Binance cryptocurrency is becoming one of the major competitors in the cryptocurrency space. But what is Binance coin?
Binance is one of the biggest cryptocurrency exchanges that is planning to create a decentralized platform for crypto assets. Binance is currently listed in Coinmarketcap as one of the lead crypto exchanges for cryptocurrencies.
What is BNB?
BNB is the signature of Binance virtual token. This token will give to holders access to special features in the platform and will be used to power up the upcoming decentralized exchange. According to Binance website, BNB runs natively on the Ethereum blockchain with ERC 20 token standard.
Same as Bitcoin, there is a finite supply of 20,000,000 tokens that can ever exist. That number of tokens will be allocated as follow.
% Amount (BNB) Participant
50% 100,000,000 ICO
40% 80,000,000 Founding Team
10% 20,000,000 Angel investors
What is BNB Value?
BNB can be used to pay for any fees in Binance exchange platform, including:
Exchange fees
Withdraw fees
Listing fees
Any other fee
BNB holders will also get discounts when using BNB tokens to pay for fees.
1st year 2nd year 3rd year 4th year 5th year
Discount Rate 50% 25% 12.5% 6.75% no discount
According to CoinMarketCap data, BNB began trading on July 27, 2017, for the low price of $0.11.
By the end of Augst BNB was already trading at $2.33. As of today, BNB price is trading at $12.53, after topping at $24 two weeks ago.
What is the future of Binance (BNB) Coin?
The future of BNB Coin looks promising, having as one of the leading crypto exchanges backing up the project and being used to pay transaction fees in a decentralized platform sounds very appealing. BNB is one a cryptocurrency that we will keep an eye on this year.