Binance Coin (BNB)
BlockchainX last edited by
The Binance Coin (BNB) is the native cryptocurrency of the Binance blockchain, and Binance Smart blockchain. It was launched as an Ethereum token in 2017, but migrated to its own network in 2019. You can trade BNB on the Binance.US exchange however, popular U.S. cryptocurrency exchanges such as Coinbase and Kraken do not offer BNB trading.
What Is BNB?
Binance Coin or BNB, the primary token of the Binance blockchain, was launched in 2017 on the Ethereum blockchain as an Initial Coin Offering (ICO).
The coins were offered at a price of 2,700 BNB per Ethereum coin (ETH), or 20,000 BNB per bitcoin, which pegged the price of one BNB close to 15 cents. Given 100 million coins were sold to the public, the offering was expected to have raised $15 million to be used to enhance the Binance cryptocurrency trading platform, which was also introduced in 2017 on the Ethereum blockchain platform.
Chinese entrepreneur Changpeng Zhao is the CEO of Binance, which has grown into the world’s largest cryptocurrency exchange.
As digital currencies evolved, regulators began scrutinizing use of digital currencies for illicit activities such as money laundering, and other criminal activities such as ransomware payments,and raised questions about some degree of anonymity they provided. These regulatory questions led Binance to prohibit any U.S.-based users in 2019.
In the same year, Binance, in partnership with BAM Trading, launched Binance.US, which can allow U.S. users in most states to trade in BNB and other coins.
How To Mine BNB
The Bitcoin approach was to initially release a small number of coins and slowly increase the supply using the mining approach to reward network members for validating blockchain transactions.
BNB doesn't get mined, and the entire supply of 200 million coins was issued during the ICO instead. This supply is systematically destroyed by a process called "burning."
To know More: www.blockchainx.tech/crypto-currency-development
jeff larin last edited by
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