Īccording to Binance, the name change also comes with more advancements to benefit users, projects, and developers connected to the BNB Chain community. BNB Smart Chain (BSC) (previously Binance Smart Chain) - EVM compatible, consensus layers, and with hubs to multi-chains.BNB Beacon Chain (previously Binance Chain) - BNB Chain Governance (staking, voting).BNB, which stands for “Build and Build” (formerly called Binance Coin), is the blockchain gas token that “fuels” transactions on BNB Chain. A transition that highlights BSC’s connection with the BNB token and BNB ecosystem. On February 15, 2022, Binance Chain and Binance Smart Chain (BSC) became BNB Chain.
#BINANCE CHAIN PATCH#
The patch release, Moran hard fork, was described as a temporary for re-enabling cross-chain functionality between the BNB Beacon Chain and Binance Smart Chain.
#BINANCE CHAIN UPGRADE#
According to Binance, the upgrade had no effect on the trade of Binance Smart Chain tokens at the exchange but required deposits and withdrawals of those tokens to be temporarily paused. In October 2022, BNB Smart Chain deployed an upgraded version of its network, resolving several cross-chain issues following the multi-million dollar bridge hack. The Binance co-founder and CEO Changpeng Zhao announced that the hack happened on a cross-chain bridge where users transfer digital assets from one blockchain to another. On October 6, 2022, the Binance bridge was hacked and around $500 million of funds were stolen. Looks like #BSC took 3x less time to reach 120k addresses/users than CEX back in the day. On October 12, 2020, the CEO of Binance reported on Twitter that the number of active addresses on BSC increased 50 times since the launch of the network:
Yesterday, #BinanceSmartChain handled roughly 21% of transactions compared #ETH, while only charging 0.6% of the fees, making #BSC about 35x cheaper. Maybe this is bad for #BNB price (and nodes, for now), lol. But it’s good for users & developers. In October 2020, Binance CEO Changpeng Zhao announced that Binance Smart Chain had processed 21 percent of Ethereum's transaction volume at a much lower cost, 35 times cheaper. Binance Smart Chain has low transaction fees “as low as 1 cent” and a 3-second block time. The blockchain uses a Dpos (Delegated-Proof-Of-Stake) variant named Proof-of-Staked-Authority. This also allowed Ethereum dapps to easily move on to the Binance Smart Chain. The design goal was to leave the high throughput of the Binance Chain intact while introducing smart contracts into its ecosystem. Unlike Binance Chain, BSC boasted smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). In September 2020, Binance launched the mainnet of its Smart Chain, a smart contract-enabled blockchain running in parallel to Binance Chain. Binance Chain used a delegated proof-of-stake consensus. At that point, the BNB utility token, which was originally designed to lower the trading fees users pay on Binance, switched over from the Ethereum network, where it was launched in 2017, and became the token of Binance Chain. The history of BNB Chain started back in April 2019 when Binance launched what was then known as Binance Chain. It also introduces an all-new staking mechanism for BNB, one of the world’s top cryptocurrencies by market capitalization. BNB Chain is a blockchain created by Binance which is made up of BNB Smart Chain, which is designed for developers looking to build decentralized applications (apps), and BNB Chain Governance a blockchain that is designed for BNB governance and voting.
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