What is BNB Beacon Chain?
BNB Beacon Chain was first known simply as Binance Chain and launched in 2019 by Binance. In Feb 2022, Binance announced a renaming of Binance Chain to BNB Beacon Chain as part of a wider rebranding together with the newer BNB Smart Chain.
Tokens on BNB Beacon Chain are identified as BEP2 tokens.
What are the core features of BNB Beacon Chain?
- Staking: BNB Beacon Chain will enable users to stake Binance Coin (BNB) and other cryptocurrencies as part of the network’s PoS consensus mechanism, and earn rewards for helping to validate transactions on the network.
- Smart contracts: BNB Beacon Chain will support the execution of smart contracts, which are self-executing computer programs that can be used to automate the execution of transactions and other operations on the network.
- Interoperability: BNB Beacon Chain is being designed to be interoperable with other blockchain networks, which means that it will be possible to transfer assets and data between BNB Beacon Chain and other networks.
- Scalability: BNB Beacon Chain is being built to be highly scalable, with the ability to support a large number of transactions per second.
- Governance: BNB Beacon Chain will have a governance mechanism that will allow users to participate in decision-making related to the development and evolution of the network.
- Privacy: BNB Beacon Chain will have built-in privacy features, including the ability to make transactions anonymously.
What is the native token of BNB Beacon Chain?
The native token is the BEP2 BNB (formerly Binance Coin, now rebranded as “Build and Build” coin). It is needed to pay for gas fees for all transactions on Binance Chain network, and also for governance of the chain.