The Binance platform is a cryptocurrency-specific trading platform with its own currency called Binance Coin or Binance currency. The name Binance has been derived by combining Binary and Finance. The Binance platform has achieved great success quickly and focuses primarily on the Chinese market.
Binance makes use of the ERC 20 token standard from Ethereum. BNB or cryptocurrency of Binance is the Token Coin of Binance. According to the developers, the currency will be limited to 200 million NBBs. The NBB has a specific distribution system which must follow the rule. In this, half of the coins are sold in an ICO. 40 per cent of coins is allotted to the team while the balance 10 per cent is parked with Angel investors who invest in coins in substantial numbers and in one transaction. Trading fees, listing fees, transaction fees, and other types of fees can be paid by using the coin.
As a rule, only cryptocurrency pairs are allowed to be traded on the platform. Binance platform can be used for trading Bitcoin, Bitcoin Cash, and Ethereum and also QTUM Coin, Iconomi or NEO Coin. A key feature of the platform is that only crypto currencies from Asia are traded here. That’s because the platform is focused on China and operates primarily in the Chinese markets. ICOs can be initiated and can be displayed on the platform even if they are not publicly available as yet. The Binance platform has introduced the Community Coin per month drive recently which allows users to vote on their coin preferences that can be traded without any transaction fees.
When NBB is used to pay fees, Binance makes the announcement with a discount offer. There is a 50 per cent discount on fees of all types in the first year of use. For the next year, the discount is 25 per cent which goes down by half to 12.5 per cent in the third year and 6.75 per cent in the fourth. There is no discount offered from the fifth year onwards. The platform has announced that it would buy back up to 100 million BNB. To increase the value of the coins remaining and for the benefit of investors, the coins bought back will be burned.
Future plans include using as gas on the trading platform. One transaction costs 0.1 per cent of the trading amount as fees. The market capital of Binance is around 180-218 million US dollars. Around 18-35 million US dollars worth coins are traded daily.
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