Binance Chain and Binance Smart Chain become BNB Chain.

Through the concept of MetaFi, BNB Chain aims to become the infrastructure provider of the virtual world economic system.

BNB stands for “Build and Build” (formerly known as Binance Coin) and is the blockchain gas token that provides the “fuel” for transactions on the BNB chain.

Binance Smart Chain (BSC) renamed BNB Chain

In 2017, Binance and BNB were born. Three years later, Binance Smart Chain (BSC) came into being. As the Binance ecosystem gradually expands, the Binance Smart Chain is also growing. The birth of BSC coincides with the DeFi revolution as the public is showing increasing interest in alternative financial solutions and use cases powered by blockchain. Today, it is still BNB that ties Binance and BSC together.

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Beyond Binance

BNB does not only belong to the Binance ecosystem, BNB and BSC have their own vibrant and huge ecosystem together. Binance hopes that one day, everyone will own BNB, which is why Binance wants to push BNB to a wider ecosystem. For BNB to reach its true potential, Binance and BSC must set sail in different directions. From today, Binance Chain and Binance Smart Chain (BSC) will become BNB Chain.

Binance Chain and Binance Smart Chain (BSC) will become BNB Chain.

Go to Binance Official Website

What is BNB Chain?

Innovation never ends, and it is clear that BNB will surpass Binance in the future and enter a world with over 1 billion users. MetaFi will also be a key part of that, helping to create a future of interoperability that makes life easier. The mission of BNB Chain is to build the infrastructure that drives the virtual world economic system. BNB Chain’s commitment to the community is:

  • Open
  • Multichain
  • Focus on developers
  • Open source
  • Decentralization
  • Bigger than Binance

Go to Binance Official Website

The BNB Chain consists of the following parts:

  • BNB Beacon Chain (formerly Binance Chain) – BNB Chain governance (staking, voting)
  • BNB Smart Chain (BSC) (formerly Binance Smart Chain) – EVM compatible, consensus layer, and multi-chain validator

BNB (formerly Binance Coin) stands for ” Build and Build “. In addition to the “fuel” of transactions on the BNB Chain (similar to gas on Ethereum), BNB also acts as a governance token, and only holding BNB can participate in on-chain governance. The name change is also accompanied by technical upgrades, which benefit BNB Chain community users, project teams and developers. In the past year, the BNB Chain community has made further technical upgrades for gradual decentralization, including:

Initiate Bruno hard fork to increase BNB burn rate.

Adopt an objective and verifiable new BNB auto-destruction protocol

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

  • Scaling from single-chain to multi-chain
  • Improve the throughput of BSC
  • Introduce on-chain governance mechanism
  • Improve scaling solution and expand BSC’s validator nodes from 21 to 41 (20 of them as candidate block producers)

Most importantly, BNB Chain remains a community-driven, open-source and decentralized blockchain ecosystem. The support of the community of users, developers, validators and delegators is critical to its healthy development. With BNB Chain getting a major technical update, it’s time for the community to take a step closer to MetaFi.

Go to Binance Official Website

MetaFi: This DeFi treatment Meta

Today, the words “Meta” and “Metaverse” are used by experts and companies all over the world. However, for BNB Chain, the word “Meta” means “all-inclusive” or “means to an end”, not an acronym for Metaverse. We prefer to use the term MetaFi.

MetaFi is a hybrid of two words – “Meta” for the meta-ecosystem and “Fi” for DeFi. MetaFi combines all the different types of projects such as Metaverse, DeFi, GameFi, SocialFi, Web3, and NFTs, and lumps them into a larger concept – MetaFi.

This is thanks to metadata that defines asset ownership. MetaFi will allow a broad range of blockchain functionality to be integrated into a meta-ecosystem, and it will be interoperable thanks to various cross-platform and blockchain usage-defined metadata standards.

MetaFi can include DeFi products, NFTs, Metaverse, and Decentralized Autonomous Organizations (DAOs), etc.

The goal of MetaFi is to build and nurture a new ecosystem with multiple functions, and will be based on digital assets, support large-scale metaverse applications, and provide users and players with new application scenarios. Combining these different blockchain projects can build a mature virtual ecosystem that provides diverse services to users around the world.

None of this would be possible without the use of stable and interoperable projects such as multi-chain capabilities and cross-chain development, which will facilitate the transfer of large amounts of assets and data.

Moreover, this will be a unique opportunity for creators, developers and entrepreneurs to build MetaFi with BNB, and the BNB Chain community will be built as an infrastructure provider for the virtual world economic system.

Go to Binance Official Website