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Binance Smart Chain becomes BNB Chain

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Binance Smart Chain (BSC), a decentralised blockchain ecosystem, has changed its name to BNB Chain to reflect its relationship with the ecosystem’s native asset, Binance Coin (BNB).

BNB stands for “Build and Build” rather than “Binance Coin,” according to the press release. The BNB Chain, which powered by BNB, would bring new features and emphasis on Web3 infrastructure development.

The exchange’s chain, which is where staking and voting takes place, has been renamed BNB Beacon Chain under the newly-named BNB Chain umbrella. The EVM-compatible, multichain-supporting Binance Smart Chain, on the other hand, is referred to simply as BNB Smart Chain, or BSC.

The BNB Chain will consolidate all of its Web3 work under the MetaFi banner. Which will include GameFi and SocialFi, as well as developers and projects from the metaverse. With a focus on scalability, the BNB Chain would deliver large-scale applications and development tools. While also expanding the validator set from 21 to 41.

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Binance Smart Chain released in September 2020 as a blockchain alternative to Ethereum. That operated similarly to Ethereum but with lower transaction fees and processing times. Because of its ease of use, interoperability, and low cost, BSC has quickly become a favourite choice for DeFi developers. As well as NFT projects. The rebranding is a precursor to the metaverse’s next phase, which will integrate DeFi with virtual reality.

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