Binance Smart Chain, a blockchain protocol of cryptocurrency exchange Binance, has rebranded to BNB Chain to expand and popularize the BNB token.
BNB Chain would comprise BNB Beacon Chain, formally known as Binance Chain, and BNB Smart Chain, previously called Binance Smart Chain. BNB stands for Build and Build.
BNB Chain network coordinator, Samy Karim, notes that the number of BSC validators will increase to 41 from 21. The additional validators would work as candidate block producers.
Karim adds that the increase in validators would enhance scaling and enable support for features like the metaverse.
Binance Smart Chain supports smart contracts and acts as a hub connected to other blockchains. The protocol is powered by the Ethereum virtual machine.
Binance has pledged more than $1 billion towards growing the BSC network despite criticism of being too centralized and increasing cases of exit scams.