Binance Coin (BNB) Price Down 7.5% This Week
Binance Coin Profile
Binance Coin is a PoSA coin that uses the BEP-2 hashing algorithm. It launched on July 8th, 2017. Binance Coin’s total supply is 169,432,897 coins and its circulating supply is 153,432,897 coins. Binance Coin’s official Twitter account is @binance_2017 and its Facebook page is accessible here. The official website for Binance Coin is www.binance.com. The Reddit community for Binance Coin is /r/binance and the currency’s Github account can be viewed here.
According to CryptoCompare, “BNB powers the Binance ecosystem and is the native asset of the Binance Chain. BNB is a cryptocurrency created in June 2017, launched during an ICO in July, and initially issued as an ERC-20 token. Designed to be used for a fee reduction on the Binance exchange, its scope was extended over the years. BNB powers the Binance Chain as its native chain token. For instance, it is used to pay fees on the Binance DEX, issue new tokens, send/cancel orders, and transfer assets. BNB is also powering the Binance Smart Chain, which is an EVM-compatible network, forked from “go-ethereum”. It supports smart contracts and relies on a new consensus mechanism: Proof-of-Staked Authority (PoSA) consensus (“Parlia”), which incorporates elements from both Proof of Stake and Proof of Authority. BNB is used for delegated staking on the authority validator, leading to staking rewards for users and validators. Besides its on-chain functions, BNB has multiple additional use-cases such as fee discounts on multiple exchanges (e.g., Binance.com), payment asset on third-party services, and participation rights & transacting currency on Binance Launchpad. At the core of the economics of BNB, there is a burn mechanism leading to period reductions in its total supply (~ every three months). From its initial maximum supply of 200 million, burns are expected to continue until the supply reaches 100 million. Whitepaper “
Binance Coin Coin Trading
It is usually not possible to purchase alternative cryptocurrencies such as Binance Coin directly using US dollars. Investors seeking to acquire Binance Coin should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Coinbase, Gemini or Changelly. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Binance Coin using one of the aforementioned exchanges.
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