Introduction
BNB Chain is a decentralized blockchain ecosystem focused on the Web3 economy, infrastructure, and services. It provides users with a range of advanced tools and features to explore the decentralized finance (DeFi) space and enables developers to create large-scale decentralized applications (DApps).

A Brief History of BNB Chain
BNB Chain (originally Binance Chain) was created in 2019. At that time, the utility token BNB, launched in 2017, migrated from the Ethereum network to BNB Chain and became the native token of the network. The predecessor of BNB Chain is what we now call the BNB Beacon Chain.

In 2020, BNB Smart Chain (BSC) (originally Binance Smart Chain) was launched as a new blockchain running in parallel with the BNB Beacon Chain. BSC introduced new features and enhanced flexibility through EVM-compatible smart contracts, leading to an explosion of DApps and services.

BNB Beacon Chain vs. BNB Smart Chain
In 2022, both the BNB Beacon Chain and BNB Smart Chain (BSC) were integrated into the BNB Chain ecosystem. However, these two blockchains continue to operate independently, serving different purposes.

• BNB Beacon Chain: Functions as a governance layer for staking and voting, using the BEP-2 token standard.

• BNB Smart Chain (BSC): Serves as an EVM-compatible layer, offering DApps, DeFi services, consensus mechanisms, multi-chain support, and other Web3 applications. BSC primarily uses the BEP-20 token standard.

Since then, the BNB Chain ecosystem has introduced additional products such as BNB Greenfield and the opBNB Layer 2 solution, which will be discussed in detail later.

Binance Does Not Own or Control BNB Chain
Binance has no control over BNB Chain, which may confuse some people since BNB Chain originated from Binance Chain and Binance Smart Chain. Some mistakenly believe that BNB Chain is another product of Binance, but this is not the case—BNB Chain is decentralized in nature.

Binance’s centralized structure primarily serves the Web3 space. Although the concept of BNB Chain was initially proposed by Binance and continues to receive its support, Binance is committed to making the chain a decentralized, independent network. BNB Chain operates in a community-driven manner, allowing anyone to become a network validator by staking BNB.

BNB Chain Fusion
In December 2023, the BNB Chain team announced the discontinuation of the BNB Beacon Chain, with its functionalities migrating to the BNB Smart Chain network.
The migration is expected to occur in multiple phases, starting in April 2024 and concluding in June 2024. For more details, please refer to the BNB Chain Fusion Roadmap.

By now, you should have a solid understanding of BNB Chain’s origins and development trajectory. Next, we will explore how BNB Chain operates and its key products and features. Please note that the information provided here may change, especially after the upcoming implementation of BNB Chain Fusion.

BNB Chain Scaling Solutions and Decentralized Storage
Since its launch, BNB Chain has expanded into a multi-chain framework, now encompassing various services such as the Layer 2 scaling solution opBNB and the decentralized storage chain BNB Greenfield.

opBNB
opBNB is a Layer 2 scaling solution designed to enhance the performance of BNB Smart Chain using the Optimism OP Stack. It offers high throughput, low transaction fees, and exceptional transaction processing efficiency, making it suitable for large-scale Web3 applications.

• Scalability: As a Layer 2 scaling solution, opBNB reduces the transaction processing and resource burden on BNB Smart Chain. Its scalability surpasses Layer 1 limitations, achieving over 4,000 transactions per second (TPS).

• Gas Fee Efficiency: opBNB maintains an average gas fee as low as $0.001, providing cost-effective transactions and high throughput, significantly improving user experience.

BNB Greenfield
The BNB Greenfield ecosystem consists of a storage-focused blockchain, BNB Greenfield, and a decentralized storage provider (SP) network.

BNB Greenfield is a blockchain network layer built on Cosmos/Tendermint infrastructure. It utilizes the Tendermint consensus mechanism and a Proof-of-Stake (PoS) model to ensure network security. Validators play a crucial role in achieving consensus and participating in network governance.

SPs are infrastructure providers responsible for handling user requests to upload and download data. SPs act as gatekeepers for user permissions and identity authentication.

Users submit data storage requests on Greenfield, while storage providers (SPs) maintain off-chain data. To ensure data integrity, users can perform proof-of-challenge verification on BNB Greenfield.

Developers can build DApps on the BNB Greenfield platform, connecting with BNB Chain to lay the foundation for a new data economy in the Web3 era.

Conclusion
Since its launch in 2017, BNB Chain has undergone significant transformations, evolving from its early iteration into a vast DeFi ecosystem comprising thousands of services, products, DApps, and decentralized organizations. As a dominant force in the Web3 space, BNB Chain provides users, developers, and enterprises with a powerful platform for innovation and growth.