Binance Coin, also known as BNB, is the native cryptocurrency of the Binance exchange. It was created in 2017 by Changpeng Zhao, the founder and CEO of the Binance platform. It is a utility token that provides its holders with a range of benefits, such as reduced trading fees and discounts on certain services offered by Binance. It has also become increasingly popular as a form of payment, with many businesses now accepting it as an alternative to traditional currencies.
The Binance Coin is built on the Ethereum blockchain and is ERC20 compliant. It has a fixed supply of 200 million tokens, with half of them currently in circulation. BNB holders have the ability to use their tokens to pay for trading fees, as well as receive discounts on certain services offered by Binance. The tokens can also be used to purchase a variety of other cryptocurrencies on the exchange.
In addition to its use as a payment method and rewards system, BNB has also become an increasingly popular investment asset. It has seen significant growth since its launch in 2017, with its value rising from around $0.12 per token to over $320 at the time of writing. This has made it one of the most successful cryptocurrency projects to date, and has made it a popular choice for investors looking to diversify their portfolios.
In the future, Binance plans to use BNB to facilitate the development of its decentralized exchange, as well as the launch of a series of Decentralized Finance (DeFi) protocols. It is also set to become the base currency of its upcoming Binance Smart Chain blockchain. This will allow developers to create and launch their own DeFi projects on the platform, as well as use the token to pay for transaction fees.
Overall, Binance Coin has proven to be a successful project, with its value increasing significantly since its launch. Its use as a payment method and rewards system has made it popular with both businesses and investors, and its potential to become the foundation for the development of DeFi protocols has further increased its appeal.