HomeKNOWLEDGEINVESTWhat is BNB Chain? Greater growth, beyond...

What is BNB Chain? Bigger growth, beyond Binance

Binance, the world's No. 1 cryptocurrency exchange by trading volume recently announced the renaming of its blockchain network.

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. Before is "Binance Coin" and the 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 same exact 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 times MetaFi.

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 SmartChain

In 2017, Binance and BNB were born. Three years later, BSC to debut in September 9. As Binance grows stronger, so does Binance Smart Chain. BSC was born at the right time of the revolution DeFi, as the community is increasingly interested in alternative financial solutions and use cases powered by blockchain.

bsc defi landscape
Source: Binance

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 users. dapper. It has become the dominant blockchain in the construction of DeFi and GameFi.

Watch now: What is GameFi? The combination of Defi, NFT and blockchain game

BNB 

BNB has evolved from a native token of the Binance.com exchange. Primarily used 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 out BNB is currently the 4th most popular cryptocurrency with nearly $60 billion in market capitalization, proof of that.

bnb rank 4
Source: Coinmarketcap

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.

bnb chain eco
Source: Binance

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.

bnb chain beyond binance
Source: Binance

MetaFi is also a big part of this, helping to create a future where interoperability makes life easier. The mission of BNB Chain is to build the infrastructure that powers the parallel virtual ecosystem and fulfill the 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 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:

BNB Chain will also include large-scale applications, including GameFi, SocialFi and Metaverse. Especially:

  • 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 the different projects like Metaverse, GameFi, SocialFi, Web3 and NFT and MetaFi embraces them.

Watch now: What is Web 3.0? The new era of the Internet is starting here

MetaFi may include a combination of fungible and non-fungible tokens (NFTs) and together with community governance such as a Decentralized Autonomous Organization (DAO).

metafi bnb chain

It is a future holistic ecosystem that promises to bring a paradigm shift into a unified standard that improves seamless interoperability between different projects and blockchains.

Blogtienao will have a separate MetaFi detailed article for you to study more.

Frequently asked questions about BNB Chain

  • Will the name change affect the coin/token holding?

There are no technical changes to the current BSC blockchain. So you can continue to use your network and money as before. This will not affect your assets or wallet.

  • How to stake BNB with BNB Chain Validators?

The staking process is unaffected and remains the same as before. Just visit https://www.bnbchain.world/en/staking, select your preferred Validator and click “Delegate”.

  • Does BNB Chain use the same BEP-20 token standard as BSC?

Yes, still using BEP-20.

No, the functionality of the wallet remains unchanged.

Summary

Hopefully through the article you can understand more about BNB Chain. The introduction of BNB Chain marks an important milestone in the evolution 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.

4.2/5 - (10 votes)
- Advertisement -