What Is Binance Coin?
Binance Coin is the cryptocurrency that was created to be used solely on the Binance platform.
Binance is currently the worlds largest cryptocurrency trading platform by volume and was only launched in July 2017. Binance Coin is the native token used on the Binance exchange platform. But what is Binance Coin? and what are the features of Binance Coin?
Binance Coin (BNB) is an ERC20 token which can be both traded and stored on the Binance platform. Binance Coin itself has a number of different features, the main one being that users can use BNB to pay fees at a discounted rate. Binance have also announced their intent to launch something known as Binance Chain, in which they will launch their own blockchain with decentralised exchange built on top of it. Binance Coin once again will be the native token but rather than being an ERC20 token. Another current feature of Binance Coin is the quarterly coin burn, this was a feature that was announced in the whitepapaer when Binance was first launched. In the coin burn Binance will use 20% of profits to buy back Binance Coin (BNB) and burn the tokens. This is to reduce the supply of the token and act as an incentive for investors to hold BNB. Binance will continue this coin burn until they have burnt 100 million tokens leaving 100 million remaining BNB.
Binance was officially launched on 14, July 2017 and is already the worlds’ largest cryptocurrency trading platform by volume and was only launched in July 2017.
Binance initially raised $15 million. during their ICO, in which they issued 100 million BNB tokens while another 100 million were distributed to the founding team and ‘Angel investors’. The exchange itself is constantly improving and focuses on being secure, user friendly and able to handle an extremely large number of transactions. Binance have also recently added a ‘Convert to BNB‘ feature in which users can get rid of their dust (small coin balances) and convert them into BNB.
Binance have has some impressive mile stones in their short time, they have added more than 100,000 users in less than an hour. Not to mention Binance are the fastest ever company in history to achieve unicorn status.