Initially, Binance Coin was launched in the Ethereum network and served as an ERC-20 token. The funding of the project was secured through initial coin offerings (ICO) back in 2017. Related: What is Binance Smart Chain (BSC)? Binance Coin Price Analysisįounded in China by Chanpeng Zhao, Binance Coin was launched less than two weeks after the Binance exchange was created. The current total supply of BNB tokens is around 169 million BNB, with 153 million BNB in circulation. The burning process is expected to continue up to the point where 50% of the initial max supply is burned. As of June 6th of 2021, there have been 15 BNB burns so far. The burning process is done roughly every three months, and the number of burned tokens depends on the activity level in the Binance Chain. The reason for this is to keep BNB less inflationary, increasing the potential price of BNB in the future. Nevertheless, the validators responsible for securing the network are fairly rewarded. Since there is no PoW or PoS, BNB tokens cannot be mined. The same idea applies to securing the Binance Chain network. Briefly explained, the Byzantine Fault concept entails that some nodes are tolerated if the information is not completely correct due to technological issues. The BFT is based on the war strategy dilemma also known as Byzantine Fault. The Binance Chain uses Byzantine Fault Tolerance (BFT), which is fairly different from the common consensus mechanisms such as Proof-of-Work ( PoW) or Proof-of-Stake ( PoS). Simply put, Binance Coin (BNB) is the native token of the Binance Chain. Therefore, this article focuses on these two components of Binance, what they offer, how they work, and much more. While all this information may sound complicated and overwhelming, both the Binance Coin and the Binance Smart Chain are very easy to be comprehended. The BSC allows users to launch their projects in the same way as they can launch in the Ethereum network.
The Binance Chain is not only a medium for trading purposes, but it also focuses on the Decentralized Exchange (DEX) sector.Ībout a year after the launch of the Binance Chain, the Binance team launched another blockchain-based network, known as the Binance Smart Chain. The native token of this blockchain is the Binance Coin (BNB). But the team behind this exchange did not stop here, as they launched their own blockchain, known as the Binance Chain. One that has established itself as one of the best exchanges is the Binance Exchange. Each of them offered the same yet very distinctive trading options. To make such trades possible, cryptocurrency exchanges were created. The cryptocurrency market has expanded throughout the year at a very large rate, where thousands of coins and tokens are now accessible for trading.
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