Binance BNB

What Is Binance Coin (BNB)?

Launched in July 20172017, Binance is the biggest cryptocurrency exchange globally based on daily trading volume. Binance aims 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, Binance Smart Chain Binance Smart Chain, Binance AcademyBinance Academy, Trust WalletTrust 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 ZhaoChangpeng Zhao is the founder and CEOCEO of BinanceBinance. In 20012001, Zhao joined BloombergBloomberg as head of tradebook futures development. He spent four years with the company and later joined Fusion SystemsFusion Systems as a partner.

Since 20132013, Changpeng Zhao has been actively involved with blockchainblockchain technology and cryptocurrenciescryptocurrencies. He became head of development at Blockchain, and in 20152015 he founded BijieTech. In 20172017, Zhao officially launched Binance, and he has been the CEO of the company ever since.

He YiHe 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 20122012. Later, in 20142014, Yi co-founded OKCoinOKCoin, which was the largest fiat-to-crypto exchange in ChinaChina at the time. In 2017 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 networksblockchain-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 20172017, 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. BNBBNB went through a significant price increase at the beginning of 20212021, which has put it on the map of enterprise investors

How Many Binance Coin (BNB) Coins Are There in Circulation?

There is an initial maximum supply of 200,000,000 BNBBNB coins, of which 168,137,036 are currently in circulation as of September 20212021.

Binance conducts quarterly burning of the Binance Coin supply, with the goal of reducing the total supply by half — or 100,000,000 BNB. On July 18, 20212021, it conducted its 16th quarterly burning, which was worth $390 million in Binance Coin price at the time of burning. However, that was not the most expensive burn — on April 16, 20212021, the exchange burned nearly $600 million worth, in Binance Coin price at the time of burning.

According to the Binance whitepaper, exactly half of the maximum supply of BNB tokens was allocated towards the initial coin offeringinitial coin offering (ICO) and public sale of the token. The ICO was held in July 20172017 shortly after the exchange launched, and saw Binance raise $15 million in funding, with Binance Coin price at $0.10 during the ICO. Taking Binance Coin price today, that represents an almost 4200X return on investment (ROI). 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 tokenERC-20 token on the EthereumEthereum blockchain. Later on, the company introduced its own blockchain, and the coins started being issued from the Binance blockchain, secured by the TendermintTendermint byzantine-fault-tolerant (BFT) consensus mechanism.

While ERC-20 tokens rely on the proof-of-stakeproof-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-workproof-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 Play2EarnPlay2Earn games, interest in the BNB to PHP price has increased substantially.

If you are looking for alternative exchanges where you can purchase BNB, FTXFTX is a good choice. Keep in mind that investing in cryptocurrency can be risky, just like investing in any other type of asset.

To check Binance Coin price live in the fiat currency of your choice, you can use CoinMarketCap’sCoinMarketCap’s converter feature directly on the Binance Coin currency page. Alternatively, use the dedicated exchange rate converter page. Popular Binance Coin price pairs include: BNB/USD, BNB/GBP, BNB/AUD, BNB/CNY, BNB/JPY and BNB/EUR.