Binance Smart Chain and Binance Chain merge to form BNB Chain

BNB

During the crest of Ethereum’s network traffic jams and gas fee problems, Binance Smart Chain became relatively famous as an Ethereum substitute.

Building the MetaFi Universe

The new year program already identified the path forward for Binance this year, and these technological goals were reiterated by the team for BNB Chain in the latest announcement.

  • Introduction of BSC Application Sidechains (BAS)
  • New BSC Partition Chains to offload the strain on BSC mainnet
  • Introducing on-chain governance mechanisms
  • Expanded validator set from 21 to 41 validators to provide more decentralization and boost scalability
  • and more…

“These advancements will enable BNB Chain to serve large-scale applications such as blockchain games, SocialFi, and the metaverse and improve the community’s experience. It will also give birth to a new paradigm shift called MetaFi,” BSC Matthew stated. 

Decentralized blockchain ecosystem Binance Smart Chain (BSC) announced on Tuesday that the Binance Chain and Binance Smart Chain are uniting under a new name, BNB Chain, in a bid to reflect their connection with the native token of the ecosystem Binance Coin (BNB).

BNB now stands for “Build and Build” rather than “Binance Coin,” as per a press release. The BNB Chain, backed by BNB, will provide enhanced features and emphasis on developing 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. Meanwhile, the Ethereum Virtual Machine-compatible, multichain-supporting Binance Smart Chain is simply named BNB Smart Chain, still shortened as BSC.

The BNB Chain will combine all of its Web3 projects under the umbrella of MetaFi, which will pull together metaverse developers and projects alongside GameFi and SocialFi. The BNB Chain will include large-scale applications and developer tools, and also an expansion of the validator set from 21 to 41 validators, with an emphasis on sustainability.

BNB Chain’s ecosystem coordinator, Samy Karim, stated:

“The BNB Chain community will benefit from the previously launched $1 billion in funds and receive financial and operational support, as well as an introduction to the industry’s leading experts, mentors, and investors. The ecosystem will bring a range of these programs from live mentorship events and workshops to hackathons and in-person meetings.”

Binance Smart Chain was formed in September 2020 as an alternative to the Ethereum blockchain, and it worked similarly to the platform but with reduced transaction costs and processing times. Due to its ease of use, connectivity, and low cost, BSC has rapidly become a popular option for decentralized finance (DeFi) developers and nonfungible token ventures. The renaming is an indication of the next stage of the path, which will integrate DeFi with virtual reality in the metaverse.

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