Hello dear crypto friends, hope you will like my entry of the assignment given by professor @yohan2on. In this article, I desired to write on BNB (Binance Coin)

On this occasion, let us study the fuel that propels the Binance Ecosystem which is known as the Binance Coin (BNB). Well, let me bring to our notice in case we have forgotten that Binance is among the leading platform where cyptocurrency are being exchanged today. So let's see what the Binance Coin is all about.

What Does Binance Coin (BNB) Mean?

According to history, Binance formulated and distributed this coin in late 2017 via an early coin gifting. From the total supply of 200 million BNB, only 100 was distributed, and it was shared when its value was just $0.15.

photo of the current value of BNB, as of time of making this post

Although when BNB was introduced initially, it was run on the ERC-20 token on the Ethereum Network. But now, it has been changed to BEP2 BNB token on the Binance chain Mainnet since April 18, 2019.

The total amount of 200 million BNB has been removed from its circulation as Binance burns its token quarterly. According to Binance, the burnt is to strengthen and smooth some activities like spot, margin, and exchanges being carried out on the Binance platforms. Current news has it that 10 percent of BNB has been burnt from the whole BNB released at the starting time. And it will continue to be burnt until the total amount of BNB released drops to 50%, meaning that only 100 million BNB will remain after thwarting the whole burning.

What Is BNB Use For?

BNB is employed for many purposes especially in the field of Binance.

1. Discount in Trading Fee
   Binance being the top and the widely recognized trading platform now allow a discount to its customers who have BNB. This offer is lucrative as Binance users who own BNB can opt to pay with their BNB instead of cost fees that are being paid with traded assets. Through this, you can take advantage of the discount.

2. Binance Account Tier
   VIP tier and special discount are issued to Binance customers who have retained BNB for 30days as they keep growing their trading volume to certain thresholds.

3. Dust Conversation
   With BNB in your Binance account, you can now exchange any amount of non-tradeable to cryptocurrencies via a process called dust.

4. Gas for Binance Decentralised Exchange (DEX)
   Binance DEX was initiated in 2019. And the purpose was to assist in transactions. It is a Decentralised Exchange that works on the Binance Chain and it works to how gas works to pay for Ethereum transactions.

5. Participate in Binance Launchpad
   Binance currently runs a project to introduce Exchange Offerings(IEO) with the help of Launchpad. So traders who retain a certain amount of BNB in their account are then qualified to participate in the IEO since they can buy the IEO tokens with their BNB retained in their account. During this event, Launchpad picks out-qualify traders via lottery who possess a certain specific number of BNB in their account to participate.

6. Use as Cryptocurrency.
   Various organizations are now integrated with BNB. so you can now buy or spend your BNB
   the way you like in any of the organizations that accept the coin.

Where do I get BNB?

You can simply own BNB by purchasing the amount you desire in any secondary market. You can swift to binance.com or any known crypto platform and buy or sell your BNB.

Holding and Storing Binance Coin (BNB)

A range of hardware and software program wallet providers endorses the Binance Coins (BNB). The choice between hardware and software program wallets is usually a stabilizing statute between comfort and security to the user. We’ll grant a fast hint on them in this category.

Naturally, hardware wallets (e.g. Ledgers) are non-custodial wallets that maintain the personal keys of a wallet offline, and completely the owner is conscious of it. This is arguably the most invulnerable option for protection as the patron has full possession of the coins, nonetheless, is in all probability the least convenient, as it imposes the purchaser to operate additional hardware before they can use up the cryptocurrency.

Non-custodial software program wallets like the Trust Wallet, Atomic Wallet are the subsequent desire in moments of safety in contrast to hardware wallets, though they are inclined greater convenient. The personal keys are additionally controlled using the stoner, yet, for the reason that the wallets are secured on an online engine (eg. the phone), you will face the peril of exposing your cryptocurrency for altering if a hacker finds entities that permit access to your smartphone.

Lastly, and from my study, the most convenient however unstable technique would be saving coins on custodial wallets (eg. on a centralized alternate such as Binance) as customers do not care about the private keys accessing their funds. However, a hack on the Binance servers can without difficulties cause customers to lose their funds, leading to a similar issue like what exceeded off at some stage in the infamous 2014 Mt. Gox hack, which documented a large loss of 850,000 BTC, most of which are patrons funds.

Thank you for your attention
Cc: @yohan2on