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” instead of short for Binance Coin. Powered by BNB, the BNB Chain will introduce advanced capabilities and focus on building 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 bring all its Web3 development under the umbrella of MetaFi that will bring together developers and projects from the metaverse along with GameFi and SocialFi. The BNB Chain will bring large-scale applications and developer tools while expanding the validator set from 21 to 41 with a focus on scalability.
Binance Smart Chain was launched in September 2020 as an alternative to the Ethereum blockchain and mimicked the platform in its operation with a lower transaction cost and time of processing. In a short time span, BSC became a popular choice for decentralized finance (DeFi) developers and nonfungible token projects due to ease of operations, interoperability and low cost. The rebranding comes as an attribute to the next leg of the journey that will combine DeFi and virtual reality in the metaverse.
On the occasion of the name change event, BNB Chain said it will announce a new DeFi support program on February 16, in partnership with many big names in the crypto industry.
In October 2021, Binance Smart Chain established a fund of 1 billion USD to develop the ecosystem, racing against the incentive program trend of other blockchains.
In December, BSC upgraded BEP-95, imposing a BNB burning mechanism from transaction fees similar to Ethereum’s EIP-1559. “Incidentally”, in January 2022, Ethereum also announced the renaming of two concepts Eth1 and Eth2 to affirm to the community about the next direction of the world’s largest cryptocurrency ecosystem.
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