Why, why, why?
I simply got tired of meaningless color names like Harlequin, Dizzy Lizzy and Popstar.
The chart is based on the RGB color space and has a reasonable number of named hues (48) with a limited number of variations (max. 22).
Names for whiteish, grayish, and blackish variations are only defined for every 60 degree hue, as it would produce many names with very little (or no) variation to do otherwise.
The same goes for very pale and other low saturated variations. These variations are named for every 15 degrees of hue only, all other variations are named for every 7.5 deg. This leaves us with 48 (divisible by: 2, 3, 4, 6, 8, 12, 16 and 24) hue variations.
Pure gray variations are not provided with a specific name, as a percentage of black/gray/white is a precise and meaningful reference.
The second edition of this chart (bang-v2) was published in 2007 and has been used in various applications since then.