BNB Token

Extracted Attributes

• Founder

  Changpeng Zhao (CZ)

• Co-founder

  Yi He

• Burn Target

  100,000,000 BNB (50% of total supply)

• Initial Supply

  200,000,000 BNB

• Primary Use Cases

  Transaction fees, staking, governance, and exchange fee discounts

• Consensus Mechanism

  Proof of Staked Authority (PoSA)

• Original Token Standard

  ERC-20 (Ethereum)

Timeline

• BNB Token is launched via an Initial Coin Offering (ICO) to fund the creation of the Binance exchange. (Source: Document c84b95ee-214b-4e24-b48a-09ad00fb592f)

  2017-07-01

• BNB migrates from the Ethereum blockchain to the proprietary Binance Chain via a token swap. (Source: Web Search)

  2019-04-18

• Binance Smart Chain (BSC) is launched, introducing smart contract functionality with BNB as the native fuel. (Source: Web Search)

  2020-09-01

• Binance Smart Chain and Binance Chain are rebranded and unified under the name BNB Chain. (Source: Web Search)

  2022-02-15

• Founder Changpeng Zhao pleads guilty to violating the Banking Secrecy Act following a DOJ investigation into Binance's KYC/AML procedures. (Source: Document c84b95ee-214b-4e24-b48a-09ad00fb592f)

  2023-11-21

BNB Smart Chain (blockchain platform)

BNB Smart Chain (formerly Binance Smart Chain) is a public blockchain platform that uses a proof-of-stake consensus mechanism and provides smart contract functionality. The platform's native cryptocurrency is BNB. Blockchain was founded in 2017 by Changpeng Zhao and Yi He, as a branch of the Binance system.

Web Search Results

• What is BNB Token and how do you use it

  # History of BNB Smart Chain and BNB Binance cryptocurrency exchange and BNB token were established in 2017. BNB token was initially an ERC-20 token on the Ethereum blockchain. In 2019, it migrated to Binance Exchange’s propriety blockchain called Binance Chain, and eventually became the fuel for Binance Smart Chain (BSC), which launched in September 2020. Due to the network’s high transaction speed, low transaction cost, and EVM compatibility, BSC quickly gained traction as the DeFi movement took off and Ethereum suffered from chronic congestion and high fees. [...] BNB Smart Chain supports EVM-compatible smart contracts and protocols, facilitating cross-chain transfers and other communications. The native token, BNB, is used for smart contract execution and staking. There is no inflation of the BNB token, which means that validators do not earn a block reward. Validators are instead compensated in BNB with the transaction fees for executing smart contracts, although a portion of these transaction fees are claimed by the BNB Chain protocol. # History of BNB Smart Chain and BNB [...] Resources Need Help? # What is BNB token? BNB is the native token in the BNB Chain ecosystem, which includes BNB Smart Chain (BSC) and BNB Beacon Chain. On BNB Smart Chain, BNB is used to pay for transaction fees and participate in the network's consensus mechanism. BNB is also used as a utility token that allows users to receive discounts on transaction fees when trading on the Binance centralized exchange. Over time, Binance has broadened the utility for BNB, integrating it into various aspects of the Binance ecosystem, such as their decentralized exchange (Binance DEX), token launch platform (Binance Launchpad), and more. # How does BNB Smart Chain work?

• BNB Price To USD Live

  ### Token Utility BNB operates under a deflationary model, with mechanisms such as the BNB Auto-Burn program reducing the total supply over time. Binance aims to burn 100 million BNB tokens, representing 50% of the total supply, through quarterly burns. This burn process, now determined by an Auto-Burn formula, considers the total number of blocks produced on the BNB Chain and BNB’s average price. [...] ### Project Function BNB was initially introduced as a utility token to provide users with discounted trading fees on the Binance exchange. Over time, its utility has expanded significantly across the broader Binance ecosystem. BNB is now used for various purposes, including paying transaction fees on the BNB Chain, staking to support network security, participating in on-chain governance, and engaging in token sales on Binance Launchpad. [...] ## BNB Describes Itself As BNB is the native cryptocurrency of the Binance ecosystem, launched in July 2017 by Binance, the world's largest cryptocurrency exchange by daily trading volume. BNB initially functioned as an ERC-20 token on the Ethereum blockchain but later transitioned to the Binance Chain and Binance Smart Chain (BSC), which were rebranded collectively as the BNB Chain in February 2022. BNB serves multiple functions within the Binance ecosystem, including transaction fee payments, participation in token sales, staking, and governance. ### Project Function

• BNB Coin, Explained in Under 5 Minutes - YouTube

  they earn rewards. So just by holding and staking your tokens, you’re contributing to the network and earning yield at the same time. Another thing that makes BNB stand out is its coin burning mechanism. BNB launched with a total supply of 200 million tokens, but that number is designed to go down over time. An Auto-Burn system calculates how much BNB to destroy each quarter based on its price and the number of on-chain transactions. The result is a deflationary process. By reducing the total supply, the remaining tokens are naturally more scarce and, potentially, more valuable. Today, BNB is used for more than just trading fee discounts. It’s accepted for real-world payments; it unlocks access to exclusive token launches [...] Learn how BNB transformed from a simple fee discount token to the native token that fuels transactions on BNB Chain — a fast, low-cost blockchain powering smart contracts, DeFi, NFTs, and more. Discover its key features like Proof of Staked Authority consensus, staking rewards, and a deflationary coin burn. [...] and features within the Binance ecosystem; and it’s used as gas across the BNB Chain Ecosystem, including the opBNB Layer 2 network and the Greenfield Decentralized Storage Layer. It may have started as a retail-focused utility token, but according to Binance Research, there’s now over $1.2 billion in potential corporate treasury demand for BNB. Institutions are beginning to see it as a long-term strategic asset. It also helps that BNB’s recent rally wasn’t driven by hype or leverage. It was spot-driven. That’s a sign of organic demand from real users, not speculators. That said, the accessibility of the BNB Smart Chain has also made it a target for scams. You’ll hear terms like rug pulls or honeypots. Because it makes it easy for almost anyone to launch a token, some

• BNB Smart Chain (blockchain platform) - Wikipedia

  token Token money United States Strategic Bitcoin Reserve "Strategic bitcoin reserve (United States)") Virtual currency Voiceverse NFT plagiarism scandal | [...] [edit&action=edit&section=2 "Edit section: History")] BNB originated in 2017 as an Ethereum-based token for Binance exchange users, becoming the native coin for the separate Binance Chain in 2019 via a token swap.[citation needed] In 2020, the parallel Binance Smart Chain (BSC) launched, adding smart contract functionality, and was rebranded as BNB Smart Chain in 2022. BNB Chain use of centralization had led to several exploits on the network. Binance Smart Chain was renamed to BNB Chain. The unified BNB Chain was introduced in 2022, combining the functions of the original Binance Chain (now BNB Beacon Chain) and BNB Smart Chain into a single system.[citation needed]

• Binance Coin (BNB) Uses, Support, and Market Cap

  What Is Binance Coin (BNB)? Binance Coin (BNB) is a cornerstone cryptocurrency introduced by Binance, originally designed as a utility token for discounted trading fees. Its role has expanded into travel bookings, financial services, and digital payments, while quarterly coin-burning practices reduce supply and influence its value. BNB is one of the largest cryptocurrencies by market cap, reflecting its broad integration across the Binance ecosystem. ### Warning