Binance Smart Chain renames itself BNB Chain
Crypto exchange Binance has announced that it has renamed its blockchain ecosystem Binance Smart Chain to BNB Chain.
Binance removes its name from its blockchain
The blockchain ecosystem, previously known as Binance Smart Chain, has now been renamed BNB Chain, and the token BNB, formerly known as Binance Coin, has now been renamed Build and Build. The announcement comes a week after Binance CEO Changpeng "CZ" Zhao tweeted that BNB stands for "Build'N Build," meaning build the community and let the community build.Removing the Binance name will give BNB Chain "more opportunities and freedom to seek innovations," the company said. BNB Chain will also become multi-chain, it added. Along with the name change, Binance has also developed a new concept called MetaFi - a combination of meta (metadata) and Fi (DeFi). With MetaFi, the BNB Chain community aims to build infrastructure for various projects, including GameFi, SocialFi, Web3, and NFTs, under one roof.
BNB chain has often been criticized for its centralization
Binance has invested more than $1 billion in supporting the BSC ecosystem, which competes with the Ethereum network and other Layer 1 blockchains. However, over time, the network has been criticized for being too centralized, with many exploits and scams taking place in the ecosystem. One of the most notable exploits was Bunny Finance, which was exploited multiple times. In response to these concerns, BNB Chain will also increase the number of validators on BSC from 21 to 41, but it remains to be seen whether this will convince critics to use it.The BNB Chain will be made up of two parts: BNB Beacon Chain, previously Binance Chain, and BNB Smart Chain, formerly BSC. BSC is compatible with Ethereum’s virtual machine, where smart contracts are executed, and serves as a hub to access other blockchains.
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