Binance: The Fastest Growing Cryptocurrency Smart Chain of All Time
In the world today, cryptocurrencies are on the rise, and so are the exchange platforms for cryptos. However, despite the many numbers of decentralized and centralized exchange platforms, Binance is one that has gained notable coverage in several countries. For instance, Binance recently got approved to enter the financial market of New Zealand.
Ahead, we discuss in detail what Binance is and how it is constantly working to form a better economy on a global level.
What is Binance?
Binance is a cryptocurrency exchange platform founded by Changpeng Zhao in 2017. It has become one of the most popular cryptocurrency exchanges in the world, with a daily trade volume of over $1 billion. Binance offers its users many benefits, including high liquidity and several project to choose from, whether a coin, token or an NFT (Non-Fungible Token). The exchange platform has more than 600 different crypto assets for you to choose from!
Binance offers two types of trading — basic and advanced. Basic trading is for beginners, and advanced trading is for more experienced traders.
Binance also offers its own coins called BNB and the BSC Network, which can be used to pay for trades on the exchange and use as across-border payment solution. The Binance Coin (BNB) is the primary native token of the ecosystem. It allows users to participate in the system by providing them with discounts on trading fees as well as voting rights in exchange for the use of their computing power to help secure its blockchain.
Notable for its inexpensive fees, Binance offers trading pairs with Bitcoin, Ethereum, Ripple, EOS, Litecoin, IOTA, Dash and Bitcoin Cash, among others. The emerging exchange also offers fiat-to-crypto trading pairs with (JPY) on its Japanese exchange as well as the (EUR) European. Binance works to provide users with a simple and straightforward way to trade coins.
How Does the Binance Coin Work?
When it comes to how the platform works, Binance’s main goal is to provide crypto traders with tools to trade digital assets but also to create an inclusive community of blockchain enthusiasts around the globe.
On to how the native coin of Binance works, it might first be imperative to learn more about the coin itself. BNB is the token used on the Binance exchange to pay trading fees, withdrawal fees and listing fees. The value of the coin is based on supply and demand of the token, which is determined by factors such as market conditions and events.
Binance originated from the ERC-20 token, soon branching off to it s own native coin, BNB. BNB is a Bep-20 coin which can be stored in any wallet that supports the Binance and Binance Smart Chain network. There are a maximum supply of 200 million BNB coins, and over 120,000,000 circulating at this time.
Taking more of the technicalities into account, the Layer-1 Blockchain of the Binance Smart Chain is merged to create the BNB Chain, previously known as the Binance Smart Chain. BSC transactions are often fueled by a gas token known as BNB. The BSC network is mostly recognized as a cross-border payment solution, used in Blockchain projects for lower transactional fees. BSC is paired with native coin BNB to provide a seamless financial infrastructure. Community members also know the BSC network as Build and Build. As of right now, the BNB chain also comprises the BNB beacon chain as well as the BNB Smart Chain.
How Will Binance Enhance The Financial Infrastructures?
Over the recent years, Binance has grown at a very fast rate with over 28 million users. This can be attributed to the fact that it offers a user-friendly interface, a large number of coins available on the platform and 24/7 customer support.
Binance also has an advanced security system which makes it difficult for hackers to steal sensitive data from users’ accounts. This is because they offer two-factor authentication, secure cold storage of coins, and regular audits by third-party companies.
Blockchain technology has already been used for cryptocurrencies, but it has many other potential uses. It is a decentralized ledger that records transactions and stores them in blocks of data. The blocks are then connected to each other in chronological order and secured with cryptography. This is called the “Blockchain.”
The blockchain can be used as a public ledger for transactions of any sort. It can also be used to store information about contracts, shares, or property rights. The blockchain is not owned by any one entity, which means that it is not susceptible to tampering from hackers or governments trying to control the flow of information and money.
That being said, with the help of the blockchain, Binance is partnering with local governments and other organizations to help create jobs opportunities and improve economic growth globally.
The Binance exchange platform has already partnered with many countries . One of the most recent, is with the government of Malta, to make Malta’s island a Blockchain hub. The company also has been moving its way into investing in Africa, Asia, and other countries in need of economic development. Binance has created a decentralized ecosystem to create a more efficient and transparent financial system.
Written by Tooba Wains
