Ethereum had a lot of problems with congestion and gas fees at its peak. The Binance Smart Chain became a lot of people’s favourite alternative.
To show that it is linked to the Binance Coin token, Binance Smart Chain is now known as BNB Chain (BNB).
“Build and Build” now stands for BNB, not Binance Coin. BNB would power the BNB Chain, which would have more advanced features and focus on building Web3 infrastructure.
The Binance Chain, where people stake and vote, has been renamed BNB Beacon Chain under the new BNB Chain name. However, the Binance Smart Chain, which is EVM-compatible and can run on multiple chains, is just called BNB Smart Chain.
As part of MetaFi, the BNB Chain is going to put all of its Web3 development under one roof. This umbrella group includes GameFi and SocialFi, two other groups. In the BNB Chain, there would be a lot of big apps and tools for developers, as well as a lot more validators, from 21 to 41. This would make the system more scalable.
In September 2020, Binance Smart Chain was launched as an alternative to the Ethereum blockchain. It worked just like the platform, but at a lower cost and faster processing time. Soon, BSC became a popular choice for DeFi and NFT projects because it was easy to operate and cheap. This is why it was so popular. DeFi and virtual reality will be combined in a new metaverse when the company rebrands. This is part of the next phase of the journey.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.