Binance Coin (BNB) is a digital currency issued by Binance Exchange in 2017. Initially, BNB was an ERC-20 token on the Ethereum blockchain, but Binance's continuous development has transformed it into a more powerful digital asset.
In 2019, Binance introduced Binance Chain, allowing ERC-20 BNB to be exchanged for BEP-2 BNB at a 1:1 ratio. Subsequently, in 2020, Binance introduced Binance Smart Chain (BSC), further expanding the utility of BNB. This blockchain utilizes the PoSA consensus mechanism, combining the features of PoA and DPoS, ensuring fast block generation and low transaction fees.
BNB is the native token of Binance Chain and Binance Smart Chain, with a total supply of 200 million. It serves not only as a means to pay transaction fees but also as a medium for shopping at various online and offline stores, and even booking hotels and flights. BNB plays a significant role within the Binance ecosystem, serving as both the fuel for transactions and providing holders with governance rights on the chain.
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