What is Binance Coin
What Is Binance Coin (BNB)?
Launched in July 2017, Binance is one of the biggest cryptocurrency exchanges globally. By aiming to bring cryptocurrency exchanges to the forefront of financial activity globally. The idea behind Binance’s name is to show this new paradigm in global finance — Binary Finance, or Binance.
Aside from being the largest cryptocurrency exchange globally, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Academy, Trusted Wallet and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.
Who Are the Founders of Binance Coin?
Changpeng Zhao is the founder and CEO of Binance. In 2001, Zhao joined Bloomberg as head of tradebook futures development. He spent four years with the company and later joined Fusion Systems as a partner.
Since 2013, Changpeng Zhao has been actively involved with blockchain technology and cryptocurrencies. He became head of development at Blockchain, and in 2015 he founded BijieTech. In 2017, Zhao officially launched Binance, and he has been the CEO of the company ever since.
He Yi is a co-founder and chief marketing officer at Binance. She started her career as a TV anchor and presenter on China Travel TV in 2012. Later, in 2014, Yi co-founded OKCoin, which was the largest fiat-to-crypto exchange in China at the time. In 2017, she joined forces with Changpeng Zhao, and together they created the largest crypto exchange globally — Binance.
What Makes Binance Coin Unique?
Binance is a unique ecosystem of decentralized, blockchain-based networks. The company has grown to be the leading crypto exchange in a number of countries, and their side organizations are attracting significant interest as well.
One of the biggest competitive advantages Binance has is its drive for development. While the company started only as a crypto exchange back in 2017, today, Binance has spread its services among numerous different spheres. According to the company website, its mission is to become the infrastructure services provider for the entire blockchain ecosystem.
Since launching the Binance Coin, the exchange has also benefited from increased investor interest in the token. BNB went through a significant price increase at the beginning of 2021, which has put it on the map of enterprise investors.
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How Many Binance Coin (BNB) Coins Are There in Circulation?
There is a maximum supply of 170,532,785 BNB coins, of which 153,432,897 are currently in circulation as of April 2021.
According to the Binance whitepaper, exactly half of the maximum supply of BNB tokens was allocated towards the initial coin offering (ICO) and public sale of the token. Another 40% of the total supply, or around 80,000,000 BNB coins, was distributed among the founding members and team. Finally, the remaining 10% of the maximum supply was split among angel investors.
How Is the Binance Coin Network Secured?
Initially, the Binance coin started as a traditional ERC-20 token on the Ethereum blockchain. Later on, the company introduced its own blockchain, and the coins started being issued from the Binance blockchain, secured by the Tendermint byzantine-fault-tolerant (BFT) consensus mechanism.
While ERC-20 tokens rely on the proof-of-stake (PoS) consensus, which allows them to be extremely scalable, and allows for the creation of smart contracts. Unlike PoS, the Binance blockchain does not support smart contract functionalities. In contrast, the Bitcoin blockchain is secured by the proof-of-work (PoW) consensus, which is far more limited and consumes large amounts of electrical and computing power.
Where Can You Buy Binance Coin (BNB)?
As the dedicated utility token of the Binance exchange, the most straightforward way to acquire BNB coins would be to purchase them through Binance. The original exchange supports the largest variety of trading pairs with BNB, and it also has the best trading rates for the coin. Since the launch of Play2Earn games, interest in the BNB to PHP price has increased substantially.
If you are looking for alternative exchanges where you can purchase BNB, FTX is a good choice. Keep in mind that investing in cryptocurrency can be risky, just like investing in any other type of asset.
Find more information here about buying cryptos.