BNB is a crypto asset developed by Binance, one of the largest crypto exchanges in the world founded by Changpeng Zhao and He Yi in 2017. Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world.
Why BNB is Unique
- BNB uses its own blockchain network (Binance Chain). It claims to be more efficient than Ethereum blockchain
- A utility token for Binance exchange
- Binance Coin is quarterly "burned" by Binance to maintain its supply and value by creating scarcity
What Gives BNB Value?
- BNB's utility functions on Binance exchange
- BNB reduces trading fees by 50% if used in Binance exchange
What Affects the Price of BNB?
- Supply and demand
- High trading volume
- New features and promos on the Binance exchange
- Crypto projects running on the Binance Blockchain
- BNB "Burns" which occurs every three months
How Secure is The BNB Network?
Binance blockchain is secured by the Tendermint byzantine-fault-tolerant (BFT) consensus mechanism.
What was Binance Coin's starting price?
Binance coin's starting price when it launched in 2017 was around 11 cents or about Rp1637.77 by the time of this writing (August 2022) 1 Binance Coin is worth around 320 US dollars or about Rp4,760,247.
What is BNB Burns?
As mentioned in the Binance whitepaper, every quarter, Binance uses 20% of its profits to buy back and burn Binance Coins, destroying them completely. The practice ensures that the supply of Binance Coin remains finite, making it scarce and more valuable.