I salute everyone on the steemit platform. I express my delight over the resumption of @steemitCryptoAcademy courses and homework. I see this as an opportunity to have an indepth understanding in the world of cryptocurrency not necessarily earning from homework posts. Thanks to @steemitblog for the timely update.

For the season two of the homework post, I am here to submit my homework for @yohan2on after an understanding of the course presented by the professor.

My homework is on Binance Coin. It is done under the following headings.

• Binance Coin (BNB) - Meanng

• Initial Coin Offering for BNB

• Binance Coin Burning

• Uses of Binance Coin

• Current Price of BNB on Binance Exchange

BINANCE COIN (BNB) - MEANING

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Binance coin created in 2017 July is the native currency of the world largest cryptocurrency exchange, called "Binance cryptocurrency exchange platform" that can be traded and used to pay for fees on the same platform. The fees required by the binance platform for trading are charged in the binance coin. The Binance coin can be traded for bitcoin many altcoins such as Ethereum, USDT Ripple, Yearn Finance I and Yearn Finance II, etc.

INITIAL COIN OFFERING FOR BNB

In July 2017, the Binance coin was launched witn an initial coin offering of 200 million BNB tokens. This BNB tokens were shared among the Binance founding team and angel investors (the first set of persons that invested on the Binance coin).

In the sharing, 80 million BNB were shared amongst the Binance founding team, while 20 million BNB were shared among the angel investors. The public also got a share of 100 million BNB which they bought at 15 cents per token.

BINANCE COIN BURNING.

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BNB burning is the process of completely destroying Binance coin to reduce its nmber in circulation. This is done quarterly, i.e every four years. In this process, Binance uses 20% of its profit to buy back BNB and destroys them. This practice is to make the supply of BNB limited, thereby making it scarce and upholding and increasing it's value in the coin market. The last quarterly burn performed by Binance was Oct. 17, 2020.

USES OF BINANCE COIN

The use of BNB is not limited to paying for charges on the Binance trading and exchange platform. It can be used for many other important functions. Listed below are some of the functions.

• Binance coin is used as a trading pair for other cryptocurrencies on the binance exchange platform and other exchanges. BNB is traded for Bitcoin and other altcoins including Ripple, Ethereum, Yearn Finance I and II and stable coins like USDT and even Fiat coins like Naira.
• The Binance is also used to pay for the transaction fee charged on the Binance exchange. Every transaction done on the Binance platform goes with a token fee. These charges are paid in the Binance native coin, BNB
• On Crypto.com, BNB serves as one of the form in which crypto credit card bills are paid, i.e one can pay for crypto cedit card bills with BNB on Crypto.com.
• On some selected online sites, individuals can book for flight and make payments for hotels using BNB.
• In the entertainment world, BNB can be used for payment for virtual cards and buying of lottery tickets.
• BNB can be used to invest in stocks, ETFs, and other assets.
• Binance coin is also used as collateral to obtain loans on some platforms. It can be used to pay for goods and services online through cryptocurrency exchange platforms.

Current Price of BNB on Binance Exchange

BNB has moved greatly over the past 6-7 months. It has attained an all time high value recently and it looks like it is going higjer by the day.

On Binance today, the Binance coin is $568.4075 as at the time of writing this article.
Not only on the Binance exchange, but also in other exchanges, the value and price of BNB has tremendously increased.

This is my entry on the homework. Thanks for reading.

Cc: @yohan2on