DeFi

Enhance

Dubai, UAE, July 30th, 2024, Chainwire
<a href="https://www.bnbchain.world/" rel="noopener noreferrer nofollow" target="_blank">BNB Chain</a>, the community-driven blockchain ecosystem that includes the <a href="https://twitter.com/nansen_ai/status/1667129159435337728" rel="noopener noreferrer nofollow" target="_blank">world’s largest smart contract blockchain</a>, has announced significant upgrades to its governance process following the<a href="https://www.bnbchain.org/en/bnb-chain-fusion" rel="noopener noreferrer nofollow" target="_blank"> BC Fusion</a>. 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 <a href="https://www.bnbchain.org/en/blog/bnb-chain-governance-upgrades-post-bc-fusion" rel="noopener noreferrer nofollow" target="_blank">these steps</a> to vote on a live proposal.&nbsp;
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 <a href="https://www.bnbchain.org/en/blog/bnb-chain-governance-upgrades-post-bc-fusion" rel="noopener noreferrer nofollow" target="_blank">here</a> and keep up to date and on BNB Chain socials <a href="https://twitter.com/BNBCHAIN" rel="noopener noreferrer nofollow" target="_blank">here.</a>&nbsp;
About BNB Chain
<a href="https://www.bnbchain.org/en" rel="noopener noreferrer nofollow" target="_blank">BNB Chain</a> is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:
<ul>
 <li><a href="https://www.bnbchain.org/en/bnb-smart-chain" rel="noopener noreferrer nofollow" target="_blank">BNB Smart Chain (BSC)</a>: A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.&nbsp;</li>
 <li><a href="https://opbnb.bnbchain.org/en" rel="noopener noreferrer nofollow" target="_blank">opBNB</a>: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds.</li>
 <li><a href="https://greenfield.bnbchain.org/en" rel="noopener noreferrer nofollow" target="_blank">BNB Greenfield</a>: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.</li>
</ul>
Setting a high bar for security, the <a href="https://www.avengerdao.org/" rel="noopener noreferrer nofollow" target="_blank">AvengerDAO</a> community protects BNB Chain users while <a href="https://dappbay.bnbchain.org/red-alarm/dapp" rel="noopener noreferrer nofollow" target="_blank">Red Alarm</a> provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its <a href="https://www.bnbchain.org/en/developers/developer-programs" rel="noopener noreferrer nofollow" target="_blank">Builder Support Program</a>.
For more, users can follow BNB Chain on <a href="https://twitter.com/BNBCHAIN" rel="noopener noreferrer nofollow" target="_blank">X</a> or start exploring via our <a href="https://dappbay.bnbchain.org/" rel="noopener noreferrer nofollow" target="_blank">Dapp library</a>.
<h5>Contact</h5>
BNB Chain press@bnbchain.org 
The post <a href="https://www.ethnews.com/bnb-chain-announces-governance-upgrade-to-enhance-efficiency-transparency-and-community-engagement/" rel="noopener noreferrer nofollow">BNB Chain Announces Governance Upgrade To Enhance Efficiency, Transparency, And Community Engagement</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

BNB Chain Announces Governance Upgrade To Enhance Efficiency, Transparency, And Community Engagement

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