What Is Binance Coin (BNB)?
BNB (Binance Coin) is a cryptocurrency created by the Binance exchange, one of the largest cryptocurrency exchanges in the world. Binance Coin is used primarily to pay for fees on the Binance exchange platform, including trading fees, withdrawal fees, and listing fees for new cryptocurrencies. Binance Coin can also be used to pay for other services offered by Binance, such as the Binance Visa Card and Binance Launchpad, a platform for launching new blockchain projects.
Binance Coin is built on the Ethereum blockchain and uses the ERC-20 token standard. However, Binance has also launched its own blockchain, the Binance Smart Chain, which supports the creation of decentralized applications (dApps) and smart contracts. Binance Coin can be used as a utility token on the Binance Smart Chain to pay for gas fees when interacting with dApps on the platform.
The total supply of Binance Coin is capped at 170 million tokens. Binance Coin has become increasingly popular among cryptocurrency traders and investors, and its value has risen significantly since its launch in 2017. As of my knowledge cutoff in September 2021, the value of Binance Coin was around $400 USD, but it’s important to note that cryptocurrency prices can be highly volatile and subject to rapid changes based on market conditions and other factors.
.About Binance (BNB)?
Circulating Supply – 157,894,013 BNB
Launching Price- $0.10
ATH – $690.93
Who Are the Founders of Binance (BNB) ?
The founder of Binance, the cryptocurrency exchange that created Binance Coin (BNB), is Changpeng Zhao, also known as CZ. CZ was born in China and grew up in Canada. He has a background in computer science and worked at various tech companies, including Bloomberg and OKCoin, before founding Binance in 2017.
Under CZ’s leadership, Binance has become one of the largest and most influential cryptocurrency exchanges in the world, offering a wide range of services to users, including trading, staking, lending, and more. CZ is known for his outspokenness on social media and his commitment to driving innovation and growth in the cryptocurrency industry.
CZ has received numerous accolades for his contributions to the industry, including being named to Forbes’ list of billionaires in 2021. He continues to play a key role in shaping the future of Binance and the broader cryptocurrency ecosystem.
What Makes BNB Unique ?
1. Utility Token: BNB was initially created as a utility token to provide discounts on trading fees on the Binance exchange. Users who hold BNB in their exchange wallets can use it to pay for trading fees, which provides them with a discount.
2. Multiple Use Cases: In addition to providing discounts on trading fees, BNB has several other use cases. For example, BNB can be used to purchase virtual gifts, pay for travel expenses, and participate in various other cryptocurrency-related activities.
3. Buybacks and Burns: Binance periodically buys back and burns (i.e., destroys) a portion of BNB tokens, which reduces the total supply of BNB in circulation. This mechanism helps to increase the value of each remaining BNB token.
4. Decentralized Finance: Binance has also launched its own decentralized exchange (DEX) called Binance DEX, which uses BNB as the base currency for trading pairs. BNB holders can use their tokens to participate in the governance of the Binance DEX.
5. Smart Chain: Binance has also launched its own blockchain called the Binance Smart Chain (BSC), which is designed to be faster and cheaper than other blockchain networks. BNB is used as the native cryptocurrency of the Binance Smart Chain, which provides users with a range of decentralized finance (DeFi) applications and other use cases.
Overall, Binance Coin (BNB) has a wide range of use cases within the Binance ecosystem, making it a unique cryptocurrency with a strong value proposition for users.
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