Binance exchange announced a major network change. Crypto community has enthusiastically welcomed Binance’s announcement. But despite this, in terms of decentralization (the main criticism around the BSC) nothing has changed.
According to the exchange’s announcement, the two blockchain networks launched by Binance, Binance Chain and Binance Smart Chain will be merged into a single network called BNB Chain.
The purpose of this, according to Binance, is to boost the use of BNB and focus on MetaFi. The company defines MetaFi as a concept that provides advanced and sophisticated DeFi infrastructure for all different types of projects such as Metaverse, GameFi, SocialFi, Web3 and NFTs.
“MetaFi is a comprehensive future ecosystem that promises to deliver a paradigm shift that will enable seamless interoperability between different projects and blockchains,” the company highlighted.
Furthermore, Binance said that BNB has much more potential than Binance as a company. Thus, the new network will have the opportunity for more freedom and innovation.
With the change and union of networks there will also be a new set of validators. After all, BNB Chain is based on PoS (Proof-of-stake). There will now be 41 validators in the new network.
“These advancements will enable BNB Chain to serve large-scale applications such as blockchain gaming, SocialFi and the metaverse and improve the community experience. It will also give rise to a new paradigm shift called MetaFi,” Binance said.