BNB BNB

Binance Coin (BNB) History

The Binance platform is one of the first large cryptocurrency platforms that provides a variety of tools for investors. It was founded by the renowned blockchain developer, Changpeng Zhao, also known as “CZ”. One of the first products launched by Binance was the Binance, a centralized exchange platform that runs on the Binance Smart Chain and can work with Ethereum Virtual Machine and other Dapps. 

The first batch of Binance Coins were distributed in a promotional sale during the presale of the company's DEX in June 2018. Since then, Binance Coins have become extremely popular, with many people seeing them as a safe investment.

Features Of BNB

The main thing that sets BNB apart from other cryptocurrencies is its main use case: retail payments. It is the first and only major cryptocurrency that provides an actual use case for its holders. Most other cryptocurrencies are just used as a store of value or for speculation. Binance pays a lot of attention to detail when it comes to providing the best possible user experience, and this is reflected in the product's key features.

• decentralized governance
• proof of stake
• economic incentives
• high liquidity

What Is Decentralized Governance?

“Decentralized” here means that there is no central authority governing the network. This keeps network integrity by removing any single point of failure. For instance, let's say there is a hardware failure at a specific point on the network. Without the ability to have a central authority handle recovery, this could potentially cause a devastating chain reaction. The system makes sure that no single individual or entity can compromise the network by controlling a large portion of the computing power. This is achieved by implementing “proof of stake”, which we'll get to in a bit.

What Is Proof Of Stake?

“Proof of stake”, or “Proof of activity”, as it is sometimes called, is a term used to describe one of several methods of securing a network or application against hacking and other types of attacks. This protocol is widely accepted as a safe and efficient way to build a blockchain network. Bitcoin and Ethereum use this technology, as do many other major cryptocurrencies.

The idea behind proof of stake is to give users a monetary reward for being active participants in the network. For example, if 1% of the users on a network actively participate and contribute content, such as blocks of code or comments on discussion forums, then they will be rewarded with newly minted coins or tokens. Nodes that contribute more resources to the network get rewarded more, which creates an economic incentive for each participant to act as a node.

This type of security protocol makes it much more difficult for hackers to compromise nodes and networks. Since there is no single point of failure, such as a centerpoint or web server, if one of the network's nodes is hacked or otherwise compromised, the whole network is significantly safer and more secure. Without a traditional management team, it is much more difficult for bad actors to exert influence and corrupt the network. Decentralized networks like Binance's, as well as other major public blockchains, are usually very transparent.

What Is The Difference Between Bitcoin, Ethereum And Binance Coin (BNB)?

Changpeng Zhao, CEO of Binance, stated in late 2018 that his company is the “largest public blockchain platform in the world.” With a 24-hour trading volume of over $1 billion, Binance is a clear contender for the #2 spot on the Forbes' top crypto list. In fact, many people now consider Binance Coin (BNB) to be the “Gold Standard” of cryptocurrencies. The company is a well-known heavyweight in the industry, and it shows in the quality and quantity of its products and services.

One of the things that makes BNB so special is that it focuses on being the complete opposite of Bitcoin. Where Bitcoin is decentralized and has no central authority, Binance wants to be the opposite. While other cryptocurrencies have adopted a federated model, where participants are verified by a third party, Binance uses a centralized approach, where all transactions are verified by a network of trusted nodes. In other words, while other cryptocurrencies are built on the concept of decentralization, Binance takes the opposite approach by being highly centralized.

This is why Binance users experience a very different type of product compared to those using other cryptocurrencies. The company's stated vision is to “bring crypto-finance to the masses”. The way it does this is by creating a user-friendly, easy-to-use product. While other cryptocurrencies have impressive technical features that only a small number of people know how to use, Binance focuses on user experience and ease of use.

The Evolution Of How People Use And Value BNB (Binance Coin)

Since cryptocurrency is a relatively new invention, there are a variety of ways that people are using and valuing BNB. It would be impossible to cover every single use case for this cryptocurrency, so we will focus on the major trends and patterns.

One thing that has been increasingly clear over the past year is that people are using BNB as a store of value. Like many other cryptocurrencies, BNB has seen an increase in adoption as a safe haven for people seeking to preserve value of their money. This trend was evident from the moment that BNB became available for purchase, with many people using the coin as an alternative to storing value in fiat currency, such as the U.S. dollar or the Euro. As a result of this, the price of BNB appreciated significantly during the height of the crypto market boom in 2018.

One thing that is interesting about this trend is that it extends far beyond simply using cryptocurrency as a means of saving. In fact, there is evidence to suggest that people are using BNB as a way to make transactions as well. This is because Binance has provided an easy way for users to buy and sell cryptocurrency, as well as offer other types of financial instruments, such as stocks and commodity futures.

In the near future, it is safe to assume that Binance Coin (and the entire cryptocurrency market) will see a significant increase in its usage as a means of payment. With the increasing amount and types of services available on the platform, as well as the company's continued expansion into the world of digital finance, it is clear that Binance is here to stay. This is because the company provides a complete package of what many people need in a single, streamlined location: an intuitive website, reliable customer service, a safe and easy-to-use wallet, and, of course, the ever-popular cryptocurrency exchange.