Mumbai: Binance Smart Chain (BSC), the community-driven, open-sourced and decentralised blockchain ecosystem has announced its rebranding to BNB chain. This move is to spotlight its connection with the BNB token, the decentralised evolution of the BNB ecosystem, and showcase how BNB has transcended Binance in terms of its use cases, said the statement.

With this name change, the brand aims to have more advancements to benefit users, projects and developers connected to the BNB Chain community.  

BNB, which stands for 'Build and Build' (formerly called Binance Coin), is the blockchain gas token that 'fuels' transactions on BNB Chain. BNB also acts as a governance token, as it is necessary to participate in BNB Chain’s decentralised on-chain governance.

BNB Chain is comprised of BNB Beacon Chain (previously Binance Chain) and BNB Smart Chain (BSC) (Previously Binance Smart Chain).

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

Through MetaFi, the BNB Chain community will aim to build the infrastructure that powers the world’s parallel virtual ecosystem. ('Meta' for metadata, and 'Fi' for DeFi), is a concept that provides advanced and sophisticated DeFi infrastructure to all the different types of projects such as metaverse, GameFi, SocialFi, Web3, and NFTs and puts them under one umbrella – MetaFi.

MetaFi is a future all-encompassing ecosystem that promises to deliver a paradigm shift that will enable seamless interoperability between different projects and blockchains, according to the brand. The combination of these different blockchain projects enables a full-fledged parallel ecosystem serving users from around the globe. 

Through the concept of MetaFi, BNB Chain aims to build the infrastructure to bring the parallel virtual ecosystem to life, it further said.