#BNB #chang_peng_zhao

BNB Coin

BNB (Binance Coin) is the native cryptocurrency of the Binance ecosystem, one of the largest cryptocurrency exchanges globally. Initially launched as a utility token, BNB has evolved to become a vital component of Binance's blockchain platforms, including the Binance Smart Chain (BSC) and Binance Chain.

Launch Details:

Launch Date: July 2017

Owner/Founder: Changpeng Zhao (CZ), the CEO of Binance

Initial Supply: 200 million BNB (later reduced due to coin burns)

Launch Mechanism: BNB was launched via an ICO (Initial Coin Offering) to raise funds for Binance.

BNB was originally launched on the Ethereum blockchain as an ERC-20 token.

In April 2019, Binance launched its own Binance Chain, and BNB migrated to become the chain's native currency.

1. Binance Smart Chain (BSC): A blockchain that supports smart contracts, decentralized apps (DApps), and low-cost transactions.

2. Binance Chain: Used for fast, secure, and low-cost trading.

Uses of BNB

1. Trading Discounts:

Traders on Binance receive discounts on transaction fees when paying with BNB.

2. Gas Fees on Binance Smart Chain:

BNB is used as "gas" for transaction fees on the Binance Smart Chain.

3. Payment:

Many merchants and platforms accept BNB as payment for goods and services.

4. Staking:

BNB can be staked to earn rewards or participate in Binance's DeFi ecosystem.

5. Launchpad:

Users can use BNB to invest in new cryptocurrency projects launched on Binance's platform.

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BNB Burn Mechanism

Binance regularly conducts a coin burn to reduce the total supply of BNB, making the token more scarce and potentially increasing its value. The goal is to burn 100 million BNB, reducing the total supply by half