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The new brand, meaning Build and Build (BNB), will consist of BNB Beacon Chain (previously known as Binance Chain) and BNB Smart Chain (previously BSC), explained the exchange.
- Upon launching Binance Smart Chain during the DeFi boom in 2020, the worldās leading crypto exchange faced criticism over developing a decentralized ecosystem that was actually too centralized.
- To address this issue, the company has now decided to make several changes. Aside from the aforementioned rebranding, the exchange wants to place its token at the heart of the initiatives.
- The company described BNB as āmore than just Binanceā at it has āits own living, breathing ecosystem, together with BSC.ā The firmās vision is that āone day everyone will own BNB, and thatās why itās necessary to set it free.ā
- BNB Chain will aim to provide several features for users, including being open, multi-chain, permissionless, and āforever decentralized.ā It will also āembrace large-scale applications, including GameFi, SocialFi, and the Metaverse.ā
- Quickly after its launch, BSC gained a lot of traction as network transactions were faster and cheaper than most competitors. However, that also attracted a large number of fraudulent projects.
- Recent estimations from the blockchain security company Peckshield determined that thereāre more than 50 potentially dubious projects on BSC.
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