HomeBinanceWhat is Binance Coin?

What is Binance Coin?

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Binance is quickly becoming one of the best cryptocurrency exchanges for trading the most popular digital assets. Binance to be the de facto platform for storing and trading digital assets.

In September, Binance announced that it would no longer accept US members on its main site binance.com. Although the news has caused BNB to struggle with many markets, Binance US is now available to all US citizens.

Origin of BNB

Binance launched its whitepaper in June 2017, outlining a bold intention to construct a world-elegance virtual asset trade. The Binance crew is led through outstanding crypto network member, Changpeng Zhao (CZ). CZ has years of revel in operating on trade merchandise earlier than beginning Binance in early 2017.

Binance announced in July that Binance Coin (BNB) holders would get a year-long 25% discount on trading fees. With a renewed focus on utility token fundraising, Binance has been at the forefront of this year’s event.

Simply put, the IEO handles the entire process, not the ICO team or reputable exchanges.

Binance Lottery

Binance Lottery system determines IEO eligibility based on the amount of BNB held in a given wallet for a predetermined period. The more BNB assets you have, the more lottery you will win. This does not guarantee access, but in rare cases increases the chance to participate in sales more than once.

Likewise, the amount of BNB required to win a lottery ticket and the number of lottery tickets won will vary from case to case.

Given that many of the listed projects promoted participation via bounty campaigns, most exchanges abandoned this strategy.

Community Voting

BNB recently restarted community voting in a new direction. Instead of tying votes to one vote per account, the new system links token ownership to the weight of the vote. Just like the lottery, the more BNB you have, the more votes you can win. Also, only two coins are competing, and there aren’t many projects that get little or no attention.

Likewise, the project’s supporters will work hard to raise more BNB, as voting is no longer equal. While the ethics of this scheme may be debated, it is expected to generate more demand for BNB than the previous method.

“The opinions voiced in this Cryptocurrency news article are solely those of the individuals quoted or interpretations of the author. These opinions & interpretations are not necessarily endorsed by Your Crypto Banker or its subsidiaries.”

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