Press Release: Wednesday, February 16 2022, 17:00 CAT | Source: BNB Chain
Binance Smart Chain (BSC), one of the world’s largest community-driven, open-sourced and decentralized blockchain ecosystems, has today announced its rebrand to BNB chain. A move to spotlight its connection with the BNB token, the decentralized evolution of the BNB ecosystem, and showcase how BNB has transcended Binance in terms of its use cases.
BNB, which stands for “Build and Build” (formerly called Binance Coin), is the blockchain gas token that “fuels” transactions on BNB Chain. BNB also acts as a governance token, as it is necessary to participate in BNB Chain’s decentralized on-chain governance.
BNB Chain is comprised of:
- BNB Beacon Chain (previously Binance Chain) – BNB Chain Governance (Staking, Voting)
- BNB Smart Chain (BSC) (Previously Binance Smart Chain) – EVM compatible, consensus layers, and with hubs to multi-chains.
With this name change also comes more advancements to benefit users, projects and developers connected to the BNB Chain community.
“BNB Chain will embrace large-scale applications, including GameFi, SocialFi and the Metaverse. In particular, scaling from one chain to multi-chain, improving scaling solutions and expanding the validator set of BSC from 21 to 41 (with 20 validators functioning as candidate block producers),” said Samy Karim, BNB Chain Ecosystem Coordinator.
Through MetaFi, the BNB Chain community will aim to build the infrastructure that powers the world’s parallel virtual ecosystem. (“Meta” for metadata, and “Fi” for DeFi), is a concept that provides advanced and sophisticated DeFi infrastructure to all the different types of projects such as metaverse, GameFi, SocialFi, Web3, and NFTs and puts them under one umbrella – MetaFi. MetaFi is a future all-encompassing ecosystem that promises to deliver a paradigm shift that will enable seamless interoperability between different projects and blockchains. The combination of these different blockchain projects enables a full-fledged parallel ecosystem serving users from around the globe. BNB Chain aims to build the infrastructure to bring the parallel virtual ecosystem to life.
Above all, BNB Chain remains a community-driven, open-sourced and decentralized ecosystem.
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This article is a Press Release received from BNB Chain. Global Crypto did not receive any form of compensation for its publication, and as this material is deemed newsworthy for the Southern African blockchain industry, it was thus published accordingly.