What the Bible says about Jacob as "supplanter"
(From Forerunner Commentary)
When Joseph was promoted, the king gave him a new name. Biblically, a new name usually indicates a significant change of relationship with God. Clear examples are Jacob ("supplanter"), whose name God changed to Israel ("God prevails"), and Saul ("desired"), who became Paul ("little").
Joseph's new name is so difficult to translate that scholars have suggested a number of variations. The most common variations of Zaphnath-Paaneah are "says the God, he will live"; "the God spoke and he came to life"; or "the Living One has spoken." A secondary group of variations are "preserver of the age"; "revealer of the secret"; "abundance of life"; or "sustainer of life." Unger's Bible Dictionary defines it as "savior of the world."
Regardless of how it would most accurately translate into modern English, enough of its meaning is available to see its sense. The circumstance forced the pagan Egyptians to admit before all mankind for all time that a miracle had occurred in their presence—from a God they did not even know—through a humble but very capable Hebrew prisoner.
John W. Ritenbaugh
God's Promises Are Sure!
In our culture, one's name means little, most often merely as a way of identifying and distinguishing people. We can glimpse how significant it was to people in biblical times when we realize that we link reputation or prestige to a person's name. We use phrases like “he ruined the family name” or “his name is mud” to express that someone is of low repute or character.
An individual's name meant far more than that in ancient times. Then, a person and his or her name were bound together, the name representing the person's essence. In the Old Testament, certain persons' names defined them. For example, Jacob means “heel-catcher,” characterizing his underhanded, deceptive nature, but God renames him Israel, “one who prevails with God,” after his conversion. Christ Himself is named Jesus, “Savior.” God's names likewise identify His character traits: He is Eternal, Creator, Almighty, our Banner, our Healer, our Sanctifier, our Peace, our Righteousness, our Shepherd, our Master, etc.
Thus, the request in Matthew 6:9—and God's command in the third commandment (Exodus 20:7)—means more than just how we use or pronounce God's names. It implies that we revere what God's names stand for. He desires that we regard His names and thus Him and His character reverently, taking the pursuit of Him and His way of life seriously as a matter of profound aspiration.
Richard T. Ritenbaugh
The Model Prayer (Part Three): Hallowed Be Your Name