What is Binance coin (BNB)? Characteristics · Purchase method · Introduction up to the future potential in the future!
Today we will introduce the virtual currency, Binance coin (BNB) issued by overseas exchanges Binance. Binance coin started ICO on July 1, 2017, and the transaction price rose to about 100 times. The price as of January 2018 is about 16 dollars. Market capitalization is 33rd. Recently, it became a big topic in partnership with the Japanese exchanges QUOINE!
Exchaenge the world! Token to exchange the world, Binance coin (BNB)
Binance coin is the virtual currency issued by Binance, the virtual currency exchange. The feature of Binance coin is that it can be used as a token to discount the fee at Binance. By using Binance coin, the transaction fee for cheap Binance is 0.05%! It is surprising!
Features of BNB
1)One of the ERC 20 tokens
2)The upper limit is 200 million BNB
3)Virtual currency to exchange the world
Binance coin is a currency with a strong meaning as a point = token used in Binance rather than a virtual currency intended for settlement. If you use BNB, the commission will be discounted, so the more you use Binance users, the more demand will increase!
Of course you can purchase virtual currencies using BNB as well as discounts on fees. With "Exchange the world = exchanging the world" Binance aims to be a platform that enables exchange with every currency. Binance coin plays a role as its principal currency! Let's see the features of Binance coin at once!
Binance coin (BNB) is an ERC 20 token
Binance coin is one of the ERC 20 tokens published on the block chain of the same virtual currency, ERC 20 is the standard used on Ethernet . ERC refers to the technical specifications of the technology, which is the 20th specification, so it is an ERC 20 token. Please think that Binance coin is based on the Enterprise Platform and was made according to ERC 20 standard!
Really good reason to be an ERC 20 token!
The fact that Binance coin is this ERC 20 token is a very big advantage. Among the currencies currently issued, there are many tokens made with this same standard called ERC 20. The fact that it is the same standard (Golem, Qtum, Augur, etc.) means that each has complementarity. For example, standards for playing back data include DVD and Blu-ray, but if it is the same Blu-ray standard, it is easy to copy and rewrite discs.
It has the same virtual currency, ERC 20 tokens can use the same program mutually, manage data collectively, for example, it's easy to apply! The fact that Binance coin, a token of the virtual currency exchange, is an ERC 20 token is perfect for aiming at the exchange the world, a token that exchanges the value of the world.
Potential for smart contract opening
Since the virtual currency is programmatic, you can simply have a function as a program as well as a function as a currency. For example, you can forcibly repay B for $ 300 lent by A to B in one month! Conditioning by these programs is called Smart Contract.
Smart contracts
Built on the Ethereum platform, smart contracts can be created and executed using BNB. This might open up the door for margin trading down the road.
Smart contracts are enforceable to fulfill promised payments. By applying Smart Contract, you can open up possibilities for FX (margin trading) by virtual currency and distributed exchanges where users can exchange currencies directly at favorite prices. Binance coin is going to open possibilities for various trading by implementing Smart Contract!
The upper limit is 200 million BNB, the price rises every quarter?
The maximum number of sheets issued by Binance is 200 million BNB, and all Binance coins have already been issued. Therefore, if you want to get BNB, you need to purchase at Binance. Since Binance coin can be used for discounts on commissions, many users of Binance purchase it. However, the commission discount rate decreases every year, and it is scheduled to eventually become 0%.
Listening like this, you may feel that it is meaningless to purchase Binance coin after all, Binance will buy back 20% of Binance coin of the exchange's profit every quarter. By buying back, supply will decrease, demand will increase, necessarily the value itself of BNB will rise. Ultimately it seems that we plan to repurchase it to 100 million BNB which is 50% of the total issue quantity. By the way, we bought back 986,000 BNBs this fiscal year.
Binance coin functions not only as a commission but also as a voting right for coins to be listed on Binance. It is used for ICO platform, purchase coins for Binance Launchpad , and others. Of course you can also buy other virtual currency as a currency. Binance coin is not just a token, it plays a role as the base currency in Binance. Even if the fee discount is gone, as long as Binance develops its value will continue to rise!
There is no disadvantage! What?
