Key facts:
Blockchain will increase its presence in finance in gaming and the metaverse.
Social platforms, NFT and web3 are other central focuses of the new project.
The renowned cryptocurrency exchange Binance has decided to withdraw its name from the blockchain it develops. Thus, the network will go from being called Binance Smart Chain to BNB Chain.
As reported by the organization in a publication on Twitter, BNB Chain is “a new blockchain ecosystem designed for the age of MetaFi (possibly a combination of metaverse and decentralized finance), powered by the BNB token.” BNB is Binance’s cryptocurrency, which quote at USD 437 at the time of writing this article and is the fourth with the largest market capitalization, behind bitcoin (BTC), ether (ETH) and tether (USDT).
This token was previously known as Binance Coin, although now it has been “renamed”, just like the network on which it was created. Its new name is Build and build (“build and build”).
The official explanation given by Binance to the portal The Block It has to do with a change of approach that the company intends. “Over the years, we realized that BNB has evolved into something beyond Binance,” said Samy Karim, coordinator of the BNB Chain ecosystem. That ecosystem, he assured, transcends Binance and is bigger than the exchange. in terms of use cases.
With this change, the company wants its blockchain “to have more opportunities and freedom to seek innovations.” In addition, Binance reported that it plans for BNB Chain to become a “multi-chain”, that is, to include others as is the case with Ethereum and its sidechains (Polygon, for example).
That, together with the increase from 21 to 41 validators, is the step that the company believes is necessary for BNB Chain provides real scalability alternatives for applications in GameFi (video game finance), SocialFi (social platform finance) and in the metaverse. Also non-fungible tokens (NFT) and web3 projects will be included under the concept called MetaFi.
Binance strives to improve its blockchain
This rebranding of the Binance network joins other company efforts to make it safer and more efficient. In October 2021, CritpoNoticias reported on a millionaire investment by the firm to “strengthen” its blockchain.
A month later, in November, the Bruno update arrived. Its main objective was to establish a new method of rewards based on the burning of tokens, which would allow preserving and even raising the market value of the BNB token by promoting its scarcity.