About The BNB

BNB is the native token of the BNB Beacon Chain and can be used to pay for goods and services both within and outside the network. It is also used to pay gas fees on the BNB Smart Chain. Beyond this, BNB offers additional functions within the BNB Chain ecosystem, such as trading fee discounts when paying with BNB on Binance’s exchange, access to exclusive token sales, and participation in DeFi, gaming, DApps, and more. BNB uses an auto-burn mechanism to continuously reduce its total supply to 100,000,000 BNB, helping the network manage ongoing supply and demand pressures.

aboutimg2

How does the BNB Chain Works

aboutimg2

  • Proof of Stake Authority The main BNB Chains combine elements from a PoS model with PoA to uphold the network.
  • Users need to stake at least 10,000 BNB for a chance to be selected as a validator.
  • Users without this amount can delegate their stake to an elected validator, receiving a portion of any rewards the validator receives.
  • Outside of staking 10,000 BNB, validators also stake their own reputation, operating in public as opposed to anonymously.
  • While operating publicly is not an uncommon practice among mining companies on other blockchains, is it a requirement on the BNB Chain, not a choice.

Smart Contracts In 2020, Binance launched the BNB Smart Chain, offering smart contract functionality to the BNB Chain. Using a set of predetermined conditions, smart contracts allow two separate parties to conduct and carry out agreements without relying on an intermediary. The use of smart contracts on the BNB Smart Chain has helped the network gain more utility while reducing the overall cost to create and implement contracts between two parties. Over 2,000 dApps and 1 million plus users trust in this technology daily. Decentralised Apps (dApps) Smart contracts also have paved the way for the creation and use of DApps. Like smartphone or computer applications, dApps have a wide range of functionalities. Rather than running on a central server, the code of a DApp is committed via a smart contract to the blockchain. The BNB Chain’s peer-to-peer network can then execute the app’s smart contract without the need for a centralised authority. NFTs The network has also added functionality for creating, collecting, and selling non-fungible tokens (NFTs). As Binance NFTs are very new, time will tell whether their popularity exceeds the likes of an earlier blockchain like Ethereum

500

Recurring Buys

800

Support Countries

1200

Easy & Secure

1500

Producers

Let Us Help You to Find a Solution That Meets Your Needs

if you think it's just you're looking for. Please contact us!

Contact Us