In addition, Binance also changed its native token name, BNB, formerly the Binance coin, to Build and Build. The move is a sign that Binance wants to disassociate directly from the network and allow it to develop on its own.
Binance Smart Chain now BNB Chain
According to BNB Chain ecosystem coordinator Samy Karim, the BNB ecosystem and use cases now exceed the parent company, Binance.
He further added that BNB has always meant Build and Build, pointing out that Binance founder and CEO has said this multiple times in the past:
In his words, “Over the years, we’ve realized that BNB has evolved into something beyond Binance, and in fact, BNB means Build and Build (not Binance Coin), it’s something CZ has tweeted before. The BNB ecosystem is bigger than Binance and has transcended Binance in terms of its use cases.”
A week ago, Changpeng Zhao tweeted that BNB stands for “Build’N Build,” which means Build the community and let the community also build.
#BNB stands for:
Build the community, aNd let the community Build.
Build'N Build. https://t.co/1QuK5rLxM6
— CZ 🔶 Binance (@cz_binance) February 9, 2021
By removing Binance from the chain, it is believed that this would help it facilitate more opportunities and provide additional freedom for innovation.
BNB Chain to Become More Decentralized
Changing the name also means that the network is set to scale. As Karim pointed out, the BNB Chain will be home to large-scale applications within the SocialFi, GameFi, and Metaverse space.
It’ll also set the stage for it becoming multichain, and the validators will now increase to 41 from the current 21.
The rebranding might be very beneficial to the network and could encourage more growth now that it’s not directly linked to Binance. Binance Smart Chain has been criticized on multiple occasions for being too centralized, leading to several exploits on the network.
With the rebranding, which also includes plans to increase the number of validators, the network will become more decentralized.
Binance also coined the MetaFi concept to describe what the BNB Chain ecosystem could provide. The word combines Metadata and DeFi and simplifies the BNB Chain community goal to have the infrastructure for projects on one network.
As of press time, the BNB is currently the fourth largest crypto asset by market cap, and its value has risen by 0.5% within the last 24 hours to $432. This price movement has likely been swayed by the general market sentiments, which have added 1.5% to the overall market cap of the industry.
This article was originally posted on FX Empire