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A few weeks later I am happy to get homework from the professors again. This week I am going to complete my first homework. Home task given by Professor @yohan2on.

In this first part of Altcoins I will discuss BNB (Binance coin). There were three alt coins given out of which I picked up the BNB to explain. Let's dive down.

What is BNB?

Binance coin which is also called BNB. BNB is the native token of Binance Smart Chain. BNB acts as the power of the Binance ecosystem and its chain. And BNB is the native coin of that ecosystem. If we give the definition of BNB, then Binance Coin (BNB) is a cryptocurrency that is used to trade and pay fees on the Binance cryptocurrency exchange. We know Binance is the largest cryptocurrency exchange in the world since January 2018.

History of BNB(Binance Coin)

BNB launched through ICO (Initial Coin Offering) was from June 26 to July 3, 2017, and 11 days later the Binance Exchange was opened for trading. There was an ICO from where users or investors could buy BNB, the price was 1 ETH = 2700 BNB and 1 BTC = 20000 BNB, that was the issue price. When it was listed on the exchange and very quickly gained popularity in the crypto market.

If you look at the current bull market, you will see that it is sudden huge pump. At the time I wrote this post, each BNB was priced at $580 and its ATH was $638, which happened two days ago. Binance Exchange is the largest cryptocurrency exchange site in the world with 1.4 million transactions per second.

BNB was primarily based on the Ethereum network. Then in September 2020 Binance launched a blockchain called Binance smart chain (BSC) which runs in parallel with the binance chain. You can find it in three different chains,

1. BNB BEP-2 on the Binance Chain
2. BNB BEP-20 On the Binance Samart Chain
3. BNB ERC-20 on the Ethereum network

Use cases of Binance Coin(BNB)

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The higher the use cage of the project in the crypto world, the higher the demand. So let's talk about BNB's use cage. Like other cryptocurrencies, binary coins have different uses that go beyond the exchange.

1. Trade: Binance coins or BNB can also be traded on various cryptocurrency exchanges with other cryptocurrency pairs.

2. Transaction fees: If you are familiar with CryptoExchange, you must be aware of transaction fees. Users can enjoy 25% discount when using BNB Trading Fees Also having a big amount of BNB balance qualifies users gets benefits

3. Booking travel: With BNB you can book hotels airplane flights using website. Also buying virtual gifts, and so more. Millions of BNB are being used for gift purchases, including travel expenses with other transitions.

4. Launchpad: BNB holders get a lot of benefits from Launchpad.

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Cc:
@yohan2on