Cryptocurrency exchange Binance has changed the name of the Blockchain ecosystem. The reason for the name change is the company’s direct blockchain and token of the same name. BNB It is thought that he does not want to be associated with.
Binance Smart Chain and Binance Coin (BNB) Names No Longer Used
The blockchain ecosystem of the company, which was previously called Binance Smart Chain, will henceforth be called BNB Chain, and its token BNB, previously called Binance Coin, will be called “Build and Build”.
Samy Karim, the company’s BNB Chain ecosystem coordinator, said in his statements on the subject:
“Over the years we’ve noticed that BNB is now evolving beyond Binance. However, CZ also said in his previous tweet that BNB means ‘Build and Build’, not Binance Coin. The BNB ecosystem is bigger than Binance, and it has surpassed Binance in terms of usage areas.”
Cryptocurrency The official announcement of the exchange came a week after the company’s CEO, Changpeng “CZ” Zhao, tweeted. Zhao said in his statement that BNB stands for “Build’N Build”. For Zhao, this opening means building the community and allowing the community to build.
#BNB stands for:
Build the community, and let the community Build.
Build’N Build. https://t.co/1QuK5rLxM6— CZ 🔶 Binance (@cz_binance) February 9, 2021
The company said in its statement that the removal of the Binance name from BNB Chain will provide “more opportunities and more freedom to innovate” in the ecosystem. In addition, it was stated that BNB Chain will now become a multi-chain.
Company manager Karim continued his explanations as follows:
“BNB Chain will host large-scale applications. These include concepts such as GameFi, SocialFi and Metaverse. Especially with the transition from single chain to multichain, we will improve scaling solutions and increase the number of validators that BSC has from 21 to 41.”
Besides the name change, the cryptocurrency exchange also introduced a new concept called MetaFi. Together with MetaFi, the BNB Chain community will be able to create applications in the fields of GameFi, SocialFi, Web3 and NFT under one roof.