Binance Coin – own token of the popular cryptocurrency exchange
Binance coin is a crypto coin issued by the binance exchange and traded with the BNB symbol. This coin runs on the Ethereum blockchain with ERC 20 standard and is capped at a maximum of 200 million BNB tokens.
Understanding Binance Coin
The Binance coin is expected to improve the performance of the Binance exchange and its ecosystem. It supports many utilities such as trading, exchange, listing and any other fees on the Binance exchange. Binance coins have received support from various partnerships that have helped spread their use.
Factors to consider before investing:
- Binance Coins can be used to invest in certain initial coin offerings that are listed in the Launchpad program Binance.
- New cryptocurrencies will be listed on the Binance exchange, and the use of Binance coins will provide a smooth market for trading various virtual tokens.
- Binance will eventually become the main currency of the Binance decentralized exchange.
- Binance coin is also supported by Monaco’s VISA debit card, an innovative payments and cryptocurrency platform, and platform, mobile application.
In 2017, Binance launched its own digital coin, Binance Coin (BNB). It relied on ERC-20 Ethereum. Initial tokens were distributed as part of the ICO. The company offered 10% of the supply to angel investors, 40% of the supply to the founding team, and the remainder to the general public.
The coin is used as a utility token for the Binance exchange and allows users to pay for transactions and redeem trading fees at a lower rate than other tokens.
Binance uses a token burn process, which means they use the proceeds from the sale of tokens to buy back more BNB and then dispose of them.
The token then migrated from the Ethereum network to a new native network in 2019. They were then moved again after the announcement of the Binance SmartChain.
What is Binance Smart Chain?
In September 2020, Binance announced its innovative DeFi platform, BSC. It was received extremely optimistically by the Internet community. Its goal was to offer an alternative to Ethereum and other leading DeFi platforms.
Over time, Ethereum exceeded the capabilities of its infrastructure, resulting in congestion, slower transactions and such high fees that sending anything less than $ 100 was nearly impossible unless it was calculated perfect.