From Binance Smart Chain to BNB Chain
Starting today, Binance Chain and Binance Smart Chain (BSC) will be renamed BNB Chain.
This move strengthens the connection between the BNB chain and the BNB token, as well as the decentralized evolution of the entire BNB ecosystem.
Like other community-supported projects, BNB has embarked on an evolutionary journey, and BNB use cases have surpassed the Binance ecosystem.
BNB stands for ” Build and Build “, (formerly Binance Coin), and is a blockchain gas token that provides “fuel” for transactions on the BNB chain.
The BNB Chain consists of the following parts:
- BNB Beacon Chain (formerly Binance Chain) – BNB Chain governance (staking, voting)
- BNB Smart Chain (BSC) (formerly Binance Smart Chain) – EVM compatible, consensus layer, multi-chain verification node
The renaming of BNB Chain is also accompanied by technical upgrades, which benefit BNB Chain community users, project teams and developers. BNB Chain will actively embrace large-scale applications such as GameFi, SocialFi, and Metaverse, including:
- Upgrading from single-chain to multi-chain
- Improve the throughput of BSC
- Introduce on-chain governance mechanism
- Improve scaling solution and expand BSC’s validator nodes from 21 to 41 (20 of them as candidate block producers)
BNB Chain is still a community-driven, open-source, decentralized blockchain ecosystem, aiming to become a virtual world economic system by developing the concept of MetaFi (“Meta” means metadata, “Fi” refers to decentralized financial DeFi) infrastructure provider.