Binance will merge the binance chain and binance smart chain (BSC) into BNB Chain as of today. This shift emphasizes BSC’s relationship with the BNB token and the BNB ecosystem.
Following in the footsteps of many other community-supported initiatives, BNB has been on its own evolutionary path toward more innovation and decentralization, and BNB’s use cases have surpassed those of Binance.
Its blockchain ecosystem, formerly known as Binance Smart Chain, has been renamed BNB Chain, and its token BNB, formerly known as Binance coin, has been renamed “Build and Build.”
“Over the years, we’ve realized that BNB has evolved into something beyond Binance, and in fact, BNB means Build and Build (not Binance Coin). It’s something CZ had tweeted before,” Samy Karim, BNB Chain ecosystem coordinator, told The Block. “The BNB ecosystem is bigger than Binance and has transcended Binance in terms of its use cases.”
Binance.com and BNB will be separated, giving the BNB Chain additional chances and flexibility to pursue new ideas. BNB Chain, on the other hand, will stay committed to BSC’s purpose of delivering the basic infrastructure required for eventual public adoption. The BNB Chain will continue to be a community-driven, open-source ecosystem based on a permissionless, decentralized model.
History of BNB chain
BNB, the asset that powers the BSC network, the industry’s most widely used blockchain, has come a long way from its creation. It was first released as an ERC-20 token on the Ethereum network in 2017. It transferred to Binance Chain in April 2019 and finally became the fuel for the BSC network, which debuted in September 2020. Binance Smart Chain, which BNB powers, has grown to become a fascinating and active ecosystem with millions of users and hundreds of dApps. During the development of DeFi and GameFi, it became the dominating blockchain.
BNB has evolved from a Binance.com native currency used primarily for trading and Binance goods to a gas charge and the primary asset of the more decentralized and scalable BSC network.
The launch of the BNB Chain is a watershed moment in the growth of the Binance Chain and BSC networks and the BNB utility token. It ushers in a new age of more user-friendly and performance-focused blockchain apps that will benefit the general public while also providing organizations and enterprises with the infrastructure they need to shift to blockchain and into the Web3.
Binance has also come up with a new idea called MetaFi, which is a mix of two terms — Meta (metadata) and Fi (finance) (DeFi). The BNB Chain group hopes to use MetaFi to provide infrastructure for a variety of projects, including GameFi, SocialFi, Web3, and NFTs.