Binance Coin (BNB)
Posted on April 2, 2018
The Hong Kong based exchange Binance released their own cryptocurrency, BNB Coin. You can use BNB to pay for any fees on the Binance exchange including: exchange fees, listing fees, withdraw fees, etc. Binance also holds a coin of the month poll where the most popular coin can be traded without fees for a month. In order to vote on said poll, you need to use BNB.
Every quarter, Binance will use 20% of their profits to buy back BNB and burn them, until they buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain.
– Rapidly becoming one of the most popular exchange, which directly increases the value of BNB
– You get a 50% discount on fees if you use BNB
– There is a limited amount of BNB, and this amount is being lowered by the Binance team until there is only 50% of the initial coins left.
– The first exchange to have its own coin
– The ICOs on Binance are mostly in Chinese, so it’s harder for Westerners to participate in them
– The exchange only allows crypto to crypto trades and has no fiat ramps
– BNB is only traded on Binance which could affect its value in the long run
The network is up, and you can already use BNB for fees on Binance.
Binance plans to create a decentralized exchange where BNB will be used as gas. No dates have been revealed yet.
Holding BNB does not grant you any voting power when it comes to the development of the exchange. It does however allow you to vote in different polls held on their website.
BNB is similar to KuCoin Shares (dividends) and Cobinhood’s COB token (ICO discounts on Cobindhood) as they were issued during their respective ICO but their rights differ.
Every coin that is added to the BNB exchange is a new partnership that will increase the value and uses of BNB.
BNB is only traded on Binance.
Currently, BNB is only used to pays fees on the exchange without any interaction with the Ethereum blockchain besides the token being built on Ethereum, but once the decentralized exchange is released, it will be an application layer on top of the Ethereum blockchain.
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.