BNB - Native Binance Coin
Binance Coin (BNB) is the native cryptocurrency of the Binance exchange, one of the largest and most popular cryptocurrency exchanges globally. Launched in 2017 as an ERC-20 token on the Ethereum blockchain, BNB later migrated to Binance's proprietary blockchain called Binance Chain. BNB serves multiple purposes within the Binance ecosystem.
Firstly, users can use BNB to pay for transaction fees on the Binance platform, enjoying discounts when using the cryptocurrency for this purpose. Additionally, BNB is utilized in various applications within the Binance ecosystem, including participating in token sales on the Binance Launchpad, accessing premium features on Binance Smart Chain, and even making payments at merchants that accept BNB.
The introduction of Binance Smart Chain (BSC) has further expanded the utility of BNB, allowing it to facilitate smart contract functionality and decentralized applications, similar to Ethereum. BNB's versatility and widespread use contribute to its demand and value in the cryptocurrency market.
Furthermore, Binance regularly conducts token burns, reducing the total supply of BNB and potentially increasing its scarcity over time. This deflationary mechanism is designed to create a long-term positive impact on the value proposition of BNB. As a result, Binance Coin continues to play a significant role in the broader cryptocurrency landscape.
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VEIGO (Community Mod)
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BNB was an old and known cryptocurrency and it is because of the binance platform. It has great use cases thanks for the detailed information.