Binance Coin (BNB)

Previously known as Binance Coin, BNB (Build and Build) was introduced in 2017 by the Binance cryptocurrency exchange as an ERC-20 token on the Ethereum blockchain. In 2019, it switched to its own blockchain, BNB Chain, and became a BEP-2 token.

Later, they created the Binance Smart Chain (BSC, which is now called BNB Smart Chain). As of today, the BNB cryptocurrency exists both on the BNB Chain in the form of a BEP-2 token, and on the BSC in the form of a BEP-20 token. Interestingly enough, the BNB Chain consists of two chains: the EVM-compatible BSC, as well as the BNB Beacon Chain (formerly called Binance Chain), which is used to perform management, staking, and voting transactions.

As you can guess, BNB Chain provides an environment for creating smart contracts and dApps. In addition, it has lower transaction fees and faster processing times than many other blockchains.

BNB can be used in many different ways, some of which include paying transaction fees on BNB Chain and trading fees on Binance, participating in token sales, and staking transactions, which are used to verify the network on BNB Chain. Binance also uses a periodic token-burning mechanism that limits the total supply of BNB.