While many security features are associated with blockchain, two of the most important are consensus and immutability. Consensus refers to the ability of nodes in a distributed blockchain network to agree on the true state of the network and the validity of transactions. The process of reaching consensus usually depends on the consensus algorithm used by the network. Immutability, on the other hand, refers to the ability of blockchain to prevent confirmed transaction records from being altered. While these transactions are usually related to the conversion of digital currencies, sometimes they also refer to the recording process of other non-monetary forms of electronic data.
In general, consensus and immutability provide the basic framework for data security in blockchain networks. The consensus algorithm ensures that all nodes follow the system rules and agree on the current state of the network, while immutability ensures the integrity of each block data and transaction record that has been verified for validity. #
Blockchains are secured through various mechanisms, including advanced cryptography and mathematical models of decision making and behavior. Blockchain technology is the infrastructure of most digital currency systems, which prevents digital currencies from being copied and destroyed. Blockchain technology is also particularly important in other environments where data immutability and security are very important. Relevant cases include recording and tracking charitable donations, medical databases, and supply chain management. However, the security of blockchains is far from a simple issue. Therefore, it is critical to understand the basic concepts and mechanisms of these innovative systems to provide strong protection for blockchains#
As mentioned above, BNB is widely used in the Binance ecosystem and other environments, so users have flexibility in how they decide to use their BNB. For example, you can use BNB to pay for travel, buy virtual gifts, and more. We estimate that millions of BNB have been used by users to pay for travel expenses, purchase goods, borrow, reward, create smart contracts, and other transactions.
In addition, many people use BNB to pay for trading fees. On the exchange alone, 2 million users have paid trading fees in BNB for more than 127 billion transactions, totaling more than 40 million BNB. Let's take a look at how to pay trading fees with BNB.
When trading cryptocurrencies on the Binance exchange, a standard fee of 0.1% is charged on each transaction (trading fees depend on monthly trading volume and BNB holdings). Traders can pay trading fees with the asset they are trading or with BNB. There are special discounts for choosing to pay with BNB.
Therefore, if you trade a large amount on Binance, you should consider obtaining BNB and using it to pay fees. Please note that the deduction of trading fees follows a specific fee schedule. Therefore, it is important to check the current spot trading fee schedule. It’s also worth noting that Binance Futures follows a slightly different fee schedule.
BNB was created through an initial coin offering (ICO) held between June 26 and July 3, 2017. Binance officially opened for trading 11 days later. It was initially offered at a price of 2,700 BNB for 1 ETH and 20,000 BNB for 1 BTC. Although BNB was issued through an ICO, BNB holders are not shareholders of Binance or investors in Binance.
BNB was initially issued as an ERC-20 token that circulated on the Ethereum network, with a total supply of 200 million. A total of 100 million BNB were issued during the ICO, but the total supply has decreased after several periodic burns (Binance destroys BNB stored in its vault). For more information on the token burn schedule and the reasons for the permanent destruction of BNB, please read What is a Token Burn?
Although originally based on the Ethereum network, the ERC-20 BNB token has evolved to be exchangeable for BEP-2 BNB at a 1:1 rate. BEP-2 BNB is the native token of Binance Chain, and its mainnet was officially launched on April 18, 2019. #
Binance is a global cryptocurrency exchange that provides trading services for more than 100 cryptocurrencies, including options, spot, u-based contracts, coin-based contracts and other trading products. Since the beginning of 2018, Binance has been considered the world's largest cryptocurrency exchange in terms of trading volume. [1]#
According to the general definition of Western economics, any generally accepted payment tool can be considered as currency. Virtual currency is only an electronic payment tool used to purchase goods and services in specific social scenarios (such as online games), so it is not a digital currency. For example, QQ coins are a payment tool that can be used in related games under Tencent. Without the social scenario of Tencent games, it is not a widely accepted payment tool. #
Going long A term in financial markets such as stocks, foreign exchange or futures It is a term in financial markets such as stocks, foreign exchange or futures: it means buying stocks, foreign exchange or futures in the future and waiting for the rise to make a profit. Going long means being long. If the bulls judge that the market is rising, they will immediately buy stocks, so going long means buying stocks, foreign exchange or futures. #
Short selling is an investment term and an operation mode of financial assets. In contrast to long selling, short selling is to borrow the underlying asset first, then sell it to get cash, and then spend cash to buy the underlying asset to return it after a period of time.
Short selling is a common operation method in the stock futures market. The operation is to expect the stock futures market to have a downward trend. The operator sells the chips in his hand at the market price, and then buys them after the stock futures fall, earning the difference in the middle#
Web3 (also known as Web 3.0, or web3[1]) is a concept about the development of the World Wide Web, mainly related to blockchain-based decentralization, cryptocurrency, and non-fungible tokens. [2][3] The blockchain-related Web3 concept was proposed by Ethereum co-founder Gavin Wood in 2014, and has attracted the attention of cryptocurrency enthusiasts, large technology companies, and venture capital firms in 2021. #
Meme is an Internet buzzword, /ˈmiːm/ refers to the thoughts, behaviors or styles spread between people in the same cultural atmosphere. It is translated as "meme", "meme", etc., but is usually directly called "meme". [2]
As a popular Internet cultural gene that is copied and spread in a derivative way, meme was originally created with anonymous authors and low entertainment value. The cartoon characters such as Green Bean Frog and Tuzki that were once popular on the Internet and their derivative works can be regarded as the embryo of the domestic Internet meme phenomenon. It also refers to Yahoo Spanish Weibo website. #
Blockchain (English name: blockchain[3][4][7] or block chain[2][13]) is a decentralized distributed ledger with block chain storage, immutability, security and reliability[1]. It combines distributed storage, peer-to-peer transmission, consensus mechanism, cryptography and other technologies[8], and records transactions and information through a growing chain of data blocks to ensure data security and transparency[6].
Blockchain originated from Bitcoin and was first proposed by Satoshi Nakamoto in 2008 as the underlying technology of Bitcoin[1]. Since the early days of the Bitcoin network, blockchain has gradually evolved into a global technology, attracting global attention and investment[3]. Subsequently, the emergence of a new generation of blockchain platforms such as Ethereum has further expanded its application areas[3][4].
The characteristics of blockchain include decentralization, immutability, transparency, security and programmability[6][8]. Each data block is linked to the previous block to form a continuous chain, which ensures the integrity of the transaction history. Smart contract technology makes blockchain programmable and supports a wider range of applications[5]. #
Ethereum is a decentralized, open source, public blockchain platform with smart contract functionality. Ethereum (ETH or Ξ) is the native cryptocurrency of Ethereum. As of March 2024, Ethereum is the cryptocurrency with the second highest market value, second only to Bitcoin, with a market value of 3.2 trillion yuan. At the same time, Ethereum is also the most used blockchain.
The concept of Ethereum was first proposed by programmer Vitalik Buterin between 2013 and 2014 after being inspired by Bitcoin. It roughly means "the next generation of cryptocurrency and decentralized application platform" and was launched through ICO crowdfunding in 2014. Start developing.
Ethereum is also known as the "second generation blockchain platform", second only to Bitcoin. #