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The Binance Smart Chain is now called the BNB Chain. Before, it was called the BSC. The Binance cryptocurrency exchange’s BSC layer-1 blockchain recently said that the Binance Smart Chain and the Binance Chain would be combined to make the BNB Chain. Binance’s layer-1 blockchain also called the base blockchain, is being relaunched as part of a plan to connect it to the protocol’s governance token, BNB, so that decentralization can be improved and built upon.
Changpeng Zhao tweeted the news. He started Binance and is now the CEO of the company. He said the network would be a big part of the latest Web3 project in Kazakhstan. Have you ever wondered how Bitcoin or the idea of money originated? Everything about their creation and operation is explained by this.
In a tweet, the founder of Binance said that the National Bank of Kazakhstan would add the digital tenge to the BNB Chain (NBK). The NBK is the digital currency used by the country’s central bank (CBDC). The BNB Chain, which is a blockchain, is what makes the Binance network work.
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The NBK started a pilot program for CBDC that local businesses and customers participated in. Zhao said he was happy about the bank finding more ways to “bridge the gap between traditional banking and the crypto ecosystem.”
The network is making many changes like this one as part of its plan to get more people in Kazakhstan to use cryptocurrencies. Binance got a license to work as a service provider for digital assets in Kazakhstan in August of this year. This was done because it was right.
A little more than a month and a half later, on October 6, the Kazakh Financial Services Authority gave Binance a permanent license to offer custody services and other services related to digital assets. Around the same time, Binance and the local government signed a deal to help fight financial crime.
Kazakhstan is taking part in a pilot program for CBDC. This is one of the recent things it has done related to cryptocurrencies. Kassym-Jomart Tokayev, the president of Kazakhstan, said on September 28 that the country is getting closer to turning cryptocurrencies into cash and giving them full legal recognition. This was said after the summer when the country changed how it taxes crypto mining.
What is this Binance Smart Chain thing all about?
Binance Chain is the name of the first blockchain that the company tried to make. But some problems made it hard to program. By making the Binance Smart Chain, all of these problems were fixed. Binance Smart Chain is the name of the blockchain network that was made so that apps that use smart contracts can use it.
Users can get the best of both worlds because Binance’s native Binance Chain and BSC are working simultaneously. Binance’s blockchain, called Binance Chain, can handle many transactions at once. BSC has also made the Ethereum Virtual Machine, which lets it run apps built on the Ethereum platform.
The goal of the platform was to make it easier for developers to create decentralized apps (DApps) and help users manage their digital assets across multiple blockchains in a fast and reliable way. We already knew that BSC would become a group of restaurants called BNB. Read on how the Binance Smart Chain has changed over time.
An intelligent Chain was necessary for the Binance exchange
Binance and BNB started doing business in 2017, and BSC came out in 2018. At the same time, both BSC and Binance became more well-known. The DeFi movement started to grow around the same time that BSC did.
Binance says that the BNB coin has grown steadily since it was first made available. It was first added to the Ethereum network as an ERC-20 token in 2017. By 2019, it had moved to the Binance Chain and was helping to build the BSC network, which will launch officially in September 2020.
Because the token did well on BSC, Binance now thinks of BNB as the token for a more extensive ecosystem that includes both BSC and the Binance Chain. The extensive cryptocurrency exchange is doing this as part of its plan to compete with Binance. All other tokens on the BNB Chain have been replaced by the BNB coin.
Cover photo by Snowscat on Unsplash
DISCLAIMER: This article is sponsored and does not substitute for professional advice or help. Any action you take upon the information presented in this article is strictly at your own risk and responsibility.
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