What is the BNB currency that is among the top 10 cryptocurrencies👁️👇👇👇👇👇✅. $BNB
🤔⭐💫💯🎉 *What is the BNB cryptocurrency project?*
Binance Coin, symbolized as BNB, is the native digital currency of the Binance cryptocurrency trading platform, created on the Ethereum blockchain using the ERC20 standard. Binance issued a maximum of 200 million BNB. The coin was launched in July 2017, through an initial coin offering (ICO) that allocated 20 million BNB to angel investors, 80 million to project contributors, and the remaining 100 million to various individuals who participated in the ICO. The funds raised from the sale of BNB were used to develop the Binance platform and for branding and marketing. A percentage of the investment was also spent on adding necessary upgrades to the Binance cryptocurrency trading platform.$WCT
💡 *Why was the BNB currency invented?*
BNB was created to empower the Binance cryptocurrency platform and enhance its operations to create a sustainable ecosystem. The currency can be used for multiple purposes including paying for listing fees, exchange fees, trading fees, or any other fees that users may incur on the platform. In the first year, Binance offered a trading discount of 50% which will halve every subsequent year, with the discount ending in the fifth year. The currency can also be used for IEO investments listed in Binance's Launchpad section. These new coins will then be listed on the Binance cryptocurrency trading platform, providing them with a fully-featured market for trading.
💻 *How does Binance Coin work?*
BNB is built on the Ethereum blockchain according to the ERC20 standard, allowing it to store and retain value. The BNB digital currency cannot be mined as it was pre-mined and distributed through the ICO. BNB is used for discounted trading on the Binance trading platform. The discount rate started at 50% in the first year but is scheduled to be halved each year. By the fifth year, there will be no discounts affecting the value of BNB. To counteract the decrease in value, Binance has resorted to buying back its digital currencies and destroying them to reduce supply. The Binance cryptocurrency trading platform plans to eliminate half of the circulating BNB coins.
🎉 *What are the benefits of Binance Coin?*
1️⃣ *Fast transactions*: If you use BNB for trading on Binance, you will be able to access the platform's matching engine which can support up to 1.4 million requests per second. You can always find the trade you want, and using BNB makes it faster and more reliable.
2️⃣ *Security*: Binance already has millions of users and cryptocurrency traders who rely on the platform and trust its security and protection features. Binance uses a multi-cluster and multi-layer system framework and a Secure Asset Fund for Users (SAFU) to keep funds safe.
3️⃣ *Discount on trading fees*: BNB provides a 50% discount on trading fees.
4️⃣ *Participation in ICOs / IEOs*: Binance Launchpad also hosts new token sales where BNB can be used to purchase a stake in a new upcoming coin for trading on the platform. Earlier, many of these new cryptocurrencies were added to the Binance platform.#BinanceTurns8 #OneBigBeautifulBill #NFPWatch #WalletConnect @WalletConnect
