BNB which stands for “Build and Build” is one of the major cryptocurrency in the market and as of the time of writing, it has a Market cap of about $71 billion. Binance Coin (BNB) is the native cryptocurrency of the Binance Chain and the Binance Smart Chain. The Binance Coin powers the Binance ecosystem and is used to pay for transaction fees on the Binance exchange and as gas for the Binance Chain and the Binance Smart Chain (BSC). Every quarter, Binance uses one-fifth of its profits to repurchase and permanently destroy, or “burn,” Binance coins held in its treasury.
Binance chain and Binance smart change is now BNB Chain. BNB has been on its own evolutionary journey towards greater innovation and decentralization, and BNB has transcended Binance in terms of its use cases.
BNB chain is made up 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.
This changes has a lot of benefits to user and developers in the BNB chain community. BNB Chain will embrace large-scale applications, including GameFi, SocialFi and the Metaverse. In particular:
- Scaling from one chain to multi-chain
- Boosting the throughput of BSC
- Introducing on-chain governance mechanisms
- Improving scaling solutions and an expansion of the validator set of BSC from 21 to 41 (with 20 validators functioning as candidate block producers)
However, BNB chain will still remain a community driven, opened source and decentralized ecosystem. To get involved in BNB chain or to buy, trade or invest in BNB, sign up HERE
The Blockchain Project 