The BNB is a coin of Binance platform, which is traded on the Ethereum blockchain and follows the ERC20 token standard. The BNB itself has multiple forms of utility, majorly being used to pay for trading fees to operate the exchange, buy virtual gifts on uplive platforms and serve as a mean of crypto loans on Nexo platform.
The Binance platform itself was rolled out in 2017 and at a glance has faced an explosive boost in popularity. Crypto community was lured to the platform as it suggested a lot of advantages and strong points, one of which was its ability to process about 1.5 million transactions in just a second: it means no one misses crypto trading due to a lag in activity.
The team is truly proud to represent an exchange available for every person in the world (by the way, they’re working under the slogan “Exchange the World”), which means that it provides convenient usage of digital platform and tools for beginners, as well as more complex user interface for experienced traders at a push of a button.
The platform was created by Changpeng Zhao known among crypto enthusiasts as CZ. He is leading not just a Binance crypto exchange, but the whole Binance setup. Binance is the huge complex network that involves 7 spin-offs designed to holistically follow the company’s mission. To start with, Binance has developed a kind of descriptive brunch - Binance Info. It represents a base of brief coverage of world coins. The essence lies in giving users opportunity to carefully examine each blockchain project to have a general idea about it, and moreover, about the whole frame and the main services or tools it provides. Further goes Binance Academy designed for newcomers who fall into the blockchain sphere, or even oldsters who want to brush up their erudition, trying to get all the necessary information including basic terminology about the technology of future - blockchain.
One more spin-off is Binance Research, thanks to which users can be sure that only high-quality and trusted coins came to the platform. So, to accomplish this purpose, Binance conducts deep analysis of a variety of existing cryptocurrencies and decentralized projects and uploads reports to the platform. Binance Labs is a welfare fund with the main function to invest in areas that need improvement inside blockchain environment. Collected money are going to “eliminate the commonly occurring drawbacks of blockchain environment and make a difference in this world ”. Recently developed Binance Launchpad is a platform that is of great importance for different blockchain projects that are going to carry out ICO in order to raise funds. The essence of holding IEO is to combat crypto fraudulence in the market. Fundamentally, the launchpad satisfies the demands of both the investors and the project itself. Investors can trade with calm mind with the understanding that the project has been thoroughly analyzed and examined, and funds they invested will be reliable. When the project stops developing for different reasons, the investor is paid off a percentage of their initial investment.
The creators of the projects will be sure that their project will cover large target audience and their funds will be safe. Thanks to IEO developers will pay more attention to the project implementation rather than crowdfunding.
Also Binance is offering the official digital wallet “Trust Wallet” which represents “user-friendly all-in-one tool” for trading, making payments and interacting with DApps while ensuring transparency, security and privacy. While Binance believes that crypto community should use blockchain for the public to benefit, it has created the Blockchain Charity Foundation (BCF) to carry out charitable work through the use of blockchain technology, as well as to use blockchain tools and services to end world poverty. There is also a group of voluntary workers called “Angels” who are acting on the non-reimbursable basis to help Binance develop. They do a variety of tasks from answering requests, helping new users to operate the platform, create content, manage Binance communities, help in organizing meetings and much more. This is an excellent coalition of incredibly self-sacrificing and generous people who are working on general welfare of Binance community.
Binance has worked its way towards one of the most well-known and significant crypto exchanges in the blockchain space. It is constantly developing to expand and solve issues that the crypto industry is facing today. Binance’s team is working hard in order to show the true potential of the blockchain technology. The platform is playing a fundamental role in the development of the cryptocurrency ecosystem that revolutionizes the blockchain environment.