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⏰ Time Stamps ⏰
1:33 What is BNB?
1:58 What is a utility token?
2:45 How can BNB be used?
6:16 The Binance coin burn
9:27 Binance Chain
11:01 BNB tokenomics
13:12 Coin performance
14:04 Team - Changpeng Zhao
16:07 Brave partnership
18:13 Future events
19:35 Final thoughts
⛓️ 🔗 Helpful Links 🔗 ⛓️
► Website: https://www.binance.com/en
► Whitepaper: https://www.binance.com/resources/ico/Binance_WhitePaper_en.pdf
📱️ Socials 📱
► Blog: https://www.binance.com/en/blog
► Twitter: https://twitter.com/binance
► Telegram: https://www.binance.com/en/community
📰 Sources 📰
► Binance Coin Burn: https://beincrypto.com/latest-binance-coin-burn-has-nothing-to-do-with-profits/
► Tech Details On Binance Chain: https://docs.binance.org/blockchain.html
► Brave Partners With Binance: https://techcrunch.com/2020/03/24/brave-partners-with-binance-to-let-you-trade-crypto-assets-from-your-browser/
📝 Summary 📝
BNB coin is the cryptocurrency of the king of crypto exchanges - Binance.
BNB is primarily used as a utility token within the Binance ecosystem and unlocks special perks like reduced trading fees or being able to participate in community votes to decide on the next coin to be listed on the exchange.
⚙️ What Is A Utility Token? ⚙️
Many crypto projects claim to be utility tokens. However, few have provided any real utility. These types of tokens have three core principles behind them:
► There is a finite supply of that token.
► There should be a clear and specific function for that token.
► That token function needs to drive meaningful value to holders.
🔨 BNB Coin Use-Cases 🔨
Here are just some of the ways that you can get a benefit by using BNB coin today:
► Use BNB to get up to 75% discounts on exchange trading fees.
► Access Binance Launchpad IEOs.
► Improve your chances of getting an IEO allocation through the Binance lottery. To be in with a chance of winning a Launchpad allocation, you’ll need to hold some BNB.
► The Binance referral program pays 20%. However, if you hold 500 BNB you can double that commission percentage.
► Have your say on the next coin listed on Binance through securing your right to vote by holding BNB.
► BNB coin has its own trading pair on the exchange.
► When trading, it is common to have tiny fractions of coins. Convert all that dust to BNB coin instantly.
► BNB can be used to earn interest via Binance’s lending platform.
► Crypto projects can pay Binance for things like exchange listing fees and receive a discount by paying in BNB.
📉 Supply Side Of BNB 📉
Every quarter Binance uses an amount of their profits/trade volume to buy back BNB coins from the market. These coins are then burnt, which removes them from the circulating supply forever. The exchange has committed to doing this until the total supply of BNB is cut by 50%.
The result of shrinking supply and growing demand for the coin is one of the key reasons why BNB coin was one of the few cryptos to hit its all-time-high during crypto winter.
💻 Tech 💻
BNB coin is on the Binance Chain, which is used as infrastructure to issue and exchange digital assets. It uses something called the Tendermint BFT consensus mechanism and has validator, witness and accelerated nodes.
💰 Token 💰
BNB is listed on a load of different crypto exchanges and has some of the highest daily trading volumes in crypto.
There is a total BNB supply of around 287 million and the circulating supply is a little bit less than that.
👨💻️ Team & Partnerships 👨💻️
Binance was founded by the man, the myth, the legend, Changpeng Zhao, who went from flipping burgers in McDonalds to a crypto billionaire.
On the recent partnership front, Biannce have just sealed a deal with Brave Browser to feature a native widget for buying and selling crypto within the browser that’s powered by Binance.
🔮 The Future 🔮
Binance is looking to roll out its own crypto card which can be paid for and topped up in BNB coin. At the time this video was published, the next BNB coin burn is just around the corner.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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