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Developers of BNB Chain intend to discontinue the dual-chain network framework, merging Beacon Chain and BNB Smart Chain into a unified chain. Following the upgrade, token standards from Beacon Chain will no longer be supported.
As stated in a blog post on the BNB Chain website, the developers aim to integrate the Beacon Chain and BNB Smart Chain networks into a single BNB ecosystem in April of this year. In the interim, users are encouraged to convert BEP-2 and BEP-8 tokens to BEP-20.
This initiative aims to enhance the network’s efficiency, security, and asset utilization. The developers have referred to Beacon Chain as a hindrance due to the ongoing reliance on a bridge in the current dual-chain setup, which hampers development and exposes the network to security vulnerabilities.
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After the networks are consolidated, the BEP-2 and BEP-8 standards will no longer be supported. To prevent asset loss associated with these standards, conversion to the BEP-20 standard is necessary. Assets can be exchanged at a 1:1 ratio until the process is completed. Users who fail to convert their assets by the deadline will still have the chance to do so later, but the developers will not be accountable for their safety, recovery duration, or any potential issues. BNB Chain representatives have indicated that access to Beacon Chain will only be available via the command line, as the graphical interface will be discontinued.
Currently, BEP-2 tokens serve as gas fees for transactions within the ecosystem, while BEP-20 tokens possess smart contract functionality, akin to ERC-20 tokens on the Ethereum network.
Recently, Binance ceased support for all BUSD-based products and also published information regarding the platform’s accomplishments in 2023.
Сообщение BNB Chain Developers Will Stop Supporting Beacon Chain in April 2024 появились сначала на CoinsPaid Media.
