Decentralized blockchain ecosystem Binance Smart Chain (BSC) today announced that it is adopting a new name, BNB Chain, to reflect its association with the ecosystem’s native token, Binance Coin (BNB).
According to the release, BNB now stands for “Build and Build” rather than being short for Binance Coin. The BNB-based BNB network will introduce enhanced capabilities and focus on building the Web3 infrastructure.
Under the new name BNB Chain, the part of Binance Chain’s network management where staking and voting takes place has become BNB Beacon Chain. On the other hand, the EVM-compatible and multi-chain-enabled Binance Smart Chain is simply called BNB Smart Chain, or BSC for short.
The BNB Network will bring all of its Web3 developments under the MetaFi umbrella, which will bring together developers and projects from the metaverse, as well as GameFi and SocialFi. The BNB network will provide large-scale applications and developer tools, and will expand the set of validators from 21 to 41 with a focus on scalability.
Related: Binance invests $200M in Forbes to boost consumer knowledge of Bitcoin
Cointelegraph reached out to Binance for more information and this article will be updated with the answer.
Binance Smart Chain was launched in September 2020 as an alternative to the Ethereum blockchain and mimicked the platform with lower transaction costs and processing times. In a short span of time, BSC has become a popular choice for DeFi developers and NFT projects due to its ease of operation, interoperability, and low cost. The rebrand is part of the next leg of the journey that will bring DeFi and VR together in the metaverse.
Decentralized blockchain ecosystem Binance Smart Chain (BSC) today announced that it is adopting a new name, BNB Chain, to reflect its association with the ecosystem’s native token, Binance Coin (BNB).
According to the release, BNB now stands for “Build and Build” rather than being short for Binance Coin. The BNB-based BNB network will introduce enhanced capabilities and focus on building the Web3 infrastructure.
Under the new name BNB Chain, the part of Binance Chain’s network management where staking and voting takes place has become BNB Beacon Chain. On the other hand, the EVM-compatible and multi-chain-enabled Binance Smart Chain is simply called BNB Smart Chain, or BSC for short.
The BNB Network will bring all of its Web3 developments under the MetaFi umbrella, which will bring together developers and projects from the metaverse, as well as GameFi and SocialFi. The BNB network will provide large-scale applications and developer tools, and will expand the set of validators from 21 to 41 with a focus on scalability.
Related: Binance invests $200M in Forbes to boost consumer knowledge of Bitcoin
Cointelegraph reached out to Binance for more information and this article will be updated with the answer.
Binance Smart Chain was launched in September 2020 as an alternative to the Ethereum blockchain and mimicked the platform with lower transaction costs and processing times. In a short span of time, BSC has become a popular choice for DeFi developers and NFT projects due to its ease of operation, interoperability, and low cost. The rebrand is part of the next leg of the journey that will bring DeFi and VR together in the metaverse.
