faster burning mechanism</strong></a> to the Binance Smart Chain (BSC). This protocol, also known as the Bruno hard fork upgrade, aims to burn the coins on the Binance-backed decentralized blockchain protocol in real-time.</p>\n<p>The BEP-95 was revealed on October 22, 2021. According to the developers, the optimization process can benefit validators and holders as the value of <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-binance-coin-bnb/">BNB tokens</strong></a> goes up after the excess is burned, allowing the price to perpetually rise.</p>\n<p><a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum&rsquo;s EIP-1559 protocol, implemented in August 2021, is similar to the BEP-95. The London hard fork update implemented on the Ethereum blockchain is part of the broader schedule of upgrades that aim to transfer Ethereum from a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work (PoW)</strong></a> to a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake (PoS)</strong></a> consensus mechanism.</p>\n<p>Binance Smart Chain is the second most popular network after Ethereum to utilize a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hard-fork-blockchain/">hard fork strategy</strong></a> as means of price inflation. This strategy aims to make the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-tokenomics/">tokenomics of BNB more dynamic.</p>\n<p>Binance&rsquo;s goal is to speed up the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-full-node/">full node synchronization</strong></a>, thus improving the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralization of the entire network. It is expected that the price of Binance&rsquo;s native coin BNB will experience significant gains.</p>\n<h2>Gas Fee Distribution in BEP-95</h2>\n<p>BNB is the native token of <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/goon/binance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance</strong></a>, one of the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/best-cryptocurrency-exchange/">biggest cryptocurrency exchange platforms</strong></strong></a> in the world. It has numerous uses, like covering crypto transaction fees on its native platform or using it on blockchains with appropriate integrations.&nbsp;</p>\n<p>BNB is a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-deflation/">deflationary token</strong></a>. This means that a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining-algorithm/">mining algorithm</strong></a> is not used to create new blocks on the chain. The supply of BNB will progressively decrease with each burning event planned by Binance.</p>\n<p>BNB uses a unique consensus algorithm known as Proof-of-Staked-Authority (PoSA), which functions as a hybrid of Proof-of-Stake (PoS) and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-authority-poa/">Proof-of-Authority (PoA)</strong></strong></a> mechanisms. With each verified block, the validators receive a reward from the transaction fees. No new BNB is <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-minting/">minted as a reward.</p>\n<p>The transaction fees, also known as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-gas-price/">gas cost</strong></a>, are collected and go towards the two system smart contracts &ndash; ValidatorSet Contract and System Reward Contract.</p>\n<p>The BEP-95 is set to <strong>improve the network</strong>. The expected improvements are:</p>\n<ul>\n<li>The BEP-95 burn will keep progressively reducing the supply of BNB, continuing past the target supply of 100 million tokens;</li>\n<li>The process of token burning will be sped up;</li>\n<li>Binance Smart Chain will become more decentralized thanks to the portion of transaction fees burning off;</li>\n<li>The value of BNB will increase.</li>\n</ul>","level":"medium","meta_title":"What is BEP-95 (Bruno Hard Fork Upgrade)? 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":84,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Bid-Ask Spread?","slug":"what-is-bid-ask-spread","section":"B","keyword":"Bid-Ask Spread","status":"published","definition":"the difference between the highest price buyers are willing to pay for an asset and the lowest price the seller is willing to agree with.","content":"<p>A <strong>bid-ask spread</strong> defines the difference between the highest price that a buyer would be willing to pay for an asset on sale and the lowest price that a seller would be willing to take for it.</p>\n<p>Price takers can buy an asset at the asking price and sell it at the bid price. <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-market-maker-market-taker/">Market makers</strong></a>, on the other hand, buy an asset at the bid price and sell it at the asking price. The bid typically represents the demand of the asset, while the <strong>ask</strong> is representative of the supply. The spread usually ends up being the transaction costs.</p>\n<p>The bid-ask spread is used to measure <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-liquidity/">market liquidity</strong></a> and is directly dependent on it. The more liquid an asset is, the smaller its bid-ask spread can be. The buyer and seller are obliged to purchase or sell their shares at the settled price once the order is placed. There are different types of orders that trigger different order placements.</p>\n<p>A number of factors can be behind a high bid-ask spread. One of them is liquidity. The spread of heavily traded assets tends to be much smaller than those whose trading is more sparse. The size of the bid-ask spread can be affected by unpopular or unknown <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-security/">securities.