One of the disadvantages of Binance coin is the fact that its head office is located in Hong Kong, China, where regulations on virtual currencies are severe. In China, there is a sad past where major exchanges such as Okcoin and Huobi were shut down due to government regulations. . In Hong Kong, Chinese laws are not directly applied, but there is a good possibility that some regulations will be received in the future. (For headquarters, we plan to relocate to Cayman Islands)
In addition, because Binance coin is an ERC 20 token expanded on the block chain of the Etherium, it is strongly affected by the Ethiary. There is a past that has suffered hacking due to vulnerability of smart contract and caused a hard fork (coin splitting) in the event. (DAO Incident) If an event that is disadvantageous to the event happens, the ERC 20 token Binance coin will also be immune from being affected.
Also, like many virtual currencies, it is meaningless unless a BNB token is also used. Currently, the role as a token discount fee is a major function. The point where Binance coin will be used after 5 years when the fee discount is gone is extremely uncertain.
There is a threat of rival. In the case of Binance, other exchanges are rivals rather than currencies. Also, as a future development, we have decentralized exchanges, but there are already prefixes such as EtherDelta and Waves . In order to use Binance, it is necessary to provide more attractive services than these rivals.
Binance Disadvantage Summary
1)The head office is in Hong Kong
2)Easy to be affected by
3)The vision after the commission discount is over is uncertain
4)Presence of competitors such as EtherDelta and Waves
Although there are disadvantages like the above, now Binance is expanding the users rapidly and growing surely! A fee of exception of 0.05% and an easy-to-use application. Unique efforts such as no other Benz gift campaign. Innovative and useful services not found on other exchanges are widely supported by users, and even this site is just one exchanger. I want you to keep growing as it is with the momentum not worrying about demerits!
History from birth to present
Binance coin is the virtual currency issued by the exchange, Binance. ICO started in July 2017, and issued 200 million sheets which is the issuance limit. At ICO 50% of 100 million BNBs were sold, the remaining 40% were distributed to developers and 10% to early investors.
Summary Summary
Currency name (currency unit) Binance coin (BNB)
Developer / organization Changpeng Zhao / Binance Exchange
Maximum issue quantity 200 million BNB
Initial price ー
algorithm ー
Half life Every quarter we bought 20% from Binance's profit
release date 2017/07/01
Official site https://www.binance.com/
Future prospects of Binance coin (BNB)
Although the future of Binance coin, this depends on the growth of Binance, which is almost exchanges. And, despite the July 2017 Open and relatively new exchanges, Binance records the fourth largest transaction volume in the world as of January. This is awful! It can be said that it is growing at a speed that can only be felt as a future.
White paper https://www.binance.com/resources/ico/Binance_WhitePaper_en.pdf
There is reason to be growing! In overseas exchanges comparison site, cryptocompare , we have won second place in the ranking in the ranking.
Binance can not be said to be a one-story shop just because its advertisement and promotion are excellent, it can be said that it is a superb property with both name and ability.
Partnership with QUOINE, an exchange in Japan
On November 2, 2017, Binance announced a partnership with QUOINE which also has an exchange in Japan ! While Binance has the strengths as an exchanges specializing in virtual currency, QUOINE has the advantage as an exchange dealing with abundant legal currencies such as yen, dollar, euro, rupee.
From now on, taking advantage of these mutual strengths, we can trade virtual currencies from legal currencies and ICOs. It seems that we aim to offer a wider range of services and expand market share by various partnerships including mutual listing of Binance coin, LIQUID (token of QUOINE) !
I will not touch in detail here, but QUOINE has just done the ICO of LIQUID, a platform that will bridge the world's exchanges. Indeed, as we are stepping into the world championship of the exchange, this alliance is very reliable! And this will lead to the future of Binance coin as it is! Investment is self-responsibility, but is not Binance coin as one of the coins to hold first?
Binance coin (BNB) chart
Purchase method (exchange)
The recommended exchange that you can purchase for Binance is, of course, Binance . It will be overseas exchanges, but Japanese correspondence. Easy entry is unnecessary , Easy registration by e-mail address, easy to complete if there is 1 minute! By using BNB, cheaper commission will be cheaper from the beginning. It is a recommended exchange that you can also buy popular coins such as IOTA and ADA!
The more you use Binance users, the more the price of Binance coin will rise. If you think that you want to buy a little, you can buy it at an affordable price, let's buy it by all means!