Binance will continue these burns until it reaches 50% of the initial supply, bringing the total to 100 million. Every quarter, Binance uses 20% of its profits to repurchase and then burn BNB, meaning it is permanently destroyed. To help maintain the value of BNB, Binance holds periodic burning events. Ethereum’s Proof of Work (PoW) consensus is similar to Bitcoin’s, whereas BSC uses Proof of Staked Authority (PoSA). BSC achieved this by using a different consensus mechanism. It was created to provide faster and cheaper transactions. BSC extends this functionality by adding the ability to create smart contracts and more complex DApps.īinance Smart Chain was created as a hard fork of the Go Etheruem (Geth) protocol, the two chains, therefore, have many similarities and BSC remains compatible with Ethereum Virtual Machine (EVM). The most popular DApp on the Binance Chain is Binance DEX. Both chains operate in parallel and due to their similar designs, they can natively communicate with each other.īinance Chain is a simple design in terms of its application – the main goal is to facilitate fast trading while being able to handle large amounts of traffic. The Binance ecosystem is powered by BNB, as such, BNB is the native coin to the Binance Chain and Binance Smart Chain (BSC). What are BNB key features and how does it work? The coin was created as a utility token for discounted trading fees, but its uses have since expanded to numerous functions, both in and outside of the Binance ecosystem. The rest were distributed between angel investors and founding members. Binance Coin was launched with an initial coin offering (ICO) in 2017, where half of BNB’s strict maximum of 200 million tokens were offered to the public. Originally launched in 2017 on the Ethereum blockchain, BNB is now used for all operations in the Binance ecosystem. Binance Coin (BNB) is the native token of Binance Smart Chain (BEP-20) and Binance Chain (BEP-2).
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