","level":"easy","meta_title":"What is Bid-Ask Spread? Definition & Meaning | Crypto Wiki","meta_description":"Bid-Ask Spread meaning: Bid-Ask Spread - the difference between the highest price buyers are willing to pay for an asset and the lowest price the seller is willing to agree with.","meta_keywords":null,"language":"en","created_at":"2022-02-14T06:40:19.000000Z","updated_at":"2022-05-13T14:32:22.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-bid-ask-spread"},"prevSection":{"id":82,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Bid Price?","slug":"what-is-bid-price","section":"B","keyword":"Bid Price","status":"published","definition":"is the amount that a certain individual is down to pay for an asset, service, commodity, or contract in financial markets.","content":"<p><strong>The amount that a particular person is thinking to pay in a financial marketplace for an asset, service, commodity, or contract refers to the bid price. </strong>The price of the bid is usually set, and there might be an initial thought of how much the price will go up in the bidding.</p>\n<p>A bidding war might happen if the asset is desired by a lot of participants and they place their bids one after the other. The price of the asset significantly increases, since, in order to win an auction, participants have to place higher bids than other buyers.</p>\n<p>For example, Nyc Auction House placed a luxurious diamond &ldquo;the Enigma&rdquo;, that can be purchased via <a href=https://www.bitdegree.org/"/crypto/buy-ethereum-eth/">ETH, <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">BTC, or USDC. The diamond reached a bid of $6.8 million.</p>\n<p>If shareholders or brokers wish to sell their assets or holdings, they have to decide on one of the existing bid prices on the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-order-book/">order book</strong></strong></a>, usually the highest, or propose a price themselves. Then a buyer must bid against it, that way fulfilling the order.</p>\n<p>The bid-ask spread is calculated by subtracting the value of an ask price and a smaller amount of the bid price.&nbsp;</p>\n<p>The order book has a lot of different bid price options for the buyers, and ask prices for the sellers. The contrast between the highest bid price and the minimum ask price is called the bid&ndash;ask spread.</p>\n<p>There is also an unsolicited bid that refers to the scenario when a bidder submits an offer despite the fact that the seller isn&rsquo;t trying to sell its asset at the moment.</p>\n<p>It is common that cryptocurrencies sell at a lower price than the ask price. Moreover, the participant of the bidding has the full power to navigate the bid price. But he must follow the market standards. Trading markets and other financial markets are known to be ambitious regarding the trading of real-time price updates.</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-market-maker-market-taker/">Market makers</strong></strong></a> are frequently responsible for developing bids. They may also do so if they can sell at the price requested by the vendor. Market makers benefit from the difference between the two values, which is represented by the spread. The greater the spread, the greater the revenue generated by an investor.</p>","level":"medium","meta_title":"What is Bid Price? Definition & Meaning | Crypto Wiki","meta_description":"Bid Price meaning: Bid Price - is the amount that a certain individual is down to pay for an asset, service, commodity, or contract in financial markets.","meta_keywords":null,"language":"en","created_at":"2022-02-11T13:47:32.000000Z","updated_at":"2022-05-13T14:32:22.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-bid-price"},"currentChapter":"B","currentSection":"what-is-bep-95-bruno-hard-fork-upgrade","chapterTitle":"B","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-bep-95-bruno-hard-fork-upgrade","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter B

What is BEP-95 (Bruno Hard Fork Upgrade)?

BEP-95 (Bruno Hard Fork Upgrade) MEANING:
BEP-95 (Bruno Hard Fork Upgrade) - Binance Evolution Protocol, aiming to optimize the speed of the BNB burning process.
Medium
2 minutes

Let's find out BEP-95 (Bruno Hard Fork Upgrade) meaning, definition in crypto, what is BEP-95 (Bruno Hard Fork Upgrade), and all other detailed facts.

Binance Evolution Proposal (BEP-95) is a protocol offering a faster burning mechanism to the Binance Smart Chain (BSC). This protocol, also known as the Bruno hard fork upgrade, aims to burn the coins on the Binance-backed decentralized blockchain protocol in real-time.

The BEP-95 was revealed on October 22, 2021. According to the developers, the optimization process can benefit validators and holders as the value of BNB tokens goes up after the excess is burned, allowing the price to perpetually rise.

Ethereum’s EIP-1559 protocol, implemented in August 2021, is similar to the BEP-95. The London hard fork update implemented on the Ethereum blockchain is part of the broader schedule of upgrades that aim to transfer Ethereum from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism.

Binance Smart Chain is the second most popular network after Ethereum to utilize a hard fork strategy as means of price inflation. This strategy aims to make the tokenomics of BNB more dynamic.

Binance’s goal is to speed up the full node synchronization, thus improving the decentralization of the entire network. It is expected that the price of Binance’s native coin BNB will experience significant gains.

Gas Fee Distribution in BEP-95

BNB is the native token of Binance, one of the biggest cryptocurrency exchange platforms in the world. It has numerous uses, like covering crypto transaction fees on its native platform or using it on blockchains with appropriate integrations. 

BNB is a deflationary token. This means that a mining algorithm is not used to create new blocks on the chain. The supply of BNB will progressively decrease with each burning event planned by Binance.

BNB uses a unique consensus algorithm known as Proof-of-Staked-Authority (PoSA), which functions as a hybrid of Proof-of-Stake (PoS) and Proof-of-Authority (PoA) mechanisms. With each verified block, the validators receive a reward from the transaction fees. No new BNB is minted as a reward.

The transaction fees, also known as gas cost, are collected and go towards the two system smart contracts – ValidatorSet Contract and System Reward Contract.

The BEP-95 is set to improve the network. The expected improvements are:

  • The BEP-95 burn will keep progressively reducing the supply of BNB, continuing past the target supply of 100 million tokens;
  • The process of token burning will be sped up;
  • Binance Smart Chain will become more decentralized thanks to the portion of transaction fees burning off;
  • The value of BNB will increase.
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