Binance gives ‘decentralized’ name to Binance Smart Chain, changes to BNB Chain
Binance, the world’s largest crypto exchange by trading volume, has changed its blockchain name from Binance Smart Chain to BNB Chain in an attempt to exhibit decentralization efforts.
With the latest move, Binance Chain and Binance Smart Chain both will be collectively called BNB Chain. Binance’s native token BNB, which was previously referred to as Binance Coin, will now stand for Build and Build.
Making some substantial changes in its blockchain ecosystem, Binance Chain, the original public blockchain of Binance, will now be called BNB Beacon Chain, and Binance Smart Chain will now be referred to as BNB Smart Chain.
Both the chains offer different functionalities, such as the BNB Beacon Chain enabling staking and voting whereas BNB Smart Chain provides EVM compatibility, consensus layers, and access to multi-chains.
Along with rebranding its blockchain, Binance has also coined a new term called ‘MetaFi’ which is an amalgamation of metadata and DeFi. With this, the crypto platform seeks to build an infrastructure that powers various projects in the field of GameFi, SocialFi, the Metaverse, and the overall virtual economy.
Binance founder and CEO Changpeng Zhao commented on the latest developments in a webinar held Tuesday. He said:
“People always think of Binance Smart Chain, because it carries the Binance word, as something owned by Binance. We’ve done a lot of work to decentralize it, and we also realize BNB is beyond Binance. It’s bigger than Binance…BNB is its own living, breathing ecosystem with the BNB Chain.”
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