Build and Build Chain is a decentralized blockchain system that concentrates on Web3 economy, infrastructure, and services. It provides users with advanced tools to navigate decentralized finance (DeFi) and allows developers to create extensive decentralized applications (DApps). BNB, which stands for “Build and Build” (formerly called Binance Coin), is the blockchain gas token that fuels transactions on the Chain.
History of Binance Chain
BNB Chain, which used to be called Binance Chain, was launched in 2019. At that time, the BNB utility token, originally made in 2017, moved from the Ethereum network to become the main token of the Binance Chain. This initial version of Binance Chain is now known as the BNB Beacon Chain aka Binance Beacon Chain.
In 2020, the BNB Smart Chain (BSC), which was previously known as Binance Smart Chain, was launched as a new blockchain that operates alongside the BNB Beacon Chain. BSC introduced new features and greater flexibility with EVM-compatible smart contracts, resulting in rapid growth of DApps and services.
In 2022, the Binance Beacon Chain and BSC were combined into the Binance Chain ecosystem. However, both chains still worked independently, each with its own specific functions.
The Binance Chain ecosystem has grown to offer additional products like Binance Greenfield and opBNB layer-2 solution.
Binance and Binance Chain
Binance has no control over Binance Chain, which may cause confusion because it came after Binance Chain and Binance Smart Chain. Some people think BNB Chain is a Binance product, but it’s actually decentralized.
Binance is dedicated to supporting the Web3 world with its centralized structure. Although Binance came up with the concept, it envisions Binance Chain as a decentralized and autonomous network. It operates based on community involvement, enabling individuals to become network validators by staking BNB.
Conclusion
Since its start in 2017, the Binance Chain has evolved significantly. It has grown from a basic chain to a vast DeFi ecosystem with numerous services, products, DApps, and decentralized organizations. The Binance Chain is a major player in the Web3 realm, providing a strong foundation for innovation and expansion to users, developers, and businesses.