The cryptocurrency created by popular crypto exchange Binance, which supports more than 1.4 million transactions per second.
Mission
The exchange launched in 2017 aims to become the infrastructure services provider for the entire blockchain ecosystem.
To achieve this, it has created Binance Chain, Academy, Trusted Wallet and Research projects, as well as its own token Binance Coin – and BNB is integral to its future.
Use-cases
BNB was originally created as a utility token which allowed users to cut down on trading fees.
Its use-cases now include payments for transaction fees – via the Binance Chain – travel bookings, entertainment, online services and financial services.
Founders
CEO Changpeng Zhao is a former head of tradebook futures development at Bloomberg. After becoming head of development at Blockchain, he founded BijieTech in 2015 before launching Binance two years later.
He Yi, who serves as chief marketing officer, was a TV presenter in China before founding fiat-to-crypto exchange platform OKCoin in 2014 and then Binance.
Economics
There is a maximum supply of 170,532,785 BNB coins. Half was allocated towards its Initial Coin Offering (ICO) while another 40% was distributed among the founding team, with the remaining 10% split among angel investors.
Every quarter, Binance uses one-fifth of its profits to buy and burn – permanently destroy – coins in order to prevent dilution.