB RAM. The broadband Internet connection must also have a minimum of 1MB/s upload/download speeds. You need an AWS m5zn.3xlarge instance type or a Google cloud c2-standard-16.
The first step in deploying a BNB Chain node is to install the recent version of Go after which you set up your project directory. You will need to download the updated snapshot of chain data and put it in your home folder. You can find the data here. After this, you will substitute the “NAME_OF_YOUR_HOME” with your home directory. Putting the snapshot in your home folder will help speed up syncing your node with BNB Chain. The nodes of BNB Chain are more than that of other blockchain nodes. Syncing could take weeks if you skip this step.
After setting up your project directory and downloading a snapshot, you have to download and set up the config files. You will also have to download relevant files based on where you are running the node- mainnet or testnet. It will add a config.toml and a genesis.json file into your project directory.
You have just successfully configured the system for running a node. The next thing to do is write your genesis state onto your VPS. You will open your config.toml and edit it to your choice. You can add the reliable nodes you know to the StaticNodes array which will automatically connect to nodes in this array upon booting up the node. However, for a validator node, you need to look for peers whom you will sync to their data. This step takes several hours to sync a node through to the tip. Moreover, upon connecting to other peers, your full node will be running successfully.
However, instead of the steps mentioned, you can use Zeeve for cloud deployment. Using Zeeve will save you the stress of several complexities. These complexities include hardware requirements, excessive memory usage, unresponsive application, poor performance, crashing, or unexpected application behavior or functional issues.
Zeeve has in-built functionalities to ease the process. You can use Zeeve’s native interface to run your BNB Chain nodes with reliability, higher uptime, better security, and increased productivity using the ready plugins, Heimdall APIs, and your desired cloud platform.
Zeeve is used in deploying a BNB Chain node within seconds on your desired cloud using its managed blockchain service. It supports developing dApps, deploying smart contracts, and managing transactions on the network. It has a secure architecture that can be used to connect with the BNB Chain network.
Highly optimized for use by developers, Zeeve has a simple control panel that makes setting up a BNB Chain node easy. It also provides multi-cloud and multi-region support. Zeeve enables reliability and efficiency in scaling a BNB Chain node on its platform. It has flexible APIs, tools, and libraries that developers can leverage. BNB Chain is an ideal platform for developers looking to build their projects on the Binance ecosystem.