Finance is one of the world's largest crypto exchanges, offering more than 1,000 markets with an extensive list of trading pairs and relatively low fees compared to its competitors.
Binance (BNB) 5 key point overview:
- ✔️What is Binance?
- ✔️Who created Binance?
- ✔️What is the Binance Coin?
- The Binance NFT Marketplace
- What makes Binance unique
What is Binance?
👉 The Binance account can also be used to buy and sell NFTs on the Binance NFT Marketplace, making it easy for developers and creatives to utilize all of the functions and features offered by Binance.
👉 The Binance Smart Chain (BSC) is a smart contract-enabled blockchain network created with the goal of creating a decentralized financial (DeFi) ecosystem.
👉 However, over the past year, regulators have disrupted Binance's operations by banning its services and it has become necessary to operate as a centralized entity with a decentralized platform, now being described as Binance Smart Chain CeFi (centralized finance), or CeDeFi.
👉 The Binance Smart Chain operates using a Proof-of-Authority consensus mechanism, providing a secure exchange and enabling smart contracts, offering faster transaction times, lower fees and advanced programming capabilities for developers.
Who created Binance?
👉 Binance was founded by Changpeng Zhao and was launched in 2017.
👉 The company was initially based in China but relocated to the Cayman Islands after Chinese regulations threatened business activities.
👉 In 2017, Zhao left OKCoin to start a cryptocurrency exchange called Binance.
👉 In less than eight months, Zhao grew Binance into the world's largest cryptocurrency exchange.
👉 Zhao also launched the Binance Smart Chain blockchain network, and it has made a significant contribution to the evolution of the decentralized finance industry.
What is the Binance Coin?
👉 The Binance Coin (BNB) was launched almost four years ago, with its first recorded cash price at around 10 cents per coin and it now sells for $350.
👉 The 100 million BNB tokens that were available for public sale were sold during the ICO at 15 cents per token, and Binance raised a total of $15 million in Bitcoin and Ethereum.
👉 This ERC-20 utility token allows users of the exchange to pay less in fees if the token is used for transactions.
👉 BNB can be traded for other cryptocurrencies on most popular exchanges and several platforms allow investors to invest in stocks, ETFs, and other assets.
👉 BNB can also be used as collateral for loans on certain platforms, and there are apps that allow users to split bills and pay friends and family.
The Binance NFT Marketplace
👉 The Binance NFT Marketplace provides one of the highest liquidity platforms for artists, musicians and crypto enthusiasts, where they can create and trade top NFTs.
👉 The three distinct product lines on offer in the marketplace are minting, selling and bidding, and there are also events that feature NFTs from top artists, along with Mystery Boxes that feature NFTs with different rarity levels.
👉 Binance is collaborating with Big Time Studios to focus on bringing crypto-oriented gaming to mainstream audiences by developing crypto-enabled play-to-earn games and apps that will give gamers an opportunity to generate revenue.
👉 With its global reach, Binance NFT could potentially initiate an unprecedented ‘play to earn’ NFT-based trend and it could completely revolutionise the gaming industry because there is a strong value proposition and growing demand for in-game assets and non-fungible tokens in virtual worlds.
What makes Binance unique
👉 By purchasing BNB you are getting exposure to the biggest global crypto exchange and the second-biggest smart contract player.
👉 Binance also has the widest range of product offerings to its clients, including an NFT marketplace.
👉 BNB uses five advanced cryptographic algorithms to prevent malicious centralization of mining and power fluctuations in hash rates, and currently ranks in the top 10 CoinMarketCap ratings.
👉 A BNB block is made every 3 seconds, which is 185 times faster than Bitcoin, and provides faster transaction confirmation with improved storage efficiency, handling an incredible 1.4million orders per second.
👉 The Binance Coin was created as a utility token for discounted trading fees in 2017, but its uses have expanded to numerous applications, including payments for transaction fees (on the Binance Chain), travel bookings, entertainment, online services, and financial services.
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