![]() Staking, Delegating, and On-chain Governanceīinance provides on-chain governance through the PoSA consensus. 50% (100 million) of tokens were distributed to the ICO while developers took 40% (80 million), and the remaining 10% went to angel investors. BNB ICOīNB debuted with an Initial Public Offering (ICO) in July 2017 raising over US$15 million at 15 cents per token. Binance will continue to burn coins until their supply reaches 100 million -at press time, the current circulation is 153 million BNB. In token economics, the idea behind burning coins is to decrease supply to increase value over time. Inflationary tokens are continuously printed over time with no capped limit.īNB are periodically burnt to permanently remove them from circulation once they are used to pay fees. Unlike other protocols, there are no block subsidies or freshly minted BNB because it is not an inflationary token. Loans: certain platforms will allow you to use BNB as collateral for loans. This will give you a discount for doing so. Paying Fees: You can pay your fees with BNB. You can also use other cryptocurrencies like Bitcoin or AVA. Hotel Booking: You can book hotels on and pay using BNB. Staking: Stake BNB to commit to the network and earn rewards.ĭelegate: Once you have staked your BNB, you can later delegate it to a BSC validator of your choice and earn more rewards in the process. Trading: exchange BNB with over 200 tokens on the Binance ecosystem and other exchanges, like Kucoin,, or HitBTC. BNB is used to pay for fees and trades on BC and BSC. BNB Tokenīinance Coin is the native and utility token that powers the entire Binance ecosystem. ![]() Every validator can create one block, so to verify data on the Binance Smart Chain, several blocks are needed because data can’t rely on only one validator. PoSA can be forked and requires several block confirmations than usual. This algorithm allows all participants to become validators by staking their BNB coins. Anyone can exchange their BEP-2 -Binance Chain technical standard- and BEP-8 -a low-cost project for small projects- for BEP-20, which is a BSC’s token standard via Binance DEX or through Trust Wallet.īSC uses a hybrid consensus called Proof of Staked Authority (PoSA). By implementing the EVM, BSC has access to the many tools and dApps of Ethereum, like MetaMask.īSC leverages interoperability so users can swap a handful of assets in the network. This allows developers to port their projects from ETH to BSC. You could think of BSC as a complementary network to the BC.Ī feature that makes BSC an interesting choice for developers is its full programmability and compatibility to the Ethereum Virtual Machine -EVM.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |