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Binance Smart Chain changes name and introduces MetaFi concept

Binance announced a rebranding of its token and blockchain on Tuesday (15). According to a press release, the change reinforces the decentralized evolution of the ecosystem.

Binance Smart Chain changes name and introduces MetaFi concept

Binance Smart Chain changes name and introduces MetaFi concept

BNB, formerly known as Binance Coin, is renamed “Build and Build” and represents the “fuel” token for transactions on the BNB Chain (formerly known as Binance Smart Chain).

The rebrand also includes the following name changes:

  • BNB Beacon Chain, formerly Binance Chain – governance of BNB Chain (staking, voting)
  • BNB Smart Chain (BSC), formerly Binance Smart Chain – supports Ethereum Virtual Machine (EVM), consensus layers and hubs for multichains.
  • In this way, no aspect of the BNB network bears the name of the Binance exchange anymore, which seeks to detach itself from the token, giving it more independence.

    “NB Chain will embrace large-scale applications, including GameFi, SocialFi and the Metaverse. In particular, Scaling from one chain to multi-chain , boosting the throughput of BSC, and expanding the BSC validator pool from 21 to 41 (with 20 validators functioning as candidate block producers).” said Samy Karim, ecosystem coordinator at BNB Chain.

    Binance also brought the concept of MetaFi, combining all the latest types of projects that have been gaining traction in the crypto world, such as Metaverse, DeFi, GameFi, Web3, NFT, and others.

    “The combination of these different blockchain projects enables a complete parallel economy serving users from all over the world. BNB Chain aims to build the infrastructure to bring the virtual shadow economy to life.”

    In this way, the BNB network aims to “promote new ecosystems, built on standardized metadata parameters, based on digital assets that enable mass adoption of the metaverse”.

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