NodeReal, a leading blockchain technology company, has recently unveiled a groundbreaking feature known as FastFinality, designed to revolutionize the user experience on the Binance Smart Chain (BSC) network. This eagerly awaited feature aims to significantly improve transaction confirmation times and overall efficiency, addressing one of the main pain points of the blockchain ecosystem. To ensure seamless integration, NodeReal plans to first enable FastFinality on the BSC testnet before rolling it out to the mainnet, subject to successful testing.
FastFinality brings forth a multitude of transformative changes to the way the BSC network operates. No longer will users have to endure long waiting periods for their transactions to be confirmed. Although it may seem complex at first, NodeReal recognizes the importance of introducing this innovative feature to the community, providing clarity and understanding before its official deployment on the mainnet.
What Exactly is Block Finality?
In blockchain terminology, block finality signifies the point at which a block of transactions becomes irreversibly and permanently recorded on the blockchain. It signifies the confirmation of transactions within the block, as well as the consensus agreement of the network regarding their validity. Block finality serves as a critical aspect of blockchain technology, ensuring the prevention of transaction reversals or double-spending.
BSC Before and After FastFinality
Before the introduction of FastFinality, the BSC network utilized the Proof of Stake Authority (PoSA) consensus mechanism, which lacked a voting mechanism and thus offered probabilistic finality. Binance, the driving force behind BSC, deemed (2/3 * ValidatorNum + 1) blocks to be finalized, corresponding to 15 blocks at present. Consequently, the time taken to achieve finality on the BSC mainnet amounted to 15 * 3 seconds, totaling 45 seconds.
With the advent of FastFinality, BSC users can look forward to a significantly faster and more secure validation process for their transactions. FastFinality incorporates a combination of Proof of Stake Authority (PoSA) and Byzantine Fault Tolerance (BFT) algorithms, ensuring that transactions are promptly and reliably finalized within a matter of seconds.
In the new framework, if (2/3 * ValidatorSize) or more of the validators vote as expected, it will take an average of 2.5 blocks to achieve transaction finality, effectively reducing the overall confirmation time to around 7.5 seconds. This remarkable improvement will undoubtedly enhance the BSC network’s efficiency and user experience, opening up exciting possibilities for various applications and services built on the BSC ecosystem.
The Expected Timeline
As for the anticipated timeline, FastFinality was successfully enabled on the BSC testnet on May 17, 2023. The NodeReal team will diligently monitor the performance and stability of the feature during this testing phase. Assuming everything proceeds according to plan on the testnet, FastFinality is projected to be enabled on the BSC mainnet by mid-July, paving the way for an enhanced transaction experience for BSC users worldwide.