What is Binance Coin?
At the moment, Binance is the largest cryptocurrency exchange in the world. The brainchild of Changpeng Zhao, CZ for short, has one of the largest volumes on the market. Speaking of BNB Coin, it is a cryptocurrency created by Changpeng Zhao in China in 2017. And previously we could define it as a service token to pay for the value of transactions in the Binance blockchain, but now it is part of the marketplaces, many projects, and also directly part of the Binance exchange.
How Does Binance Work?
BNB runs on Binance Chain and the recently launched Binance Smart Chain. We can understand Binance Smart Chain as a blockchain compatible with Ethereum virtual machine and smart contracts. Binance Coin used the Ethereum blockchain and the ERC-20 system. However, this structure was changed to BNB BEP2 tokens in April 2019 when the platform decided to launch the core Binance Chain network. The coins were fully pre-mined and distributed during the ICO, so they cannot be mined using typical protocols in the cryptosphere, such as proof-of-work or proof-of-stake.
Binance was founded in 2017 by its CEO Changpeng Zhao, along with co-founder and CTO Roger Wang. Changpeng, who is also known as CZ in the crypto community, previously founded and served as CEO of BijieTech, a cloud-based crypto trading service provider.
Binance Labs is a Binance incubation program. Its goal is to support the best startups in the early stages and help them implement their ideas. In particular, Binance Labs invests in projects and expands opportunities for entrepreneurs, projects, and communities using blockchains and cryptocurrency.
The goal of Binance Chain is to enhance the transfer, purchase, and sale of crypto active assets through its blockchain. This will make Binance a decentralized exchange, which will in turn become a new chain of blocks on which its Binance Coin BNB coin will be based, making its cryptocurrency fully native.