$BNB

What is the currency #bnb

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 listing fees, exchange fees, trading fees, or any other fees that a user may incur on the platform. In the first year, Binance offered a trading discount of 50%, which will decrease by half each 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 currencies 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 where it can store and retain value. The digital currency BNB cannot be mined as it was pre-mined and distributed through an ICO. BNB is used for discounted trading on the Binance trading platform. The discount rate started at 50% in the first year but is set to be halved every year. By the fifth year, there will be no discount affecting the value of BNB. To counteract the decline in value, Binance has resorted to buying back its digital currencies and destroying them to reduce supply.