Perhaps the largest cryptocurrency exchange, Binance, has rebranded its blockchain networks today. In an announcement made on Tuesday, Binance stated that both Binance Chain and Binance Smart Chain (or BSC), is to become unified into one ecosystem titled BNB Chain.
Quite important it is to note though, is that this new move removes the company’s very own name from its blockchain network, which has been critiqued in the past for being a bit more centralized compared to its competitors like Ethereum.
For the moment, Binance Chain and BSC are still two separate blockchains, with Binance Chain allowing more people to transact on Binance’s decentralized exchange, whereas BSC, which also contains smart contract functionality, is more suitable for building decentralized applications.
As of today though, both will most definitely be rebranded under one ecosystem, said Binance. BNB will consist now of the BNB Beacon Chain, previously known as Binance Chain, and BNB Smart Chain, they said.
“Following in the footsteps of many other community-supported projects, BNB has been on its own evolutionary journey towards greater innovation and decentralization, and BNB has transcended Binance in terms of its use cases,” Binance stated.
Binance’s plan is for the new single blockchain to allow for greater innovation, the exchange said. They hope to make BNB chain the place for all the hottest crypto trends right now, consisting of NFTs, DeFi, and of course, the Metaverse.
“Above all, BNB Chain remains a community-driven, open-sourced and decentralized ecosystem,” Binance stated. “The support of its community of users, developers, validators and delegators is vital to its health. With BNB Chain gaining major technical updates, it’s time for the community to take a flight towards MetaFi.”
Binance’s umbrella term, “MetaFi” is meant for all the latest tech projects: The metaverse, DeFi, GameFi, SocialFi, Web3 and last but not least, NFTs.
BNB Chain will also use Binance’s native token, Binance Coin, or BNB, to transact on the newer chain. It is, after all, an insanely popular cryptocurrency.