With this name change also come more benefits users, projects, and developers connected to the BNB Chain community. Holding BNB gives you the right to make your voice heard and is necessary to participate in BNB Chain’s decentralized on-chain governance. ” Along with fueling transactions on BNB Chain (similar to gas on Ethereum), BNB also acts as a governance token. BNB Chain’s mission is to build the infrastructure powering the world’s parallel virtual ecosystem, and BNB Chain’s commitment to the community is that it will be:īNB Beacon Chain (previously Binance Chain) - BNB Chain Governance (Staking, Voting)īNB Smart Chain (BSC) (Previously Binance Smart Chain) - EVM-compatible, providing consensus layers, with hubs to multi-chainsīNB (formerly known as Binance Coin) stands for “Build and Build. MetaFi is a key part of this process, helping to create a future where interoperability makes lives easier. Innovation never sleeps, and it’s clear that the future goes Beyond Binance into a world of over 1 billion users. Today, Binance Chain and Binance Smart Chain (BSC) have become BNB Chain. For BNB to reach its true potential, Binance and BSC must set sail on different courses. The vision is that one day everyone will own BNB, so it’s necessary to set it free. BNB has its own living, breathing ecosystem, together with BSC. Today, both Binance and BSC remain connected by BNB.īNB is much more than just Binance. BSC was born in time for the DeFi revolution, as the public showed increased interest in alternative financial solutions and use cases powered by blockchain. As Binance grew bigger and stronger, so did Binance Smart Chain. Three years later, Binance Smart Chain (BSC) was introduced to the world. Through the concept of MetaFi, BNB Chain will underlie the world’s virtual ecosystem infrastructure.īNB, which stands for “Build and Build” (formerly called Binance Coin), is the blockchain gas token that fuels transactions on BNB Chain. The market-leading mobile DApp Browser allows anyone with a smartphone to securely access DApps and DeFi protocols on Binance Smart Chain with just a few clicks.ĭownload Trust Wallet today and explore the Binance Smart Chain ecosystem.Binance Chain and Binance Smart Chain have merged to become BNB Chain. Gaming and gambling DApps have also found a home on Smart Chain, and the first NFTs appeared in early 2021 to provide BSC users with the same crypto collectible experience found on other chains.Īrguably, the easiest way to access the BSC ecosystem is using the Trust Wallet DApp Browser. But that does not mean Smart Chain is only for decentralized finance. While some DeFi protocols have migrated over to Smart Chain from other blockchain networks, dozens of Smart Chain-native DApps have emerged and experienced substantial user growth since their inceptions.ĭeFi protocols, such as PancakeSwap, Venus, and Autofarm, make up most of the activity on BSC. The same goes for ETH, XRP, DOGE, and many more.Īs a low-cost, high-speed alternative to Ethereum, backed by one of the largest crypto companies in the world, Smart Chain already boasts a wide range of DApps and DeFi apps on its chain. BTCB (BEP20) tokens can then be deployed in DeFi protocols to earn yield on bitcoin. What’s more, leading digital assets on other chains can be ported onto Binance Smart Chain in the form of pegged BEP20 tokens.įor example, you could use Binance Bridge to swap bitcoin (BTC) for BTCB (BEP20) tokens backed by BTC. BEP20 is a developer-friendly token standard that allows anyone to deploy fungible digital currencies or tokens on Binance Smart Chain. Launched in September 2020, Binance Smart Chain boasts a five-second block time, cross-chain asset transfers, EVM compatibility, and a Proof of Staked Authority consensus protocol to ensure scalability.īinance Smart Chain has a BEP20 token standard that functions similarly to Ethereum’s ERC20 standard. Binance Smart Chain exists to change that.īinance launched Smart Chain to provide a high-speed, low-cost alternative for the burgeoning decentralized finance (DeFi) market, which has suffered from Ethereum’s high transaction fees. While Binance Chain offers a high-throughput targeting active crypto trades, it lacks in the programmability department. Binance Smart Chain (BSC) is a smart contract-enabled parallel blockchain to Binance Chain that provides a permissionless platform for decentralized application (DApps).
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