Binance Coin is the digital currency by Binance exchanges with the token name BNB. Binance coin at first ran on the Ethereum blockchain with ERC 20 norm however has since become the local coin of the Binance chain.
The blockchain network then changed off of the Ethereum organization to another Blockchain in 2019. They have then moved again after the declaration of the Binance Smart Chain
BNB was made as a utility token for limited exchanging charges in 2017. However, from that point forward, its uses have extended to various applications on a wide number of stages.
It is utilized to pay for exchange expenses on Binance.com, Binance DEX, and Binance Chain.
Binance uses the process of token "burns," meaning they use the profit from token sales to repurchase more BNB and then burn (destroy) them.
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