Hightlight Notes
- ๐ First Experience: The journey into DeFi began with staking BNB coins on Binance Smart Chain.
- ๐ Binance Overview: Binance is one of the largest cryptocurrency exchanges, competing with Coinbase and others.
- ๐ Two Chains Confusion: There are two Binance chains: the original Binance Chain and the Binance Smart Chain (BSC).
- ๐ Smart Contracts Explained: BSC incorporates smart contracts, enabling decentralized applications and the creation of new tokens.
- โ๏ธ Forking Ethereum: Binance Smart Chain is a fork of Ethereum, providing similar features with improvements for speed and cost.
- ๐ Delegated Proof of Stake: BSC uses a delegated proof of stake model with the top 21 stakers validating transactions.
- ๐ต Low Transaction Fees: BSC offers significantly lower transaction fees compared to Ethereum, making it accessible for token creation.
- โ ๏ธ Potential Scams: The affordability and ease of creating tokens on BSC have led to a rise in scams and malicious projects.
- ๐ BNB Tokenomics: Originally 200 million BNB coins were minted; with a significant portion sold in an ICO.
- ๐ฅ Token Burn Mechanism: Binance buys back and burns BNB tokens quarterly, aiming to reduce supply and potentially raise the price.
- ๐ณ Utility of BNB: BNB can be used to save on trading fees on Binance and offers discounts on various services.
- ๐ Global Crypto Vision: The speaker expresses hope for a fair crypto world accessible to everyone, regardless of location.
- ๐ค Community Engagement: Encourages viewers to join Whiteboard Crypto's Discord and explore more resources on DeFi.
