Binance Coin (BNB) - one of the 5 largest coins on the Crypto market. So what is Binance Coin?
Table of contents
- What is Binance Coin (BNB)?
- Highlights of Binance
- Details of BNB Coin (Binance Coin)
- How to earn and own BNB coin
- BNB Coin Exchange and Wallet
- BNB Chain project roadmap
- Team, investors and partners
Binance Coin is the native coin/native token of the Binance exchange. Binance Coin was released in 2017 through an ICO.
The three "skin changes" of Binance coin (BNB) are as follows:
- 2017-2019: BNB is an ERC-20 token, built on Ethereum. Binance Coin is used in the Binance and Binance Chain (BEP-2) ecosystem.
- From 2020 - early 2022: Binance Coin is moved to build on Binance Smart Chain (blockchain structured as EVM virtual machine).
- February 2022: Binance announces that it will launch a new blockchain called BNB Chain to focus on MetaFi development. BNB Coin (Binance Coin) is used as a gas fee in the system, the name BNB now means Build and Build.
Binance is an outstanding, large and diverse ecosystem of projects located in many different fields. The two main products of Binance are Binance exchange and Binance Smart Chain.
Binance Exchange (Binance Exchange)
Some functions of Binance exchange that users can learn and use: Spot, Margin (Leverage), Future (Derivative), P2P, Saving (Staking), Loans (Lending), Pay (Payment) , Stock (stock), Binance NFT (NFT Marketplace),...
Binance Smart Chain
Binance Smart Chain (BSC) is a decentralized project that allows anyone to develop products on its network. BSC is blockchain EVM - Ethereum Virtual Machine, so developers and users can easily transfer assets between BSC and Ethereum.
Currently, Binance Smart Chain has built itself a huge ecosystem with more than 450 projects in many different fields and attracted 11 billion USD of TVL at the time of writing:
- AMM Liquidity: Pancakeswap, Bakeryswap, Ellipsis Finance,...
- Lending: Venus, Alpha Finance, Alpaca Finance,...
- Launchpad: Pancakeswap, Polkastarter, KickPad,...
- Yield Aggregator: Beefy Finance, PancakeBunny, Autofarm,...
- NFT: Bakeryswap, Dego Finance, Treasureland,...
3.Details of BNB Coin (Binance Coin)
BNB Coin Specifications
- Ticker: BNB.
- Blockchain: Binance Chain & Binance Smart Chain.
- Consensus: Tendermint.
- Algorithm: Delegated Byzantine Fault Tolerance (dBFT).
- Token Type: Utility.
- Block Time: 1 second.
- Initial Supply: 200,000,000 BNB.
- Total Supply: 165,116,760 BNB.
BNB Allocation
The total initial supply of Binance Coin is 200,000,000 BNB, distributed as follows:
- ICO: 50% - 100,000,000 BNB.
- Binance Team: 40% - 80,000,000 BNB.
- Angel Investors: 10% - 20,000,000 BNB.
Later on, Binance implemented a burn mechanism, so the current total supply of BNB is 165,116,760.89 BNB. In the future, the total supply of BNB will be burned further to maintain the scarcity of the coin, create buy demand and also strengthen the ecosystem growth.
The burning mechanism proved effective when the price of BNB increased dramatically as follows: On May 11, 2021, BNB grew from 40 USD to an ATH of 670 USD (+1,675%). Currently BNB is maintaining at 368 USD.
BNB Use Case
Binance Exchange
Exchange Fees: BNB coins are used to reduce gas fees (transaction fees) on the Binance exchange.
Listing Fees: BNB coin is used to pay the listing fee of the project listed on the Binance exchange. This amount will be contributed to the Binance Charity fund from October 8, 2018.
Binance DEX
Binance Smart Chain: The use of trading in the Binance Smart Chain system is one of the reasons why the price of BNB has skyrocketed.
Binance Launchpad: Holding BNB coin gives you more opportunities to invest in potential projects on Binance Launchpad.
Binance Charity: Philanthropists around the world can use BNB coins to donate through Binance Charity's charity programs on Binance.
Proposal Fees: Each project that wants to be listed as a coin/token on the Binance exchange needs to send 1000 BNB with a listing proposal. If the proposal is approved, 1000 BNB will be returned to the project. Otherwise, this amount will be lost.
Payments: In addition to the Binance ecosystem, BNB coin is also used to pay as a currency at stores and partners that accept BNB payments.
4.How to earn and own Binance coin
You can earn and own BNB coin on exchanges like Remitano, FTX, Binance, Gate.io, Binance DEX,...
5.Wallets and exchangesBNB Coin
Binance Coin Storage Wallet
You can store Binance Coin (BNB) at wallets such as: Remitano, Ledger, Trezor, Math Wallet, Trust Wallet, HyperPay, Safepal, Binance Chain Wallet, Atomic Wallet,...
Binance Coin Exchange
Remitano P2P exchange has listed Binance Coin (BNB). You can refer to the guide to buying BNB coin (Binance Coin) here!
6.Roadmap of the BNB Chain project
The Crypto market is always changing every day. Therefore, in order to survive and always maintain its position as the most prominent and diverse decentralized ecosystem, Binance has regularly innovated, creating trends year after year as follows:
- 2017-2019: Focus on Exchange development, launch and continuous testing of features on the exchange. Besides, it also gradually laid the foundation for Binance Chain.
- 2020-2021: Binance focuses on expanding the decentralized ecosystem of Binance Smart Chain, attracting developers thanks to the characteristics and benefits of building a project.
- 2021-2022: Aiming to become Cross-chain Financial Infrastructure, thereby opening the Internet of Value era. To realize this goal, Binance has come up with a number of plans as follows:
- Consolidate critical infrastructureand services.
- Build high-level security for DeFi infrastructures.
- Expansion under the Mass Adoption mechanism.
- Encourage and motivate developers to develop projects on their decentralized ecosystem.
- Some areas of interest are: Algorithmic, Aggregation & Integration, Crosschain & Multichain, Gamification, NFT, Synthetic,...
- Early 2022: Launch of BNB Chain and focus on MetaFi development.
7.Team, investors and partners
Project team
Binance has been and is the largest centralized and decentralized exchange in the world, so Binance's team is incredibly talented and spans the globe. The two leaders behind Binance so far are ChangPeng Zhao (CZ) and Yi He:
- CZ is the Founder and CEO of Binance. He is also an influencer, regularly interacting with the crypto community via Twitter and other social networks. Thanks to Binance, CZ has become China's richest billionaire, surpassing Jack Ma.
- Yi He is holding the position of COO of Binance.
Investors
Binance's Angel Investor investors since day one include: AU21 Capital, Dragon Gateway, individual investors like Chris McCann, Edith Yeung, Phil Chen,...
Conclusion
Binance has been developing very strongly in the Crypto market. This is considered the most powerful decentralized ecosystem today.
According toRemitano.com
