What is a Binance Coin (BNB)? All information of BNB coin

The cryptocurrency market is growing more than ever. Binance Coin (BNB), which was introduced in 2017, has quickly risen to the top of the list of cryptocurrencies in terms of market value. What is a Binance Coin (BNB)? What attracts investors to this coin? In this article, let's explore with Market247.io.

What is a Binance Coin (BNB)?

Binance Coin (BNB) is the base cryptocurrency of the Binance Chain ecosystem. It is one of the most widely used utility tokens worldwide. In July 2017, the Binance exchange released BNB via an ICO. Built as an ERC-20 token, BNB was initially used as a transaction fee for users based on the BNB they hold on the exchange.

What are BNB’s highlights?

After answering the question “What is a BNB coin?”, Let's explore the highlights of this coin. It can be said that one of the highlights of the success of Binance is that they have deployed a large ecosystem including Binance and Binance Smart Chain. These two items are the primary ones that are significant in the cryptocurrency industry.

Binance Exchange

The largest cryptocurrency exchange in the world today. With Binance exchange, users can perform many types of transactions such as Spot trading, Margin (Leverage), Future (Derivative), IEO (Launchpad), Saving (Staking), P2P (Peer-to-peer trading), Loans (Lending), Stock (Stocks), Pay (Payments), Binance NFT (NFT Marketplace),...

Binance Smart Chain

Binance Smart Chain (BSC), which has just been around for a few months, has experienced steady growth and a lot of user interest. It is a decentralized network that allows 3rd parties to develop on its network.Users and developers can explore numerous additional functionalities in addition to token trading and the NFT marketplace, including:

Send and receive BNB and other BEP2 tokens cross-chain.
Stake your BNB to earn some block rewards.
Issue new tokens to digitalise assets.
Become a validator of BSC.
Migrate existing DApps.

With over 1140 projects in total and 740 projects in DeFi only, the ecosystem is still growing in many different aspects. The Total Value Locked in BSC has already reached 21 billion so far.

Detail information about BNB coin

Key Metrics BNB

Ticker: BNB.

Blockchain: Bina

nce 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: 170,532,785 BNB.

Circulating Supply: 153,432,897 BNB.

BNB Token Allocation

Initially, BNB tokens are distributed to:

ICO: 50% - 100,000,000 BNB.

Founding Team: 40% - 80,000,000 BNB.

Angel Investors: 10% - 20,000,000 BNB.

BNB Release Schedule

ICO: Not locked. Investors receive BNB 5 days after the end of the ICO.
Angel Investors: Not locked. Get enough BNB coins after the ICO ends.
Binance Team: The amount of BNB coins held by the Binance team will be paid within 5 years from the end of the ICO. Pay 20% each time (16,000,000 BNB).

BNB Use Case

It can be said that, built as a coin of the Binance exchange so BNB has many applications. Let's find out What is a BNB's use-case?

Binance Exchange

Listing Fees: BNB is used to pay listing fees for projects on the Binance exchange.
Exchange Fees: Binance Coin is supported by Binance exchange with many exchange pairs, the liquidity of BNB is very high. Users who use BNB to pay fees will receive different discounts from year to year.

Binance DEX

Proposal Fees: For projects that want to be listed on Binance DEX, they need to send 1000 BNB with a listing proposal. If the project is moderated and approved, this BNB will be returned to the project. Otherwise, the project will lose this amount. This policy helps to minimize the number of scam projects for the exchange.
Listing Fees: Once the projects are approved and allowed to be listed on the Binance DEX, the project needs to send 1000 BNB listing fees.

Binance Launchpad

Investors need to hold BNB coin to have the opportunity to invest in potential projects through IEO issuances on Binance Launchpad. And once there is an investment rate, investors can only use BNB coin to buy tokens of projects.

Binance Charity

BNB is used to donate to charities through Binance's Binance Charity platform.

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.

Binance Smart Chain

One of the biggest use cases and the biggest growth driver for BNB is the Binance Smart Chain ecosystem.

Binance Coin Burning Mechanism

Binance plans to burn BNB every quarter based on trading volume on the exchange, until 50% of the total supply of BNB (100 million BNB) is burned. All transactions will be recorded on the blockchain and eventually, only 100 million BNB will be left in circulation.

Binance's BNB burn strategy is said to be a way to limit inflation and, more importantly, to rapidly increase the price of BNB.

Where to buy BNB?

BNB is a potential and popular coin currently, so where to buy BNB? BNB is traded on many different exchanges. You can buy BNB coin on both DEX and CEX like:

CEX: Binance, FTX, Gate, Kucoin, Bithumb,...
DEX: Pancakeswap, Bakeryswap, Binance DEX,...

Roadmap and Updates

Binance's plan has changed since its first launch to reflect the current market and its goal to keep the top position.

Binance focused on improving its trading platform from 2017 to 2019, adding a number of new features and growing its Binance Chain.
Binance has been focusing on growing its ecosystem of products in 2020 and 2021. The business hopes to increase developer and user interest in the Binance platform by utilizing these new features.
Binance intends to develop into a Cross-chain financial infrastructure by 2021, ushering in the internet of value.

Team, Investors, Partners

Team

As the largest exchange in the world today, the Binance team is present all over the world. Headed by ChangPeng Zhao and Yi He.

ChangPeng Zhao (CZ) currently holds the position of Founder and CEO, leading and bringing success to Binance as it is now.
Yi He - COO/ Co-founder from China with more than ten years of experience as an entrepreneur.

Investors

Initially, a total of 14 Angel Investors invested in Binance, including investment funds: AU21 Capital, Dragon Gateway, individual investors like Chris McCann, Edith Yeung, Phil Chen,... and most of them are the amount raised from the community through the form of ICO.

Partners

Currently, Binance is already a big player in the crypto market, therefore, Binance has a large number of partners in the market including direct and indirect partners. The number of partners is expected to increase as the project is scaled up more and more as an industry leader.

Conclusion

With a large ecosystem playing an important role in the crypto market, especially with the leadership of CZ - the witch has the ability to manipulate the crypto market. BNB Coin has a lot of potential and will definitely be very profitable for investors in the future. This post was written by Market247.io in the hopes that it would help you understand “What is a Binance Coin?”, "Where to buy BNB?" so clearly. Don't forget to subscribe to our channels for the quickest updates to market information.

What is a Binance token? FAQs

Is Binance good for beginners?

Binance is a crypto trading platform that offers some of the most competitive fees around. Whether you're a beginner or a seasoned trader looking to trade crypto, this is probably the easiest and cheapest way to go.

How to Buy Binance Coin?

Select a Crypto Exchange. To buy cryptocurrency, you first need an account with a cryptocurrency exchange—a platform that facilitates crypto trades. ...
Buy BNB. When you've found an exchange, you can fund your account with a debit card, credit card or electronic bank transfer. ...
Store Your BNB.

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What is a Binance Coin (BNB)? All information of BNB coin - Market247.io