As of today, Binance Chain and Binance Smart Chain (BSC) will become BNB Chain. A transition that highlights BSC’s connection with the BNB token and BNB ecosystem.
Following in the footsteps of many other community-supported projects, BNB has been on its own evolutionary journey towards greater innovation and decentralization, and BNB has transcended Binance in terms of its use cases.BNB, which stands for “Build and Build” (formerly called Binance Coin), is the blockchain gas token that “fuels” transactions on BNB Chain.
BNB Chain is comprised of:
- BNB Beacon Chain (previously Binance Chain) – BNB Chain Governance (Staking, voting)
- BNB Smart Chain (BSC) (Previously Binance Smart Chain) – EVM compatible, consensus layers, and with hubs to multi-chains.
With this name change also comes more advancements to benefit users, projects and developers connected to the BNB Chain community. BNB Chain will embrace large-scale applications, including GameFi, SocialFi and the Metaverse. In particular:
- Scaling from one chain to multi-chain
- Boosting the throughput of BSC
- Introducing on-chain governance mechanisms
- Improving scaling solutions and an expansion of the validator set of BSC from 21 to 41 (with 20 validators functioning as candidate block producers)
BNB Chain remains a community-driven, open-sourced and decentralized ecosystem. Through the concept of MetaFi (“Meta” for metadata, and “Fi” for DeFi), the BNB Chain community will aim to build the infrastructure that powers the world’s parallel virtual economy.For more information on BNB Chain and MetaFi, please refer to this blog post.
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