BNB Chain: Rebranding Binance Smart Chain And Binance Chain

On February 15, the layer 1 blockchain ecosystem of crypto exchange Binance, Binance Smart Chain (BSC) announced that the Binance Chain and Binance Smart Chain are uniting under a new name, BNB Chain, in a bid to portray their attachment with the native token of the ecosystem Binance Coin (BNB). The rebranding press release also stated that BNB (the blockchain gas token that “fuels” transactions on BNB Chain) now stands for “Build and Build”, in place of just being short for Binance Coin.

The BNB Beacon Chain, BSC

The BNB Chain will be built of two parts: the BNB Beacon Chain, previously Binance Chain, and BNB Smart Chain, formerly BSC. Powered by BNB, the BNB Chain is set to introduce advanced capabilities and plans to focus on building its Web3 infrastructure.

Under the freshly named BNB Chain umbrella, the chain governance part, the Binance Chain, where staking and voting happens, has become BNB Beacon Chain, Cointelegraph reports. Meanwhile, the BNB Smart Chain (previously Binance Smart Chain) is Ethereum Virtual Machine compatible and its multichain-supporting chain serves as a hub to several blockchains.

BNB Chain will embrace large-scale applications, including GameFi, SocialFi, and the Metaverse, as all its Web3 development will be brought under the umbrella of MetaFi (“Meta” for metadata, and “Fi” for DeFi). Improving scaling solutions and an expansion of the validator set of BSC from 21 to 41 is also on their latest agenda of features incorporated in the BNB Chain, told Samy Karim, BNB Chain ecosystem coordinator in the press release. The 20 additional validators will function as candidate block producers, Karim added.

Brief On Binance Smart Chain

As summarized by Cointelegraph: Binance Smart Chain was launched in September 2020 as an alternative to the Ethereum blockchain and mimicked the platform in its operation with a lower transaction cost and time of processing. 

Within a short span of time, BSC emerged as a popular platform for decentralized finance (DeFi) developers and nonfungible token projects by virtue of its features that allowed ease of operations, interoperability, and low cost. 

Sneh Dokania is an Economics major student with an inquisitive disposition seeking to articulate facts, information and news stories in a candid manner on Clout News.

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