Cryptocurrency will support the upgrade and hard fork of the BNB beacon chain (BNB)

Coinan Smartchain (BSC) has been renamed to BNB Chain. BSC, the layer 1 blockchain of cryptocurrency exchange Coinan, has announced the merger of the Coinan Smart Chain with the Coinan Chain to form the BNB chain. Binance's layer 1 or base blockchain has been reactivated as part of a strategy to connect it to the protocol's governance token, BNB, in order to grow and evolve on a decentralized basis.

Binance has invested about $1 billion in the BSC ecosystem to compete with the ethereum network and other Layer 1 blockchain systems, a competition that will only intensify. The centralization of BSC has been criticized and this step aims to correct that.

BSC eco-passes

BNB is proposed to be set up as a pass-through BSC ecosystem for a variety of industries, including GameFi and irreplaceable token (NFT) businesses. This should make BNB even more important in the development of what Binance calls "MetaFi".