As the name of coin suggest, it is not difficult to figure out that the Binance coin has a close relationship with the world second largest crypto exchange in the world, Binance. The growth of Binance is explosive since its launch during the mid of 2017. Binance coin, being the cryptocoin traded on the Binance platform has experienced tremendous growth since its Initial Coin Offering. Binance coin is now the 13th largest cryptocurrency with a market capitalization of over $500 millions at the time of writing.
The word “Binance” is a blend and combinations between Binary and finance. Binance Coin was created with the intention of fuelling and facilitating various transactions in the Binance platform and its ecosystem. The total supply of the Binance coin is limited to 200 million due to the fact that it is an Ethereum Request For Comment (ERC) 20 token created on Ethereum. After 200 million Binance coin, no further coin will be created.All sort of fees on the Binance platorm such as trading fees, listing fees, exchange fees and virtually any other fee can be paid using Binance coin. Users can still choose the pay the fees with the crypto currency of their choice however Binance do offer rebate as an incentives for users to pay their fees in Binance coin. The initial coin offering of Binance coin spanned for 5 years with a 50% initial discount on the first year and for the subsequent years, the amount of discounts reduced by 50% continuously. Besides facilitating operations in the Binance platform, Binance coin can be used in other field such as investing in certain Initial Coin Offering. However, only ICO which is listed in the Binance Launchpad Program can be invested using Binance coin. Binance also provides a seamless marketplace between crypto-exchange and ICO by listing new tokens on its marketplace once the ICO on the Binance Launchpad Program has come to an end.
A PDF of Binance Coin(BNB) whitepaper is attached below for the readers to gain a deeper understanding on the coin. Check it out!