Crypto Academy Week 9 - Homework Post for @yohan2on

Image source

Hello steemians and professor @yohan2on this is my entry for this weeks assignment, I'm so glad on how you explained about altcoins.
So for a while I've not really understood them and their own blockchain for a while now but after your lesson and the little research I've made, I've got to understand them very well and according to your homework I would like to talk about the sweet and interestingly interesting Binance Coin (BNB).

Binance coin (BNB)

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The indigenous coin of the Binance Blockchain, the Binance coin (BNB) has proved itself to be a stable coin, it is a crypto-currency backed coin with low volatility. Binance coin has been proven to be one of the most secure cryptos. It has a marketplace charge of $568 with an increase of close to 3% in 24 hours and a marketplace capitalization of more than $87billion. Binance coin has so many features it baffles me, from how it can easily swapped to the Binance smart chain (BSC) which is also still BNB in another form to its use fullness and dependability in thr Binance Blockchain.

Image source : screen shot from coinmarketcap

Image source : screen shot from coinmarketcap

From my research, BNB was launched through an ICO that took place from June 26th to July 3rd, 2017. This was just 11 days before the Binance Exchange was opened for trading. It came with the issue price of 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB. BNB is issued in ERC20, BEP2and BEP20 (and I think there's more that I don't know of) though originally, BNB was issued as an ERC-20 token, running on the Ethereum network, with a total supply of 200 million coins. Since BNB was a originally issued through an ICO ( Initial Coin Offering) about 100 million BNBs were offered in the ICO, but the current total supply is lower due to some periodic burnings in which Binance destroys BNB held in its treasury.

From another article article I was making a research on, I got to find out that although, initially based on the Ethereum network, the ERC-20 BNB tokens were later changed / swapped with BEP-2 BNB on a 1:1 ratio with the BEP-2 BNB as the native coin of the Binance Chain.

Just when we thought that, Binance coin was interesting, as of September 2020, Binance launched the Binance Smart Chain (BSC), another blockchain network that runs in parallel with the Binance Chain (BNB) giving the BNB three forms now.

1. BNB BEP-2 on the Binance Chain.
   
   Image source : my trust wallet app

2. BNB BEP-20 on the Binance Smart Chain.
   
   Image source : my trust wallet app

3. BNB ERC-20 on the Ethereum network.
   
   Image source : my trust wallet app

Now let me talk about the trading systems we have under BNB

Image source : my Binance app

BNB is traded with many other cryptocurrencies and assets and this is what gives it its value.
Whilst researching I got to find out that all Alt coins like BNB gets in value in comparison with Bitcoin (BTC) because they are traded in respect to BTC and not USD. Therefore with a fall in BTC its most likely that all other coins will fall also.

Image source from my phone

I can get on to talk and talk about this coin but let me just highlight a few of its important uses.

Firstly, it's the native coin of Binance and so can be used to trade with any other coin on the Binance Blockchain.

It is used to pay for trading fees, transaction fees, pay for goods and services on the Binance chain, Binance DEX (Decentralized Exchange) on on the Binance Smart Chain, I even found out that you can also book hotels, flights and more at Travala.com with the Binance chain and so many more.

I'll stop here sir @yohan2on, thanks a lot for opportunity to be go through this lesson and enlighten me more, I'm really grateful.