Crypto Academy Season 2 Week 1 Homework Post for @yohan2on - Binance Coin(BNB)

iqbal-pasee (68)in SteemitCryptoAcademy • 3 years ago (edited)

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Hi steemian friends
how are you today?
Hopefully all is well, and always be protected by God. Aminnn

On this occasion I will make a review about Altcoins, here I will follow this week's homework, which is Season 2 homework: Altcoins - part1 "Looking beyond the Bitcoin" by @yohan2on. Keep reading to find out what i have to say about him, without wasting a lot of time let's get started writing my homework.

Introduction

So that we are here for the purpose of learning, I will start a discussion to explain about the coins I choose from 3 options for this week's assignment from my professor @yohan2on, including:

Litecoin (LTC)
Ripple(XRP)
Binance Coin (BNB)

Of these three coins, I chose to discuss Binance Coin (BNB), so for all of you friends who don't know about Binance Coin, don't ever skip this article, let's discuss it from start to finish, so that we understand better about one coin. this.

Why did I choose Binance Coin (BNB)?

So, if I want to discuss Litecoin (LTC) and Ripple (XRP), it seems like there are a lot of people who want to talk about these two coins, but many don't know that in fact apart from the two coins there is still one coin that is quite promising, namely BNB.

Okay, rather than lingering any longer, maybe we will talk about coins that have been phenomenal lately

What is BNB?

BNB is the native coin of the Binance Chain which supports the Binance ecosystem.

In 2017 Coin Binance started the story, BNB was founded by Changpeng Zhao, initially BNB was launched through an initial coin offering or ICO which took place from 26 June to 3 July 2017, eleven days before the Binance Exchange opened for trading.

The price issued is 1 ethereum for 2,700 BNB or 1 BTC (bitcoin), for 20,000 BNB.

Binance Coin (BNB) was launched as an ERC-20 token on the ethereum network as its platform with a total coin supply of 200 million coins, 100 million BNB offered in ICO.

So the funds raised from the first offering amounted to 15 million dollars, from the proceeds of this fund was used to fund the Binance Exchange Branding by 50%, for an increase in the system platform by 35% and another 15% for an emergency reserve fund.

In 2019, a very extraordinary thing happened when the blockchain platform was immigrated, which at first we know the launch of BNB using the ETH platform and then immigrating to the Binance Chain which is a self-owned network.

The purpose of the BNB coin

From the very beginning of its launch, BNB Coin will indeed be used as a medium for the Binance cryptocurrency exchange

This BNB coin can be used in cryptocurrency trading Binance and DEX (Decentralize Exchange). Binance Dex is accessible to all users worldwide, except citizens of the United States. In this DEX, more than 100 cryptocurrencies are traded by BNB.

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Apart from that, BNB Coin can also be used to fund exchanges on the Binance platform. So if you are a trader who uses buying and selling transactions on the Binance platform, the amount you have to pay for all transactions on the platform can use Binance Coin.

BNB token burning process

Binance has committed that every quarter of the year will burn 20% of the profit from trading fees, the aim of this is to burn the 100 million BNB tokens that have been sold during the ICO.

The act of burning coins already circulating in the market is very important in the blockchain economy. With the burning of coins, it is hoped that it will reduce the inflation rate of the coin itself.

With reduced supplies and coupled with stable needs, the price of these coins will be able to increase.

In the form of Binance Chain

As I explained at the beginning of my writing, Binance Coin was first launched on the ethereum blockchain platform in the form of ERC-20, however, Binance made a tremendous breakthrough by launching the Binance Chain.

With the Binance Chain, it could allow crypto projects to raise funds and launch their tokens on the Binance lunch pad fitut.

So BNB is more of a coin in the Binace Exchange cycle if I say, and of course, if you can see today, BNB is quite a price, the trend is again very positive.

Conclusion

Binance is the number one crypto exchange in the world in terms of transaction volume and usage

Binance is already committed to burning 20% of the profit from trading fees every four months. The aim is to burn 100 million BNB Coins that were sold during the ICO.

This BNB coin can be used in cryptocurrency trading Binance and DEX (Decentralize Exchange).

Support Source:
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Coingecko

Thank you to all ftiends for reading my post.
Professor @yohan2on, here's my entry for Steemit Crypto Academy || Season 2: Altcoins- part 1 "Looking beyond the bitcoin"