Thanks to technology, today, things have been made to run faster and more easily. Processes that took days or even months to complete can now be done within hours.
Also, you can make transactions from anywhere around the globe, which benefits numerous industries as well. Additionally, technology has also fostered the development of cryptocurrencies. Compared to traditional currency, cryptocurrency has numerous benefits, especially in the gaming industry. For instance, it promotes anonymity and fast and secure transactions. This article provides you with everything you should know about Binance coin.
Binance Coin: What is it?
A Binance coin involves a cryptocurrency issued by a Binance exchange. Primarily, the Binance coin trades with the symbol BNB. According to research, the Binance exchange is among the largest cryptocurrency markets worldwide.
Understanding the Binance Coin
Initially, Binance coin was run on the Ethereum blockchain. It consisted of a 20-standard ERC. However, it has since become the local coin of the Binance Chain. The Binance coin was launched in July 2017 during the initial coin offering and included a strict maximum of two hundred million Binance coin tokens. It offered 100 million or 50% to different participants through the initial coin offering process, 80 million or 40% tokens to the founding team, and 20 million or 10% of the BNB tokens to angel investors.
Typically, about half of the money raised through the initial coin offering was intended to be utilized in marketing and Binance branding. On the other hand, about a third of the funds were designed to boost the Binance platform and carry out necessary upgrades to its system. While the BNB was formerly based on the Ethereum network, today, it is a native currency for the Binance chain.
Binance Coin Burning
While 100 million Binance tokens were initially provided in the initial coin offering, the total supply is currently lower. Therefore, each quarter, Binance utilizes about 1/5 of its profits to repurchase and burn or permanently destroy Binance coins stored in its treasury.
Binance Coin Uses and Support
While it was developed in 2017, the main aim of its creation was to provide a utility token for discounted trading fees. However, its uses have increased over the years and are applied in numerous platforms. For instance, Binance coin is used to pay transaction fees on the Binance chain, Binance DEX, and Binance.com.
It can also be used to book travel accommodations, pay for online services, for financial purposes, or make payments in places like Crypto, com. Binance coins can also be used in entertainment, especially in the gaming industry. You can check out the Binance coin betting options available here. You can also use the Binance coins to invest in specific ICOs listed through the Binance Launchpad program.
The coin has gained support over the years, including from the pioneering cryptocurrency and payments platform, the mobile app, the platform itself, and the VISA debit card of Monaco. Consequently, the coin has gained support from partners like Uplive and Asia’s premier high-end live video streaming platform, which have helped spread its usage widely.