Specifically, “Binance Smart Chain” will now be called “BNB Chain”. In addition, Binance also announced the change of the name of BNB, the native token of Binance. Formerly “Binance Coin” and current name is “Build and Build“.
This announcement is considered an important step, showing that Binance is wanting this blockchain network to separate from itself and allow it to develop on its own. Binance also added:
“Innovation never sleeps and it is clear that the future will extend beyond Binance to become a world with over 1 billion users.”
What is BNB Chain?
BNB Chain is an open source and community-first ecosystem, built on a decentralized and permissionless environment. It still bears the exact same mission as BSC of providing the core infrastructure needed for future public adoption.
The BNB chain will overstate existing BSC schemes. Such as community-driven events and workshops and other initiatives. Also introduces new initiatives for the MetaFi era.
MetaFi is a new, vast concept, which I will briefly describe. Blogtienao will have a detailed article about MetaFi. This article focuses on introducing BNB Chain.
Journey to BNB Chain
Binance Smart Chain
In 2017, Binance and BNB were born. Three years later, BSC launched in September 2020. As Binance grows stronger, so does Binance Smart Chain. BSC was born at the right time of the DeFi revolution, as the community became increasingly interested in alternative financial solutions and use cases powered by blockchain.
Today, both Binance and BSC are still connected by BNB.
Backed by BNB, Binance Smart Chain has grown into a vibrant ecosystem that attracts millions of users and thousands of dApps. It has become the dominant blockchain in the construction of DeFi and GameFi.
BNB
BNB has evolved from a native token of the Binance.com exchange. Used primarily for trading and Binance products into gas fees and the main asset of the more decentralized and scalable BSC network.
Today, BNB is used by hundreds of dApps, listed on several exchanges, and held by millions of users. BNB is considered one of the top cryptocurrencies.
On Coinmarketcap or Coingecko, you can also check that BNB is currently the 4th most popular cryptocurrency with nearly $60 billion in market capitalization, proving the above.
A lot has changed for BNB since the launch of BSC and today, Binance is pushing the BNB ecosystem even further.
From now on, BNB and its networks Binance Chain and Binance Smart Chain form the new BNB Chain ecosystem built around this outstanding Unity token.
What is special about BNB Chain?
BNB Chain Beyond Binance
Binance has a poster with the words “BNB Chain Beyond Binance”. This line is understood that this innovation the future will go beyond Binance.
MetaFi is also a big part of this, helping to create a future where interoperability makes life easier. BNB Chain’s mission is to build the infrastructure that powers the parallel virtual ecosystem and fulfill its commitments to the community:
- Open.
- Multi-chain.
- For creators and inventors.
- Permissionless.
- Forever decentralized.
- Bigger than Binance.
How will BNB Chain evolve?
BNB Chain will include:
BNB Beacon Chain (Formerly Binance Chain): BNB Chain Governance (Staking, Voting)
BNB Smart Chain – BSC (Formerly Binance Smart Chain): EVM compatible, consensus layers and with hubs for multi-chain.
BNB (formerly Binance Coin), now “Build and Build”. Along with promoting transactions on the BNB Chain (similar to gas on Ethereum), BNB also acts as a governance token.
BNB holders allow the right to express themselves and are necessary to participate in the decentralized chain governance of BNB Chain. This also brings many benefits to users, projects, and developers connected to the BNB Chain Community.
Over the past year, the BNB Chain community has made even more technical upgrades to advance decentralization, including:
Start Bruno hard fork to increase BNB burn rate.
The BNB Auto-Burn protocol is new, objective and verifiable.
BNB Chain will also include large-scale applications, including GameFi, SocialFi, and Metaverse. Special:
Scaling from single chain to multi-chain
Enhance throughput of BSC.
Introducing the on-chain governance mechanism.
Improved scaling solutions and expanded BSC’s validator set from 21 to 41 (with 20 validators acting as candidate block producers)
The support of the community of users, developers, validators and delegators is crucial to the development of BNB Chain. With major technical updates in hand, it’s time for the community to start moving towards MetaFi.
Metafi: Defi and Meta
MetaFi is a concept that provides advanced and sophisticated DeFi infrastructure for all different projects like Metaverse, GameFi, SocialFi, Web3 and NFT and MetaFi embraces them.
MetaFi may include a combination of fungible and non-fungible tokens (NFTs) and along with community governance such as a Decentralized Autonomous Organization (DAO).
It is a future comprehensive ecosystem that promises to bring a paradigm shift into a unified standard that improves seamless interoperability between different projects and blockchains.
summary
Hopefully through the article you can understand more about BNB Chain. The introduction of BNB Chain marks an important milestone in the development of both the BNB and Binance Chain and BSC Network’s unity token.
It kicks off the new era of user-friendly and performance-focused blockchain applications. Will serve the masses and provide organizations and businesses with the necessary infrastructure to move to blockchain and into Web3.