The new brand, meaning Build and Build (BNB), will consist of BNB Beacon Chain (previously known as Binance Chain) and BNB Smart Chain (previously BSC), explained the exchange.
- Upon launching Binance Smart Chain during the DeFi boom in 2020, the world’s leading crypto exchange faced criticism over developing a decentralized ecosystem that was actually too centralized.
- To address this issue, the company has now decided to make several changes. Aside from the aforementioned rebranding, the exchange wants to place its token at the heart of the initiatives.
- The company described BNB as “more than just Binance” at it has “its own living, breathing ecosystem, together with BSC.” The firm’s vision is that “one day everyone will own BNB, and that’s why it’s necessary to set it free.”
- BNB Chain will aim to provide several features for users, including being open, multi-chain, permissionless, and “forever decentralized.” It will also “embrace large-scale applications, including GameFi, SocialFi, and the Metaverse.”
- Quickly after its launch, BSC gained a lot of traction as network transactions were faster and cheaper than most competitors. However, that also attracted a large number of fraudulent projects.
- Recent estimations from the blockchain security company Peckshield determined that there’re more than 50 potentially dubious projects on BSC.