BNB (formerly known as Binance Coin) is the native digital asset of BNB Chain, a blockchain ecosystem with a wide range of uses. BNB is a utility token, as it is used for various functions of BNB Chain, which includes the BNB Smart Chain, BNB Greenfield, and opBNB.
What is BNB?
As a utility currency, BNB serves several purposes. Specifically, users can use it to pay transaction fees at a reduced rate and interact with projects on the platform. They can also use it in governance, leveraging it to make decisions related to projects and protocols.
Additionally, users can stake BNB, which helps secure the network and earn rewards. To participate, they must lock their BNB, meaning they cannot sell or trade it for a certain period.
Furthermore, users can take advantage of BNB to benefit from airdrops, where they receive digital assets associated with new projects. To do this, they can subscribe their BNB to Binance Simple Earn, which will allow them to receive airdrop tokens from various mechanisms.
Understanding BNB
History of BNB
Binance Coin was born in 2017 after its sale through an Initial Coin Offering (ICO). 200 million units of this digital asset were created, of which 100 million were sold through the ICO. Another 20 million were allocated to angel investors, and 80 million were issued to the founding team. Originally, Binance Coin was an ERC-20 token available on the Ethereum blockchain.
In April 2019, Binance launched Binance Chain, its own customized blockchain. That same month, the platform revealed that it would allow users to migrate their Binance coins to the new blockchain and that it would create BNB tokens as the Binance Coin tokens were eliminated.
The transition to Binance Chain and Binance Smart Chain
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