Name: Binance Coin
Brand: Binance Coin
SKU: BNB
Price: 667.474 USD
Availability: InStock

Question 1

What is BNB (BNB)?

Accepted Answer

BNB is the native cryptocurrency of the Binance platform, known for facilitating trading of cryptocurrencies exclusively against each other, without fiat currency involvement. Initially issued as an ERC20 token on the Ethereum blockchain, it transitioned to the Binance Smart Chain (BSC) in 2020. With a total supply capped at 200 million coins, BNB plays a pivotal role in the Binance ecosystem, providing benefits like transaction fee discounts when used for trading fees.

Question 2

What differentiates BNB (BNB) from other tokens?

Accepted Answer

What sets BNB apart from other tokens is its integration into the Binance ecosystem, providing users substantial trading fee discounts, which can be as high as 50% in the first year. Its dual functionality as a utility token for trading costs and as gas for the Binance Smart Chain uniquely positions BNB among other exchange tokens.

Question 3

What is the utility of BNB (BNB)?

Accepted Answer

The primary utility of BNB is to power the Binance ecosystem, particularly by allowing users to pay for trading fees, which can lead to significant discounts. Beyond this, BNB is used in various applications such as mobile apps and Visa cards that accept the token, enhancing user experience across the platform.

Question 4

What does the BNB (BNB) whitepaper promise?

Accepted Answer

The BNB whitepaper outlines a buyback and burn mechanism where 20% of Binance's profits will be used quarterly to repurchase and permanently destroy BNB tokens until half of the total supply, or 100 million BNB, is removed from circulation. This strategy is designed to increase the value of remaining tokens and ensures BNB's scarcity.

Question 5

What consensus mechanism does BNB (BNB) use?

Accepted Answer

The cryptocurrency BNB operates on the Binance Smart Chain (BSC), which utilizes a Proof of Staked Authority (PoSA) consensus mechanism. This hybrid model combines aspects of both Proof of Stake and Authority, allowing for fast and cost-effective transactions while securing the network.

Question 6

Who created BNB and why?

Accepted Answer

BNB was created by the Binance platform, which launched it through an initial coin offering (ICO) to fund the development of the exchange. The primary motivation was to provide a native token that could benefit users through discounts on trading fees and other utilities within the Binance ecosystem.

Question 7

When was the BNB (BNB) token created?

Accepted Answer

The BNB token was created on July 8, 2017 during the Binance ICO, which aimed to raise funds to support the growth and operations of the Binance exchange.

Question 8

How do I use the BNB (BNB) token?

Accepted Answer

BNB can be utilized extensively within the Binance ecosystem. Users can pay trading fees, transaction fees, and listing fees on the Binance platform using BNB, which offers discounted rates (up to 50% in the first year). Additionally, BNB serves as 'gas' for transactions on the Binance Smart Chain, enabling users to interact with various decentralized applications and services.

Question 9

Where do I buy the BNB (BNB) token?

Accepted Answer

BNB can be bought on the SwissBorg app with just a few clicks. Download the app for Android or iOS and exchange cryptos instantly at the best price.

Question 10

What problem or need does BNB aim to address?

Accepted Answer

Binance Coin (BNB) aims to address the need for efficient and cost-effective trading on the Binance exchange. Users can utilize BNB to pay various fees, including trading and transaction fees, at a significant discount, which incentivizes the use of the token and promotes trading activity on the platform.

Question 11

Is the BNB (BNB) open-source, and can I review its code?

Accepted Answer

BNB is not open-source, as it follows the ERC20 token standard initially on the Ethereum blockchain. However, it operates on the Binance Smart Chain (BSC), which itself facilitates open-source projects and decentralized applications.

Question 12

How was the BNB (BNB) token generated?

Accepted Answer

BNB was originally generated during its Initial Coin Offering (ICO) in July 2017, where 50% of the total 200 million tokens were sold. The rest was allocated to the team (40%) and angel investors (10%). The tokens have undergone periodic 'burns' to reduce supply and increase value.

Question 13

What is the BNB (BNB) transaction speed and scalability?

Accepted Answer

Transactions on the Binance Smart Chain (BSC) are validated using a Proof-of-Staked Authority (PoSA) mechanism, allowing BNB to handle smart contracts and offer low transaction fees. BSC was designed to solve issues of network congestion and high fees seen on Ethereum, providing fast transaction speeds and scalability for decentralized applications.

Question 14

Is BNB (BNB) environmentally friendly in terms of energy consumption?

Accepted Answer

The Binance Smart Chain operates on a Proof-of-Staked Authority (PoSA) consensus mechanism, which is known for being energy efficient compared to older models such as Proof-of-Work. This means that BNB has minimal negative impact on the environment, making it relatively environmentally friendly in terms of energy consumption.

Question 15

What is the governance model for BNB (BNB)?

Accepted Answer

The governance of BNB is influenced by the community and is integrated into the operations of the Binance Smart Chain (BSC). Validator selection criteria, policies, and upgrades are determined through a decentralized governance model, engaging the community in decision-making processes related to the ecosystem.

Question 16

What are the long-term goals and vision for BNB?

Accepted Answer

The long-term goal for BNB is to serve as an integral part of the Binance ecosystem. This includes being a method for trading fee discounts and functioning as gas within the network. Additionally, Binance aims to reduce the total supply of BNB through a systematic buyback and burn plan, enhancing the value of the remaining tokens and ensuring continuous growth and utility in various applications.

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Market Stats

What is BNB (BNB)?

SwissBorg Indicators

Technical Analysis

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Binance Coin Price

Top up and invest in seconds!

Market Stats

What is BNB (BNB)?

What differentiates BNB (BNB) from other tokens?

What is the utility of BNB (BNB)?

What does the BNB (BNB) whitepaper promise?

What consensus mechanism does BNB (BNB) use?

Who created BNB and why?

When was the BNB (BNB) token created?

How do I use the BNB (BNB) token?

Where do I buy the BNB (BNB) token?

What problem or need does BNB aim to address?

Is the BNB (BNB) open-source, and can I review its code?

How was the BNB (BNB) token generated?

What is the BNB (BNB) transaction speed and scalability?

Is BNB (BNB) environmentally friendly in terms of energy consumption?

What is the governance model for BNB (BNB)?

What are the long-term goals and vision for BNB?

SwissBorg Indicators

Technical Analysis

Exclusive tools

Automate your investment today!

Receive notifications when Binance Coin reaches certain prices

Begin your Borger Journey today with the SwissBorg app!

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