Crypto
August 31, 2022

BNB Chain: The Evolution of Binance Smart Chain

BNB Chain: The Evolution of Binance Smart Chain

The Binance Smart Chain is now the BNB Chain. BSC, crypto exchange Binance’s layer-1 blockchain, recently announced the merger of the Binance Smart Chain and the Binance Chain to form the BNB Chain. The relaunch of Binance’s layer-1 or base blockchain is part of a plan to link it to the protocol’s governance token—BNB—to expand and build on decentralization. By doing this, they are able to have a more secure network that is also scalable so that it can be used by more people.

Introducing BNB Chain: The Evolution of Binance Smart Chain

Binance CEO Chanpeng Zhao announced in a tweet that BNB is an abbreviation for "Build 'N Build." Zhao went on to explain that the acronym stands for "Build the community, and let the community build, build,'n build." Binance Smart Chain is a high-performance, cross-chain smart contract platform that runs on the Binance Chain. It is compatible with Ethereum Virtual Machine (EVM), making it easy for developers to build on Binance Smart Chain and port their existing Ethereum smart contracts. Binance Smart Chain also features a novel consensus mechanism called Proof-of-Staked Authority (PoSA), which allows users to stake their BNB tokens to become validators and earn rewards.

BNB Chain is an evolution of Binance Smart Chain that uses the native BNB token as its fuel. It supports all the features of Binance Smart Chain, while also providing new features such as tokeneconomics, cross-chain compatibility, and governance.

The goal of BNB Chain is to provide a high-performance smart contract platform that is easy to use and scalable. It is designed to make it easy for developers to build decentralized applications (DApps) and port their existing Ethereum smart contracts. BNB Chain also features an unique consensus mechanism called Proof-of-Staked Authority (PoSA), which allows users to stake their BNB tokens to become validators and earn rewards.

Large-scale applications like Metaverse, GameFi, SocialFi and others will soon be incorporated into the BNB Chain. Above all, BNB Chain remains community-driven and open-sourced. Its decentralized ecosystem depends on the support of its community of users, developers, validators and delegators.

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