Not only is Binance the biggest exchange in the world, but it has also developed one of the largest networks in the space. Binance has branched into trading, blockchains, education, ICOs, and more.
The name “Binance” comes from the words "binary" and "finance." This echoes the platform’s vision for crypto, a vision that sparked the financial paradigm shift of the 21st century.
We know what Binance is. We understand how important it is to the space. But let's now discuss their native token, as that's essentially how we invest in a crypto company, right?
What is Binance Coin (BNB)?
Binance Coin (BNB) was released in 2017 to help traders on Binance pay fewer fees when transacting on the network. Like Ether, think of BNB as the fuel that powers the Binance network engine.Put simply, BNB is a utility token used on Binance that allows users to most efficiently transact with Binance products with lower trading fees.
Speaking of Ether, a fun fact is that BNB used to run on the Ethereum network but has now bridged over to the native Binance smart chain that was launched in 2020.
What is the Binance Smart Chain?
Binance Smart Chain is just like Ethereum. It is a smart contract-enabled blockchain network that intends to become the leading Defi ecosystem.However, some refer to Binance as CeDeFi as it seems to be acting as a bridge for both the CeFi and DeFi worlds. The founder of Binance, Changpeng Zhao (CZ) also referred to Binance as such in a now-deleted tweet.
Binance smart chain uses a proof of authority (PoA) mechanism, which we’ll explain below.
Proof of Authority
Unlike proof of work (PoW) and proof of stake (PoS), proof of authority (PoA) is a validating method by which validators are selected by staking their identity rather than by staking coins. These validators put their own reputations on the line. As Binance captures all identity information, it's unlikely that a validator would attempt to commit a crime.What makes Binance Coin unique?
Binance Coin is deflationary, which means that Binance will use profits to burn BNB held in the Treasury every few months. This is really cool, and we know what happens when supply goes down.Today, BNB is mainly used for transaction fees on Binance.com and Binance DEX to allow users to partake in Binance ICOs and complete Binance smart chain transactions.
Invest in Binance coin, and you're investing in the potential you believe these projects have.
Binance Coin is one of the biggest crypto projects in the world, with a top 5 market cap as of December 2021, a market price of 87 billion, 166 million supply, and a price of $525. If you believe the company has a future, BNB could be an exciting project to keep an eye on. We highly encourage you to look into the ecosystem and team and learn more about them.
For more information on Binance, BNB, & Proof of Authority (PoA), stay up-to-date with Crypto School.
Disclaimer: NOT FINANCIAL NOR INVESTMENT ADVICE. Only you are responsible for any capital-related decisions you make, and only you are accountable for the results.
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