Binance Coin (BNB)
Tue, Apr 15Binance Coin (BNB) is the cryptocurrency developed by the Binance exchange, which is the largest centralized cryptocurrency exchange (CEX) in the world by trading volume, boasting over USD $14 billion in daily transactions.
BNB serves as a utility token that can be traded like any other cryptocurrency. Additionally, it can be utilized for various purposes such as purchasing goods and services, participating in token sales, buying virtual gifts, reducing trading fees, facilitating loans and transfers, and making credit card payments.
Initially, Binance Coin was launched on the Ethereum blockchain as an ERC20 token, but it has since transitioned to Binance’s own blockchain, known as Binance Chain.
The Binance Chain consists of two blockchains that both utilize BNB:
- BNB Beacon Chain – responsible for BNB Chain governance
- BNB Smart Chain (BSC) – employs the Ethereum Virtual Machine (EVM) to support smart contracts and is compatible with Ethereum DApps.
BNB was introduced in 2017 through an initial coin offering (ICO) that made 200 million BNB tokens available. The distribution of tokens during the ICO was as follows:
- 10% to angel investors
- 40% to the founding team
- 50% to other participants
To manage the total supply of BNB, an auto-burn mechanism is implemented every quarter, aiming to reduce the total supply to 100,000,000 BNB. Additionally, the Binance Evolution Proposal (BEP)-95 is utilized to burn approximately 860 BNB daily.
This strategy is designed to decrease supply and enhance the value of the remaining tokens. Binance Coin holders are offered a long-term growth plan that is carefully structured and planned in advance.
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