One such setback came last week in the form of a hack that saw the exchange hemorrhage US$100 million before the bleeding could be staunched. It’s an accurate assessment that’s no less true in the cryptocurrency industry than it is in any other, and to which recent events attest.īinance, the world’s biggest crypto exchange, may be winning that race in terms of its sheer heft in the market, but even the behemoth that founder Changpeng Zhao built may lose the occasional battle. Binance also states that about 9 in 10 of its employees receive a portion of their salaries in the BNB token.Technology is often described in terms of an arms race. The token is also being used as a payment method on platforms made by blockchain startups such as crypto point-of-sale solutions provider Pundi X, blockchain payments company, and CoinPayments, which acts as a crypto point of sale for millions of online vendors around the globe. Australian startup TravelbyBit, for example, has equipped more than 150 establishments, including Brisbane Airport, with the ability to pay for goods and services using cryptocurrencies including BNB. It can also be used on Uplive, Asia’s premier high-end live video platform.īNB has become more usable for goods and services in a growing number of brick and mortar establishments around the world. In 2017 Monaco, which offers a Visa-branded credit card that converts cryptocurrencies into fiat payments, announced its plans to support BNB. There have been several other real-world use cases for BNB since its launch. In its whitepaper, Binance has outlined plans to offer annually decreasing discounts on fees for BNB users until its fifth year of operation. For the first year, Binance offered a 50% discount on its exchange trading fees using the coin. The BNB token itself has multiple uses, essentially being the underlying gas that powers the Binance ecosystem. Every buy-back transaction conducted by Binance is announced via the blockchain for transparency. Binance has stated that it will use 20% of its profits from every quarter to buy back and burn BNB until the supply of the coin is 50% of the original amount (100 million BNB). The benefit is that it increases the value of the remaining coins left in circulation. Burning coins means taking them out of circulation and permanently destroying them. The token was established with a total supply of 200 million, and a key influence on BNB’s value is Binance’s strategy to buy back a percentage of the coins and ‘burn’ them. Holders of the BNB coin are referred to as Binancians.Īccording to Binance’s whitepaper, half the funds raised during the ICO were earmarked for branding and marketing, one-third were used to build the Binance platform and perform necessary upgrades to the Binance ecosystem, and 15% were kept in reserve for emergencies. During the ICO process, the company offered 10% of the total number of coins (BNB 20 million) to angel investors, 40% (BNB 80 million) to the founding team, and the remaining 50% (BNB 100 million) to other participants. In July 2017, Binance held an Initial Coin Offering (ICO) for BNB which helped it to raise $15 million. It is classified as a utility token and can be used on the Binance exchange. The coin runs natively on the Ethereum blockchain and follows the ERC20 technical token standard. Binance Coin (BNB) is a cryptocurrency issued by the popular trading platform Binance.
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