BINANCE COIN AND WHAT IS IT FOR?
Binance cryptocurrency exchange appeared in 2017, offering users a number of advantages compared to the existing platforms at the time. For example, the innovative scheme of exchanging one cryptocurrency for another. In addition, users received round-the-clock customer support service, clear and intuitive operation, high speed of transactions, as well as low commissions. On the last point it is necessary to dwell in detail. But first, a little background.
In July of the same year 2017, the creator of the exchange (about him a little later) conducts an ICO, issuing a token Binance Coin. For this purpose, the ERC20 token standard based on the Ethereum blockchain was initially used (subsequently, the coin was reissued on BC’s own blockchain in the BEP-2 tandem). A total of 200 million coins were minted. As part of the ICO, 100 million were sold, resulting in the collection of an amount equal to 15 million dollars in cryptocurrency equivalent. 40 percent of the remaining coins remained in the pockets of the team, and 10 percent went to investors, the so-called business angels.
The main purpose of the coin, which it was actually created for, was the ability to cover all sorts of commissions at Binance, such as: trading, transaction, listing fees, and other. How does it work? In the first year, when paying in BNB, the user has the opportunity to slash half the cost of commission, the second year – 25% discount, the third year – 12.5%, the fourth year – 6.75%. This is where the attraction of unprecedented generosity ends.
