BNB was launched through an initial coin offering (" ICO ") held from June 26 to July 3, 2017, with an initial offering price of one Ethereum coin for 2,700 COINS and one Bitcoin for 20,000 coins.
Although initially based on the Ethereum network, the ERC-20 BNB token has since been able to be exchanged for beP-2 BNB at a 1:1 exchange rate. Bep-2 BNB is the original token of Binance chain, and its main network was officially launched on April 18, 2019.
In September 2020, Binsecurity launched binsecurity Intelligent Chain (BSC), which is a blockchain network that operates in parallel with binsecurity Chain (BC). This means that BNB is currently available in three different forms:
BNB is widely used in binance ecosystems and other environments, so users have the flexibility to decide how to use their BNB. For example, you can use BNB to pay for travel, buy virtual gifts, and so on. It is estimated that millions of BNBS have been used by users to pay for business trips, buy goods, borrow money, give rewards, create smart contracts and do other transactions.
When trading digital currencies on binance trading platform, a standard handling fee of 0.1% will be charged per transaction (transaction fees depend on monthly volume and BNB holdings). Traders can use the assets being traded or the BNB to pay for the transaction. Choose to pay with BNB and get a special discount.
Therefore, if you do large transactions in Binance, you should consider acquiring BNB and using it to pay your fees. Please note that the deduction of transaction fees is subject to a specific fee schedule. Therefore, it is necessary to check the current spot transaction fee table. It's also worth noting that the Binance contract platform follows a slightly different fee schedule.
In addition to discounted transaction fees, BNB also supports the Binance DEX (which sits on top of the Binance chain) and hundreds of applications running in the Binance Smart Chain (BSC), meaning that BNB can be used in scenarios beyond the binance trading platform. In fact, binance Smart Chain (BSC) has issued more than 180 digital assets, and millions of users have already consumed BNB in practical scenarios related to BSC.