Farewell Binance Smart Chain, Welcome Binance Chain
In an announcement published on Tuesday, the largest crypto exchange revealed that it had rebranded the two blockchains in its network to one name: BNB Chain.
BNB, known as the abbreviation of Binance Coin, the exchange’s native cryptocurrency now stands for ” Build and Build ” and will play an important role in the branding of the blockchain.
According to the press release, it is not just a simple rebranding but a clear desire to move towards web 3, the evolutionary version of internet 2.0
BNB Chain: A Makeover For A Consolidated Blockchain
The new name of the Binance blockchain is known as “ “BNB Chain.” A blockchain that results from the juxtaposition of Binance Smart Chain (BSC) and Binance Beacon Chain formerly known as Finance Chain.
Binance Smart Chain, a blockchain compatible with the Ethereum Virtual Machine (EVM) was created in September 2020 to offer a more scalable alternative network to that of Ethereum which is experiencing congestion problems. The BSC serves as a hub for other blockchains; that’s why it is considered as a multi-chain application
For its part, Binance Chain was the blockchain where the staking and voting process took place in the Binance ecosystem. It was commonly called: “ the chain of governance ”.
The consolidated blockchain will benefit from the mega funding plan put in place by the exchange to expand and improve its ecosystem. This is what Samy Karim, the coordinator of the BNB Chain ecosystem told Cointelegraph. He said in the newspaper columns:
“The BNB Channel community will benefit from the previously launched $1 billion fund and receive financial and operational support, as well as an introduction to leading industry experts, mentors and investors. The ecosystem will bring a range of these programs, from live mentoring events and workshops to hackathons and in-person meetings. “
Embrace The Web 3
BNB Chain is not just about a name change but also a web 3.0 oriented emphasis under the MetaFi hat. This neologism coined by Binance as part of its rebranding is an amalgamation of two words “Meta” for a meta ecosystem and “Fi” for decentralized finance (DeFi). It includes applications from GameFi, SocialFi, the Metaverse and non-fungible tokens (NFTs).
Moreover Samy Karim reported that the number of validators in the ecosystem will increase from 21 to 41 in order to emphasize scalability. This should further prompt the promotion of mass adoption of the metaverse.
The goal of MetaFi is to build and encourage new ecosystems with a wide range of functionalities, based on digital assets that promote mass adoption of the metaverse and also offer users and actors new cases of use. The combination of these different blockchain projects creates a full-fledged parallel ecosystem serving users around the world.
In any case, we hope that this rebranding will relaunch the Binance blockchain because during the month of December, it was supplanted by Terra in second place of the ecosystems with the largest total locked values.