- BNB, formerly Binance Coin, now stands for “Build and Build” as a blockchain token for the BNB chain
- “Binance does not own the chain, it’s just a contributor in the community and will continue to do so, but the BNB chain runs completely on its own,” Zhao said.
Cryptocurrency exchange Binance has rebranded the blockchain that powers its platform in a bid to emphasize decentralization.
On the Move, Binance CEO Changpeng Zhao noted in a webinar on Tuesday that Binance Smart Chain (BSC) is now BNB Chain.
“People always think of Binance Smart Chain, because it has the word Binance, like something belonging to Binance,” Zhao said. “We’ve done a lot of work to decentralize it, and we also realize that BNB is beyond Binance. It’s bigger than Binance… BNB is its own living and breathing ecosystem with the BNB chain.
Meanwhile, the SEC is looking into the relationship between the US branch of Binance and two trading companies, Sigma Chain AG and Merit Peak Ltd., which have ties to Zhao, people familiar with the investigation. Recount The Wall Street Journal.
When the exchange’s blockchain was launched 18 months ago, its creators didn’t consider its Binance brand for what was then just an experiment, according to Samy Karim, who holds the title of coordinator of the BNB channel.
“When we started, we certainly didn’t expect BSC, now the BNB channel, to grow to where it is today,” Karim said. “It shows the true level of underserved demand, and this kind of infrastructure has really helped drive massive new user growth in decentralized apps that wasn’t really happening before.”
BNB, formerly Binance Coin, now stands for “Build and Build” as a blockchain token for the BNB chain.
The chain is a decentralized community blockchain powered by the token and consists of BNB Beacon Chain and BNB Smart Chain (BSC), which is compatible with the Ethereum Virtual Machine (EVM). On Tuesday, the total value locked (TVL) in BNB was 25 billion, according to BSCProject Data.
The rebranding is meant to emphasize its independence and downplay Binance’s role going forward, Zhao said.
“BSC, now BNB, was an experimental product that we initially contributed to and helped with initial funding, but now it’s community driven, open source and decentralized,” Zhao said. “Binance does not own the chain, it is just a contributor in the community and will continue to do so, but the BNB chain operates entirely on its own. It’s not run by us or anyone else,” he added.
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