The BNB Chain team announced today, October 16, that it has scheduled the closure of BNB Beacon Chain validators for mid-November. When that move is complete, the functionalities of this network will be incorporated into those of the BNB Smart Chain (BSC), as part of the BNB initiative Chain Fusion
From BNB Chain they notified that, to avoid losses, users must migrate your tokens BEP-2 and BEP-8 from the BNB Beacon Chain to the BNB Smart Chain.
These transfers can be made from exchanges centralized (CEX) or decentralized (DEX) and also from walletsaccording to the advertisement.
The tokens BEP-2 and BEP-8 are technical standards used to create and issue tokens on the Binance network, BNB Beacon Chain. These standards define a set of rules that tokens must follow to function correctly on this network.
Once on the BNB Smart Chain, will be converted to tokens BEP-20which is the most used standard today and offers greater functionality and compatibility with more platforms.
The Binance ecosystem will have a single network
Under the initiative to merge these two networks, BNB Chain explained that the objective is to form a single network that integrates all the functionalities.
The main function of BNB Beacon Chain is the issuance and trading of tokens. In addition to this, it is responsible for the governance of the ecosystem, allowing users to participate in the staking and in the voting processesusing the standard token BEP-2.
Since it does not support smart contracts, this could have contributed to its integration with the BNB Smart Chain.
Furthermore, the BNB Beacon Chain operates on the exchange decentralized Binance DEX.
On the other hand, the BNB Smart Chain (BSC) is the layer compatible with the Ethereum Virtual Machine (EVM) and is designed to support smart contracts and decentralized applications (dApps), services DeFiconsensus mechanisms, multi-chain support and various applications Web3. In this chain, the main token standard is BEP-20.
The BNB Chain team announced at the end of 2023 a restructuring of its network, which involves the migration of utilities from BNB Beacon Chain to BNB Smart Chain. This integration will be completed by the end of 2024, according to the roadmap from BNB Chain.
In 2022, BNB Beacon Chain and BNB Smart Chain, the networks created by the exchange largest cryptocurrency exchange in the world, joined the BNB Chain ecosystem. Nevertheless, operate separately. BNB Beacon Chain was created in 2019 and BSC in 2020.
It should also be noted that BNB Smart Chain was created by Binance, but is not managed by the exchange. But, being a decentralized network, its governance is directed by its community.
