Cryptocurrency BNB - detailed review of the coin exchange Binance

Cryptocurrency exchange Binance is one of the leading trading platforms in the world.

History of the origin and creation of the cryptocurrency

Binance is a Chinese company originally established in Shanghai in July 2017 and then moved to Malta. Its founder, Changpeng Zhao, is the former technical director of OKCoin, another famous Chinese cryptocurrency exchange. Beiji Technology became the owner and operator of Binance.

Binance got its name from a combination of two English words "binary" and "finance".

Between July 14 and 27, 2017, Binance held an ICO, releasing its own coin BNB. During the sale, investors purchased 100 million BNB. Since then, the exchange administration has redeemed and destroyed about 5 million coins. In total, the plan is to "burn" all of the originally sold out 100 million tokens. Up to 20% of the profits of the Binance exchange will be allocated for this purpose every quarter.

BNB is based on the ERC20 Ethereum standard. The terms of its issuance provide for a restriction on the issue of coins. After the release of 200 million tokens, their creation will be suspended.

Binance Coin: goals, benefits and purpose of the coin

The issuance of its own cryptocurrency by the Binance exchange has several purposes, including the expansion of various functionalities within other digital ecosystems.

The main functions of BNB

The coin plays the role of fuel that powers the entire ecosystem of the exchange. Users of the platform can use it to pay trading commissions and enjoy discounts:

• first year - 50%;
• second year - 25%;
• third year - 12.5%;
• fourth year - 6.75%.

There will be no discount program for the fifth year.

Binance Coin has some other features which are available outside Binance due to development of partnership relations.

Partners of Binance Coin

Creators of the cryptocurrency cooperate with several projects:
Monaco. The service offers special credit cards that can be used for various cryptocurrencies. They include, among other things, support for BNB token.
Uplive. At the end of December 2017, the Uplive app with more than 20 million users became a partner of the Binance exchange. The Uplive platform and its associated GIFTO wallet support BNB tokens for the purchase of virtual gifts.
Crypto Savannah. On April 22, 2018, Binance announced via Twitter that the exchange would partner with the recently launched Crypto Savannah project in Uganda. The collaboration aims to support economic transformation in Uganda and provide youth employment through blockchain. This allows BNB to expand the use of the coin.

Conditions for the rebate

To participate in the rebate program, all you have to do is store BNB tokens in your wallet on the Binance exchange. The whole mechanism works in automatic mode, deducting the necessary amount of coins from the user's account. There is also an option to disable this function if a BNB owner prefers not to spend, but to accumulate his savings in Binance Coin.