Guides to Cryptocurrencies
12. Binance Coin(BNB)
Chinese Name: 幣安
Founder and CEO: Zhao Changpeng
Binance provides access and services for users to trade digital currency pairs with one another on its cryptocurrency exchange platform securely. Binance is the largest cryptocurrency exchange by trade volume in the world, and that allows its traders more buying and selling options. As compared to visiting another exchange with low volume, traders may find no one buying or selling the coins they are interested in.
Trading exchanges with huge volume are much harder to be manipulated as well. A whistleblower once revealed that one of the major pump and dump groups advised group members to avoid pumping and dumping in cryptocurrency exchange with huge volume especially “Binance”, the reason stated down was that there are many whales in the exchange.
Binance was founded by Zhao Changpeng (present CEO) in 2017 and supports at least 13 languages. BNB token is Binance's native coin following the ERC20 token standard and runs on the Ethereum blockchain. Binance trading fee is 0.1% standard, but traders get a further 50% discount if they have sufficient BNB coins to pay off the fees, which will be deducted from their balance automatically.
Binance announced in its whitepaper that it will use 20% profits every quarter to purchase back and burn off BNB coins from the circulating supply until half or 50% of the total coin supply (100 million) is burned. With an initial 200 million circulating coin supply, Binance reached cryptocurrency market cap of more than $1.55 billion USD as of 9th July 2018.