Key Takeaways:
- Binance Smart Chain rebranded its base blockchain ecosystem to BNB Chain.
- Their token which was earlier called the Binance coin–has now become BNB, the acronym for “Build and Build”.
Crypto exchange Binance has, in an unprecedented move, rebranded its base blockchain ecosystem to BNB Chain which was previously known as the Binance Smart Chain. Alongside this, their token which was earlier called the Binance coin–has now become BNB, the acronym for “Build and Build”.
The decisive move has been attributed to the group’s aspirations of expansion and market takeover. It also calls our attention to the company’s motives of not being directly associated with the blockchain and their token. This was initially sparked by Binance CEO Changpenf “CZ” Zhao as he tweeted that BNB stands for “Build’N Build” which further stands for build the community and let the community build.
A week later, it was ascertained by BNB Chain ecosystem coordinator, Samy Karim as he officially announced to The Block that “Over the years, we’ve realized that BNB has evolved into something beyond Binance and in fact, BNB means Build and Build (not Binance Coin), it’s something CZ has tweeted before”. Adding onto that, he said, “The BNB ecosystem is bigger than Binance, and has transcended Binance in terms of its use cases.”
The company took to its website to announce its decision, “BNB is more than just Binance. BNB has its own living, breathing ecosystem, together with BSC. The vision is that one day everyone will own BNB, and that’s why it’s necessary to set it free. For BNB to reach its true potential, Binance and BSC must set sail on different courses. From today, Binance Chain and Binance Smart Chain (BSC) become BNB Chain.”
Binance also introduced this new concept of MetaFi which on the breakdown, is composed of two words–Meta for metadata and Fi for DeFi. Elaborating on the company’s future agenda, Karim further said “BNB Chain will embrace large-scale applications, including GameFi, SocialFi and the Metaverse. In particular, scaling from one chain to multi-chain, improving scaling solutions and expanding the validator set of BSC from 21 to 41 (with 20 validators functioning as candidate block producers)”.
This marks the further division of the BNB chain into BNB Beacon Chain (formerly known Binance Chain) and BNB Smart Chain (previously BSC). The ecosystem BSC which is compatible with the Ethereum Virtual Machine (EVM) and functions as a ground for smart contracts, will be undergoing a major revamp as Binance has allotted over $1 billion to strengthen its existing ecosystem so that it can rise above its contemporary layer 1 blockchains, especially the Ethereum network. The BNB Chain will also increase the number of the validators that are there on BSC– from 21 to 41, as said by Karim.
