BNB is the native digital currency of the Binance platform, one of the leading platforms globally in the field of cryptocurrency trading.
It was launched in July 2017 as a digital token built on the Ethereum network using the ERC-20 standard, before later migrating to the Binance Smart Chain (BSC), a blockchain developed specifically for faster performance and lower costs compared to Ethereum.
Since its launch, BNB has become one of the most important digital assets in terms of usage and market value, and it plays a fundamental role in operating the vast ecosystem of the Binance platform.
Origins and details of the initial offering (ICO):
BNB was launched through an initial coin offering (ICO) in 2017 to raise the necessary funding to establish and expand the Binance platform.
The maximum total supply of the currency was set at 200 million units, distributed as follows:
20 million BNB: Allocated to angel investors.
80 million BNB: Allocated to the founding team and key contributors to the project.
100 million BNB: Offered for public sale during the initial coin offering (ICO).
The financial proceeds from the sale were used for:
Developing the platform's infrastructure.
Implementing marketing campaigns for Binance.
Support for global expansion.
Adding technical improvements to the platform, such as enhancing engine speed and security measures.
Goals of BNB and its uses within the Binance ecosystem:
BNB was designed as a utility token to facilitate financial operations on the Binance platform and provide benefits to users. Among the main uses of the currency:
1. Paying trading fees:
BNB can be used to pay transaction fees on the Binance platform, including spot trading fees, margin trading fees, and futures trading fees. When using BNB for payment, the user receives a special discount on fees.
2. Discounts on fees:
At the beginning of the project, Binance offered its users an attractive offer of a 50% discount on trading fees when using BNB, which would gradually decrease over the following years until reaching zero in the fifth year.
3. Participating in launch offerings (IEOs):
The Binance Launchpad allows users to use BNB to participate in initial exchange offerings (IEOs), providing investment opportunities in emerging and promising projects before they are officially listed in the market.
4. Listing and withdrawal fees, and others:
BNB can be used to pay for the listing fees of new currencies on the platform, withdrawal fees from wallets, and fees for using some of the premium services offered by Binance.
5. Use outside the Binance platform:
Thanks to the expansion of the Binance Smart Chain network, users can now use BNB in decentralized finance (DeFi) applications, such as lending, borrowing, staking, and yield farming. The currency is also accepted as a means of payment by many merchants and digital platforms around the world.
Benefits of Binance Coin (BNB):
1. Execution speed and reliability:
Binance relies on an advanced trading system capable of processing up to 1.4 million transactions per second, ensuring ultra-fast order execution.
2. High security level:
The platform relies on a multi-layered security architecture, in addition to the users' Secure Asset Fund (SAFU), which is used as a reserve to protect users' funds in emergencies.
3. Lower costs for users:
Discounts on fees represent an attractive incentive to use BNB, reducing costs for particularly active traders.
4. A pivotal role in the decentralized ecosystem:
On the BSC network, BNB is used to pay transaction fees in decentralized applications, making it one of the essential coins in the world of DeFi and Web3.
Where can BNB be stored?
Users can store BNB coins in a variety of digital wallets, depending on their preferences in terms of security and ease of use. Among the available options:
Trust Wallet: The official wallet of Binance, known for its ease of use and wide support for a large number of cryptocurrencies.
Hardware wallets: Such as Ledger Nano S/X and Trezor, suitable for those seeking high protection against hacking.
Other software wallets: Such as Atomic Wallet, Coinomi, BRD, Enjin Wallet, Jaxx, CoolWallet S, and others.
In conclusion, we find that BNB is not just a traditional digital currency, but it is the cornerstone of the integrated Binance ecosystem, with the evolution of the Binance ecosystem.
The role of BNB has increased from just a means of paying fees to an investment and interaction tool within a wide range of digital financial services. With the increasing popularity of digital currencies, BNB remains one of the digital assets worth following, especially for those interested in benefiting from the tools of major platforms in the cryptocurrency market.