Binance Smart Chain (BSC), an open-sourced and decentralized blockchain ecosystem, on Wednesday announced its rebrand to BNB chain.
BNB stands for “Build and Build” (formerly called Binance Coin), and is the blockchain gas token that “fuels” transactions on BNB Chain, according to the official statement. BNB also acts as a governance token, as it is necessary to participate in BNB Chain’s decentralized on-chain governance.
Through MetaFi, the BNB Chain community will aim to build the infrastructure that powers the world’s parallel virtual ecosystem, the statement added. “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, it further stated.
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, it added.
What does BNB consist 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.
Samy Karim, BNB Chain Ecosystem Coordinator said, “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).”
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today