What problem does BNB solve?
Name: Binance Coin
Founded: 15. July 2017
Following the growing popularity of cryptocurrencies, many companies are delving into the opportunity to cash in by rolling out their own crypto-tokens that can be used within their own ecosystem. The use of these tokens provides incentives like fee-cutting, free benefits, and loyalty rewards, and this attracts more and more users to the platform. Similarly, the cryptocurrency exchange Binance.com was perhaps the first one to roll out their coin, by the name of Binance Coin.
Utility crypto-tokens are made to be used within the company’s ecosystem. The Binance Coin is a loyalty-based utility token that the users if Binance.com can use. The token offers them a significant reduction in fees on sell/buy orders of up to 50%. The success of the coin is thus directly related to the performance of the Binance exchange (Binance Academy, 2018).
Coin Bureau: Binance Coin: BNB REALLY Worth It?? 🤔
What is BNB
What does the cryptocurrency BNB actually do?
Binance Coin is relative to Binance.com's performance, which is one of the best and largest among its kind. It is the biggest exchange and has rightfully earned quite the reputation among cryptocurrency users and investors. There are many crypto-coins listed and being exchanged on the Binance exchange. The platform maintains its repute and integrity by filtering out any coin that shows negative behaviour and is not suitable for the cryptocurrency community. Some of the indicators that become the reason for the fall out is lack of commitment of the team, low level of code and network quality, public acceptance and evidence of unethical business conduct. This is how Binance scrutinizes all cryptocurrencies that it offers (Binance, 2019 March 27).
Who is behind BNB
What team is working to make BNB successful?
Keyword: Blockchain Crypto Exchange
Keyword: Cryptocurrency Exchange
Keyword: Bitcoin Trading
Keyword: Ethereum price trend
The Binance Coin was formed under the leadership of Binance.com. It is an ERC-20 token and was proposed and launched by the founder of Binance.com exchange, Changpeng Zhao. Changpeng has a history of working for crypto-currency related projects. He is the co-founder of Blockchain.com (formerly known as Blockchain.info) and has also served as the Chief Technology Officer (CTO) of OKCoin, a platform for spot trading between fiat and digital assets (Ambler, 2018).
Binance is not new to the crypto-world and has maintained its position as one of the most popular crypto-exchanges. It is for sure, a huge force in the market. Not only in regards to its exchange, but its Binance Academy is looked up to as a centre of knowledge. Another initiative by the name of Binance Labs is researching future development possibilities about the Blockchain technology.
In 2018, it partnered with Trust Wallet and acquired the company. Trust Wallet was a wallet app used to store cryptocurrencies. It also partnered with Certik in the same year, which is a Blockchain and smart contract verification platform. This enhanced the security of the listed tokens on Binance. Travelbybit.com was another venture Binance jumped into, through which the users could spend their BNB tokens to make transactions on the website.
In late 2018, Binance announced their collaboration with MoedaSeeds.com. This announcement was intended to enable investors to contribute their BNB tokens to their loan programs. The year 2019 saw the unveiling of Binance and IdentityMindGlobal.com partnership which was made to improve data protection through KYC (Know Your Customer) and AML (Anti-Money Laundering) programs.