Binomial Nomenclature. The present system of binomial nomenclature identifies each species by a scientific name of two words, Latin in form and usually derived from Greek or Latin roots.The first name (capitalized) is the genus of the organism, the second (not capitalized) is its species.inomial Nomenclature. The present system of binomial nomenclature identifies each species by a scientific name of two words, Latin in form and usually derived from Greek or Latin roots.