TL;DR Breakdown
- As of today, Binance Chain and Binance Smart Chain (BSC) will be renamed to BNB Chain.
- The acronym BNB has been changed to “Build and Build” rather than short for Binance Coin.
Binance, a cryptocurrency exchange, announced the development of Binance Smart Chain as an Ethereum clone in September 2020. It followed the platform’s architecture with a reduced transaction cost and processing time.
BNB Chain rollout
Binance has renamed its blockchain ecosystem. The company’s decision suggests that it does not want to link to the blockchain and its coin directly. During the latter’s peak of network congestion and gas fee problems, the Binance Smart Chain became quite popular as an Ethereum substitute.
The Binance Smart Chain blockchain ecosystem has been renamed the BNB Chain. In addition, the token formerly known as the Binance coin has now been rechristened “Build and Build.”
BSC has quickly established itself as a popular choice for DeFi developers and NFT projects owing to its simplicity of use, interoperability, and low pricing. The rebranding is part of the next stage in the journey, which will use DeFi and virtual reality to combine the metaverse.
The Binance Chain (BNB) ecosystem is larger than Binance and has surpassed it in terms of practical applications. The BNB Chain will utilize advanced capabilities and focus on expanding Web3 infrastructure.
The official news follows a week after Binance CEO CZ tweeted that BNB stood for “Build’N Build.” The renaming provides the cryptocurrency with more possibilities and flexibility. BNB Chain will also become a multi-chain, allowing it to operate on multiple blockchains.
New changes moving forward
The Binance Chain, which includes staking and voting, has been renamed BNB Beacon Chain under the new name BNB Chain. The Binance Smart Chain, on the other hand, is known as BSC.
The BNB Chain plans to incorporate all of its Web3 development under the MetaFi umbrella. MetaFi is a portmanteau of Meta (metadata) and Fi (DeFi). It aims to bring together metaverse developers and projects with GameFi and SocialFi. Alongside these improvements, it will also introduce significant applications and development tools while increasing the validation set from 21 to 41, focusing on scalability.
In 2021, the crypto exchange had taken serious blows, necessitating a long road to recovery. It recently acquired a $200 million investment in Forbes’ “business information brand.” The exchange’s plan to go public on the New York Stock Exchange included this stake.
Binance has continuously evolved and rebranded to stay on top of the crypto market. The integration of many different blockchain initiatives creates a multiverse-wide ecosystem that serves users from all over the world.
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