Binance announced on February 15th that the Binance Chain and Binance Smart Chain will join under a new name, BNB Chain. That represents their connection to the ecosystem’s native token, Binance Coin (BNB).
BNB now stands for “Build and Build” instead of “Binance Coin,” according to a press release supplied to Cointelegraph. The BNB Chain, which is powered by BNB, will bring new features and focus on developing Web3 infrastructure. Therefore, in this article, you will discover more about this upgrade.
BNB Chain: Rebranding the First Low-Cost Blockchain
According to the annoucement, Binance is restructuring its blockchain ecosystem, as well as name modifications. The new chain, according to Binance, is a mix between BNB Beacon Chain (previously Binance Chain) and BNB Smart Chain (formerly Binance Smart Chain). While the Beacon chain provides staking and governance, the BNB Smart chain provides an EVM-compatible multi-chain interoperability layer.
The next step in the evolution of #BSC is here🤩
A new blockchain ecosystem designed for the age of MetaFi, powered by the BNB token.
BSC is now #BNBChain🔶
⏬Read the announcement⏬https://t.co/KaRPBF1UJP
— BNB Chain (@BinanceChain) February 15, 2022
The BNB Chain will integrate all of its Web3 development under the MetaFi umbrella. As a result, it will bring together metaverse developers and projects, as well as GameFi and SocialFi. With a focus on scalability, the BNB Chain will bring large-scale applications and developer tools while expanding the validator set from 21 to 41.
Moreover, these cosmetic modifications aren’t the complete story in this announcement. The platform will improve the Binance blockchain ecosystem significantly. Including:
- Greater scalability
- Higher BSC transactional throughput
- Additional on-chain governance features
Binance CEO Changpeng Zhao stated: “Because it contains the Binance name, people usually think of Binance Smart Chain as something owned by Binance. We worked hard to decentralize it, and we recognize that BNB is larger than Binance. It’s a lot bigger than Binance. BNB has its living, breathing ecosystem with the BNB Chain.”
“The chain is not owned by Binance. It is simply a contributor to the community and will remain so. The BNB network is completely running on its own. It is not managed by us or anyone else,” he added.
About MetaFi Universe
This year, the BNB Chain will see some technology advancements, including:
- Sidechains for BSC Applications (BAS)
- New BSC Partition Chains
- Introducing mechanisms for on-chain governance
- Expanded the validator set from 21 to 41 validators
The next step in the evolution of #BSC is here🤩
A new blockchain ecosystem designed for the age of MetaFi, powered by the BNB token.
BSC is now #BNBChain🔶
⏬Read the announcement⏬https://t.co/KaRPBF1UJP
— BNB Chain (@BinanceChain) February 15, 2022
These advancements will allow the platform to serve large-scale applications. Such as blockchain games, SocialFi, and the metaverse. It will also improve the community’s experience. It will lead to a new paradigm shift known as MetaFi.
MetaFi is a concept that brings together all of the different types of projects, such as metaverse, GameFi, SocialFi, Web3, and NFTs, under one roof – MetaFi. This web3 platform is a future all-encompassing ecosystem. Finally, it aims to bring in a paradigm change by enabling smooth interoperability across various projects and blockchains.
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