What is bnb ?

BNB (originally called Binance Coin) is the native cryptocurrency of the Binance ecosystem. Here's a quick overview:

Origin and Evolution:

Created in 2017 by Binance, one of the world's largest cryptocurrency exchanges

Initially launched as an ERC-20 token on Ethereum before migrating to its own blockchain

Key Functions:

Trading fee discounts on Binance exchange

Payment method for various services within the Binance ecosystem

Participation in token sales on Binance Launchpad

Staking for rewards and voting rights in the BNB Chain ecosystem

Technical Details:

Powers the BNB Chain (formerly Binance Smart Chain or BSC)

Uses a Proof-of-Staked-Authority (PoSA) consensus mechanism

Has a limited supply with regular token burns to reduce total supply over time

Current Status:

Consistently ranks among the top 5 cryptocurrencies by market capitalization

Used as the base pair for many trading pairs on Binance

Supports a large ecosystem of decentralized applications (dApps)