BNB vs. Binance Smart Chain
The Binance Chain, where staking and voting occur (BNB Chain Governance), has changed its identity to BNB Beacon Chain under the rebranded BNB Chain umbrella. The Binance Smart Chain, which supports several blockchains and is compatible with the EVM, is known simply as BNB Smart Chain, still abbreviated as BSC.
That said, together with BSC, the BNB chain has a dynamic ecosystem of its own. The idea behind BNB is that eventually, everyone will own it, which is why it must be made accessible. Furthermore, BNB (formerly known as Binance Coin) acts as a governance token and is used for paying gas fees on the BNB chain.
Above all, BNB Chain continues to be a decentralized, open-sourced, and community-driven ecosystem whose health depends on the assistance of its developers, community of users, validators, and delegators. Furthermore, large-scale applications like SocialFi, GameFi and the Metaverse will all be embraced by BNB Chain.
The BNB token and the BNB ecosystem
The BNB token now stands for “Build and Build.” BNB is the cryptocurrency that fuels the BNB Chain ecosystem and the native coin of both the BNB Beacon Chain and the BNB Smart Chain. It also serves as a governance token, apart from fueling transactions on the BNB Chain, much like gas on Ethereum. BNB ownership is required for participation in the BNB Chain decentralized on-chain governance. Alongside the rebranding, more advancements to BNB have also been announced, including technical upgrades to realize decentralization further. Such improvements are expected to benefit the community’s users, developers and projects.
Some of the upgrades Binance announced are:
The creation of BNB auto-burn, a new protocol that is both verifiable and objective
The v1.1.5. Bruno hard fork upgrade that increased the burn rate of BNB.
The Binance Chain, where staking and voting occur (BNB Chain Governance), has changed its identity to BNB Beacon Chain under the rebranded BNB Chain umbrella. The Binance Smart Chain, which supports several blockchains and is compatible with the EVM, is known simply as BNB Smart Chain, still abbreviated as BSC.
That said, together with BSC, the BNB chain has a dynamic ecosystem of its own. The idea behind BNB is that eventually, everyone will own it, which is why it must be made accessible. Furthermore, BNB (formerly known as Binance Coin) acts as a governance token and is used for paying gas fees on the BNB chain.
Above all, BNB Chain continues to be a decentralized, open-sourced, and community-driven ecosystem whose health depends on the assistance of its developers, community of users, validators, and delegators. Furthermore, large-scale applications like SocialFi, GameFi and the Metaverse will all be embraced by BNB Chain.
The BNB token and the BNB ecosystem
The BNB token now stands for “Build and Build.” BNB is the cryptocurrency that fuels the BNB Chain ecosystem and the native coin of both the BNB Beacon Chain and the BNB Smart Chain. It also serves as a governance token, apart from fueling transactions on the BNB Chain, much like gas on Ethereum. BNB ownership is required for participation in the BNB Chain decentralized on-chain governance. Alongside the rebranding, more advancements to BNB have also been announced, including technical upgrades to realize decentralization further. Such improvements are expected to benefit the community’s users, developers and projects.
Some of the upgrades Binance announced are:
The creation of BNB auto-burn, a new protocol that is both verifiable and objective
The v1.1.5. Bruno hard fork upgrade that increased the burn rate of BNB.
