Crypto Academy Week 9 - Homework Post for [@yohan2on ] // ALTCOINS // BINANCE COIN

Hello @yohan2on

I am honored to be a part of this new season of the crypto-academy; I have learned a lot from your presentation, and I am carrying out the task on Binance Coin based on my research on (BNB).

BINANCE COIN (BNB)

BNB was launched on the Ethereum blockchain in July 2017 until Binance launched its own blockchain (Binance chain), at which point BNB became a native coin of the Binance chain.
The Binance block chain was launched in September 2020, and its growth rate is incredible , it currently has over 180 projects, including DEFI. It has both NTF and DEX running on it.

In 2017, a total of 200 million BNB were issued to be used on the Binance exchange platform for the following purposes:

• Trading BNB in the same way as other crypto coins

• When trading or working on the Binance exchange, BNB is used to pay transaction fees, and individuals who use it receive special discounts.

• BNB has been designed in such a way that it can be used as a crypto credit card.

• BNB is also used on gaming platforms to purchase virtual gifts.

• BNB can be used as collateral for loans and as a good coin for investment.

When Binance was launched in 2017, the company offered a 50% discount to all those who purchased during the Initial Coin Offering (ICO), and this discount continued to be reduced by half each year until the coin allocated to the ICO time was all purchased.
Since the inception of Binance Coin, 200 million tokens have been created and distributed to stakeholders as follows:

• ANGEL INVESTORS : 20 MILLION
• FOUNDING TEAM : 80 MILLION
• ICO INVESTORS : 100 MILLION

Following this allocation, the Binance platform came up with an idea to help maintain the value of the Binance coin, so they announced that they will use 20% of their profit each year to buy some of the 100 million tokens allocated to ICO and burn them, and this will continue until the maximum of 100 million are purchased from initial coin offering investors and burn.
Binance coin is a good token for investment; based on my research, most crypto platforms consider it to be a safe coin; it has a market cap of 86,275,317,682 and its unit price is $558.30; and it is reported that the price increases by about 22.35 percent every 24 hours.

SOURCE

Currently, BNB is ranked third in terms of cryptocurrency market capitalization in coin market cap .

This token was created to be used to pay fees on the Binance exchange platform, and it was an ERC-20 coin on the Ethereum blockchain until the Binance chain was launched. Now, Binance has launched another project called the Smart Binance Chain, which is supported by the BNB.

HOW TO GET A BNB

1. Before purchasing any coin, you must first obtain a wallet that supports the coin of your choice; in my case, I use the Binance exchange wallet.

2. You must register with the Binance exchange.

3. You can either use your crypto coin or a credit card to purchase BNB on Binance.

4. In my case, I'll buy the coin and leave it on the Binance exchange, but anyone with a different wallet can transfer it.

Below are some of the wallet that support the BNB:

1. LEDGER
2. TREZOR
3. COINOMI
4. BINANCE

Finally i will like to say kudos to the steemit team for bringing back this platform for our easy understand of crypto currencies.