Binance coin is a token issued by coin security, abbreviated as BNB. It is a decentralized blockchain digital asset based on Ethereum Ethereum. The total amount of issuance is 200 million. BNB will be destroyed every quarter according to the transaction volume of the currency security platform in that quarter. The destruction records will be published at the first time. Users can query through the blockchain browser to ensure openness and transparency until the total amount of BNB coins is 100 million.
BNB, as the fuel of binance ecosystem and decentralized exchange, has been applied to many scenarios. For example, BNB can be used to deduct the binance transaction fee, which can get a maximum discount of 50%, BNB can be used to pay in Monaco visa and app applications, and BNB can be used to buy virtual gifts on uplive live broadcast platform. At present, BNB ranks firmly in the top 20 in the world, and the best ranking is the top 10 in the world. It is supported by blockchain enthusiasts in more than 180 countries and regions around the world.
Coin security and BNB
Coin an is a centralized digital currency exchange established on July 14, 2017. Within six months of its establishment, it has quickly jumped to the first tier of the exchange and occupied the top of the trading volume. So far, the trading volume is still the top three in the world, and its founder Zhao CHANGPENG has also become the richest man of bitcoin (which is much more real than Li Xiaolai).
BNB (coin security currency) is the platform currency of coin security exchange, with a total issuance of 200 million pieces. 20% of the net profit of the platform in that quarter will be used to repurchase BNB every quarter. The repurchased BNB will be destroyed directly until the total amount is 100 million BNB coins. Repurchase will deflate BNB. Theoretically, repurchase can increase the currency price when the total value of BNB remains unchanged. Up to now, it has been destroyed eight times, and the latest one was in July 2019.
In terms of USD / usdt price, the highest price of BNB in the bull market in 2018 was $23. At present (March 1, 2019), the price is about $11, and the price in the bear market has been halved. Compared with the price changes of bitcoin and Ethereum over the past year, this decline is at best a peeling off. Compared with those Shanzhai coins that have generally fallen ten times, 100 times and 1000 times, this is hardly a decline. Moreover, in the bear market, the doubling of the price in two months is the brighter part for such an old currency.
Distribution proportion of issuance
- ICO has issued 100 million BNB to the public, accounting for 50% of the total issuance proportion, which is carried out on three platforms at the same time: coin an official website, renrenico and coin long website.
- Members of the founding team held 80 million bnbs in the early stage, accounting for 40% of the total issuance proportion.
- Well known industry insiders hold 20 million bnbs in Angel round financing, accounting for 10% of the total issuance proportion.
Value and repurchase mechanism
- Preferential deduction of currency security platform transaction fee
For users who participate in transactions on the coin security platform, no matter what kind of token they trade, if they need to pay the transaction handling fee, if they hold full BNB, the system will discount the handling fee they need to pay (see the table below for the specific discount rate), convert the equivalent amount of BNB according to the market value at that time, and use BNB to complete the payment of handling fee.
Discount rate 50%, 25%, 12.5%, 6.75% and no discount.
- Repurchase mechanism:
After the launch of the coin security platform, we will use 20% of the net profit of the coin security platform in that quarter to buy back bnbs every quarter. The bought back bnbs will be directly destroyed. The repurchase records will be published at the first time. Users can query through the blockchain browser to ensure openness and transparency until the total amount of 100 million bnbs is destroyed.
- Decentralized trading “fuel”
BNB is the fuel of the trading platform on the currency security decentralized chain. When using the currency security decentralized trading platform, BNB needs to be used, including various diversified functions such as deduction of handling charges and reward.