Binance explained that its new brand BNB (Not the digital currency BNB but the new name of the Unified Binance Blockchain), which means BbuildingnDr Build, it will comprise and unite the regular Binance blockchain also known as “BNB Beacon Chain” and the “BNB Smart Chain” (previously abbreviated as BSC).

Upon launching the Binance Smart Chain during the DeFi boom of 2020, the world’s leading cryptocurrency exchange faced criticism over the development of a decentralized ecosystem that was in fact highly centralized.

To address this issue, the company has now decided to make several changes.

Regardless of the aforementioned rebranding, Binance wants to put its BNB token at the center of these initiatives.

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Describing BNB as more than just a Binance blockchain, the company told Binance that one day everyone will own BNB, which is why it is necessary to release it for free. The statement also stated:

BNB aims to provide many features to users, including being open, multi-network, and forever decentralized.

It will also include large-scale applications, including “GameFi”, “SocialFi” and “Metaverse”.

After its rapid launch, the Binance Smart Blockchain “BSC” gained a lot of momentum as network transactions were faster and cheaper than most competitors, but it also attracted many fraudulent projects.

Recent estimates from blockchain security firm Peckshield indicate that there are more than 50 questionable projects on the BSC blockchain.

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